The future of brand management
Brand management in pharma has changed beyond recognition, from the glory days of large molecules and opulent pipelines to a space where marketers have to be real marketers. In his article in Deep Dive: Future Pharma, Mark Sales explains what the role must entail to ensure pharma retains its position and maintains sales in an increasingly complex and crowded environment.
It is now a process that demands an understanding of each element of a brand, its stakeholders, its channels, and how they play out throughout a product’s lifecycle.
Gone are the days of the ‘max brand strategy’ where the lifetime sales of a brand could be projected in the first six months. Instead, marketers must be nimble and constantly correct their course throughout a brand’s lifecycle.
In addition, pharma companies need to drop the traditional ‘push’ strategy and adopt a ‘pull’ approach, address the need for beyond-the-pill solutions, and evolve towards a multi-stakeholder mindset.
These requirements represent a more challenging task for pharma companies than in the past. But that doesn’t mean they are helpless.
In fact, with the right considerations in mind, pharma could be facing one of its most proliferative periods to date. And with that, a profitable future.
Read the article here now. Deep Dive is best viewed in full-screen mode.
Read the whole edition of Deep Dive: Future Pharma.
The next issue will be Deep Dive: Market Access II. Sign up for your complimentary subscription here.