Focussing on finding value in health sciences marketing
In this latest instalment of the pharmaphorum podcast, web editor Nicole Raleigh speaks with life sciences advisor Randall Hein, CEO of Heinsight LLC, and health sciences marketing expert Krystle Buntemeyer, CEO of SCORR Marketing, about the trends and changes for health sciences marketing over the past few years.
Focussing on finding value as tight marketing budgets continue, marketing budgets in life sciences lagging behind pre-pandemic levels – Buntemeyer posits that, during tight times, there can be a knee-jerk reaction that sees marketing considered as optional instead of necessary. After all, after the pandemic, companies went into stabilisation mode; things stalled and were put on hold, including budgets. The regrouping and reduction in spend continues.
Hein notes that in life sciences money gets put into later stage and commercialisation in tight times, with a decrease in funding for biotech and smaller companies, as companies seek a return on investment. But Hein has often seen bounce-back in the industry over his time.
Outsourcing becomes a coping mechanism during such periods and, since marketing has become more specialised and complex, the options to outsource or utilise a full-service provider model has become more common. It makes sense, Buntemeyer says, from both an economic and business strategy standpoint when needing cost controls. Outsourced marketing can help control overhead spend. Furthermore, avoiding fixed costs by outsourcing and utilisation of FSPs are attractive ways to control spend under challenging economic conditions, Hein notes.
You can listen to episode 94a of the pharmaphorum podcast in the player below, download the episode to your computer, or find it - and subscribe to the rest of the series - in iTunes, Spotify, Stitcher, and Podbean.
About the guests
Randall Hein has significant expertise in clinical research development, Phase I-IV clinical trials, clinical research technology, patient recruitment and engagement, and emerging research trends and a strong portfolio of success in M&A and integrations, as well as executive level experience in operations, corporate development, sales and marketing, and consulting services. Currently, as founder and president of Heinsight LLC, he provides advisory and consulting services to the investment community and early-mid market life science companies. He previously served as CDO and president of regulatory & compliance services at Advarra, which provides institutional review board (IRB), institutional biosafety committee (IBC), research technology solutions, and global regulatory compliance consulting services. Prior to Advarra, Hein served as senior VP of clinical research services at PRA, overseeing research operations including clinical, scientific, medical, and data services.
SCORR Marketing CEO Krystle Buntemeyer joined SCORR in 2004, helping build the company’s growth and success from its earliest days. Through her dedicated work in a variety of roles with ever-increasing responsibility, Buntemeyer has been the strategic force behind hundreds of global life sciences brand launches and mergers and acquisitions. Today, she drives the company’s day-to-day operational excellence for a global client base, ensuring the right resources, offerings, and technologies are in place to meet their ongoing marketing goals.