Five Pharmaceutical Marketing Webinars That Drive HCP Engagement

It’s no secret that pharmaceutical marketing is becoming more challenging. Physicians are difficult to reach, you’re faced with more and more regulatory restraints but you still need to take products to market quickly.

As in-person meetings become a thing of the past, more pharma companies are meeting HCPs where they are: online. According to Docplexus’ “Pharma’s Guide to a Kickass Marketing Webinar,” 72% of physicians source drug-related information online, and 78% of physicians favor learning through videos or digital media. Because of this shift, it’s increasingly important for marketers to create a diverse digital program that attracts HCPs, educates them, and keeps them coming back for industry-leading medical information.

So what do these HCP engagement programs look like? We’ve scoured our pharmaceutical customer’s webinars to find out what webinar programs they’re running and why. Here are the five most popular pharmaceutical marketing webinar programs we found.

Key Opinion Leader Events

Your audience wants to receive expert, scientific information and key opinion leaders are the influencers of the healthcare space. KOLs help position companies as experts and thought leaders, effectively doing what a publisher in their space would do. To take advantage of this digital program, feature a KOL as your main webinar speaker and share clinical research, outcomes, cases, medical best practices or current topics in the field. Speakers can help drive registrations by promoting the webinar to their network of physicians.

Digital Symposiums and Congresses

The healthcare industry is no stranger to symposiums. But these in-person events are expensive to host and can’t scale. Plus, geographical boundaries make it difficult for targeted experts and HCPs to attend. If you host symposiums, stream them live through a webinar platform to maximize the reach of an in-person event and accommodate those who cannot attend in person. Next, take every presentation and break them into on-demand webinars. With a digital, on-demand symposium in hand, you can enable participants (both those who attended and those who missed the event) to watch later and drive eyeballs well after the event is over.

Product Launches

Speed to market is one of the biggest challenges in a product launch. Instead of having physicians read your product brochures, easily create high-production webinars that get you in front of your audience for 20-30 minutes, even an hour. During this captive time, educate them at a deeper level about your new treatment and showcase your product videos and internal experts. Use webinar analytics to discover who is the most interested based on their engagement during the presentation. You can also include a “contact us” form in your webinar for interested physicians to raise their hand and instantly request a meeting.

Peer-to-Peer Meetups

HCPs want to learn from their peers and other subject matter experts in the field. Facilitate digital peer-to-peer interactions that nurture a learning environment for HCPs. Manage the conversation by having one of your own experts as a moderator who’ll help guests to share information and build connections. These networking opportunities are valuable for helping HCPs gather information they can apply back to their clinical practices. Use ON24’s resource list to provide related content to download and use group chat to collect data on these conversations.

Sales Trainings

Your sales reps are now scattered around the world, they’re harder to reach which makes in-person training less effective. Online tutorials lack employee interaction and you have no visibility into who has watched and how engaged they are. With webinars, you can go in-depth with education, enable testing in real-time and even generate a certificate of completion. Reps are able to ask and get questions answered in real-time, download additional related content and access this training anytime, anywhere.

To see peer examples and hear a deeper explanation into these pharmaceutical marketing programs, check out the webinar Marketing Playbook: Digital Engagement for Pharma Marketers.

Why Manufacturing Can Build Pipeline with Educational Offerings

Over the past few weeks, we’ve been exploring how marketers and professionals in the manufacturing sector are adapting to an always-on digital age. We’ve taken a look at the challenges and opportunities the industry faces in a digital world and how manufacturers can use digital tools to nurture relationships.

This week, we explore how and why manufacturers ought to consider providing educational resources for prospects and clients — and the tools they may use in doing so.

Research conducted by the Content Marketing Institute suggests most manufacturers are failing to put their audience’s informational needs before their sales or promotional message.

While around two-thirds of manufacturers surveyed claim they have used content marketing successfully to educate audiences (69%) and generate leads (66%), just over half (51%) say they ‘always’ or ‘frequently’ prioritize their promotional message over the audience’s informational needs when creating content for marketing purposes. Additionally, only 47% use their content initiatives to nurture leads.

ON24 Tip: Use educational content to ensure a steady flow of sales qualified leads.

It might sound counterintuitive, but sharing your expertise instead of pushing products will help you bring your lead generation efforts to the next level, particularly at the early stages of the buying process. Use our white paper to learn how you can use webinars to shift focus from ‘more leads’ to ‘better leads’.

Even in the B2B world, customer experience is the new battlefield. Content that is insightful and engaging is the foundation of any lead generation and nurturing program. It can become a strong competitive differentiator, particularly when properly distributed with clients and partners.

Manufacturers should use content to ensure a steady flow of qualified leads that they can either nurture themselves or share with their distributor network. Overcoming the traditional sales mindset was identified as a key challenge, along with creating content that appeals to multi-level roles and types of decision-makers during prolonged sales cycles. Addressing these issues takes time, and requires a comprehensive content strategy, but the results are worth the effort.

Encouragingly, the commitment is there. Fifty-two percent of manufacturers report that their organization is ‘extremely’ or ‘very’ committed to content marketing and two-thirds have increased their use of audio and visual content, such as webinars, in the last year. The future is rife with opportunities for manufacturers that understand and prioritize the information needs of their audiences.

Wrap Your Head Around ABM With These 24 Statistics

24 Statistics To Wrap Your Head Around ABM

Once criticized as another marketing buzzword, curious marketers began dabbling in account-based marketing (ABM) to try their luck with targeted marketing. Now, ABM has solidified its place in many marketing departments as an effective go-to-market strategy.

With 87% of marketers declaring that ABM delivers a higher ROI, it’s no wonder why the method is capturing attention. ABM is now being applied to the entire customer lifecycle, supporting the interests of customers and objectives of customer success teams. By applying the principles of ABM the customer life cycle, marketers are changing account-based management into account-based engagement (ABE).

To understand the impact ABM has on the marketplace, we’ve compiled a few stats to give you a better understanding of its scale, impact to businesses and where the method is headed next.

What ABM Has Delivered so Far

Account-Based Marketing works. Of its current practitioners, its return on investment and value to the organization is remarkable.

  1. ABM continues to deliver a higher return on investment. With 77% of marketers achieving 10% or greater ROI from ABM, 45% achieving more than double the ROI from ABM.
  2. It doesn’t stop at ROI. Companies using ABM generate 208% more revenue from their marketing efforts.
  3. And it isn’t just marketers who prefer personalization. A survey by CEB found that individual stakeholders who perceived supplier content to be tailored to their specific needs were 40% more willing to buy from that supplier than stakeholders who didn’t.
  4. It’s also good news for teams trying to reach high-level buyers. SiriusDecisions found 30% of marketers that worked in an account-based manner reported greater than 100% engagement increase with their C-level targets.

ABM Brings Sales and Marketing Together

Get ready for some high-fives. Marketing and sales alignment is one of the most significant benefits of ABM, thanks to the increase in closed deals.

  1. Misalignment is an expensive problem to have. Hubspot notes that wasted marketing efforts due to misalignment between marketing and sales cost $1 trillion a year.
  2. Unproductive prospecting is the problem. One component of that cost is unproductive prospecting, which historically causes sales to ignore 50% of marketing leads and waste 50% of sales time. Ouch.
  3. ABM brings sales and marketing closer. Thankfully, ABM boosts sales and marketing alignment. Seventy percent of ABM users report their sales and marketing organizations are mostly or completely aligned and 83% of marketers say ABM increases in engagement with target accounts, making the marketing and sales process more efficient.
  4. Aligning sales and marketing is when the money rolls in. According to Forrester, companies with aligned marketing and sales organizations achieved an average of 32% annual revenue growth.
  5. ABM can improve contract value. According to Madison Logic, companies using ABM primarily see revenue growth through a 171% increase in their Annual Contract Value (ACV).
  6. ABM can inspire better deals. SiriusDecisions agrees ABM can lead to bigger deals, reporting that 91% of marketers that use ABM have indicated a larger deal size, with 25% stating their deal size being over 50% larger.
  7. Better revenue and deals can lead to more opportunities. An increase in revenue can create an environment for a greater number of deals overall. According to Gartner, ABM programs show a 70% increase in the number of opportunities created.

ABM Demands Content

The magic is in the marketing strategy. Marketers are reimagining how they can create experiences to delight customers while balancing scale.

  1. ABM is breathing new life into content. ABM’s impact is so measurable that 95% of the nearly 200 B2B CMOs identified “better tailoring of content” as a top priority for their teams.
  2. Creators are in demand. Developing campaign assets designed to be easily customized and scale is one of the top four challenges organizations face in ABM programs.
  3. Teams are learning new skills. Managers are investing in their team’s skill sets to help, with 49% saying content creation and tailoring is a priority, and involving 40% of their marketing teams in ABM efforts.
  4. Marketing automation needs to be a part of the plan. Digital is easing the content pain as well, with 71% of ABM marketers using Marketing Automation to support ABM and with 41% using personalized webpages.
  5. The budget for ABM is growing. Five years ago, companies practicing ABM dedicated 15% of their marketing budgets to ABM. Today, that percentage has nearly doubled to 28%.
  6. ABM results improve with age. Eighty percent of marketers doing ABM for three years or more reported significantly higher ROI, compared to 45% of marketers less than three years in.

ABM’s Next Evolution

ABM results don’t stop when the deal closes. Often, the customer experience is even more critical.

  1. Moving ABM to ABE works. Targeted ABM experiences are leaving great impressions, with 67% of marketers saying ABM accounts have greater customer success than other accounts.
  2. ABE means better retention and expansion. Success with ABE has led 84% of ABMer’s to believe that ABM provides significant benefits for retaining and expanding current client relationships.
  3. ABE marketers are playing catch-up. To capture retention now, 61% of ABM marketers are focusing their efforts on existing clients. Only 39% are focusing on new accounts.
  4. ABM also drives up customer advocacy. Sixty-six percent of marketers say ABM accounts are more likely to provide positive references and advocate than other accounts.
  5. Better advocates provide better research. Strong advocates lead to improved product research and development. Fifty-seven percent of account-based marketers say collaboration with ABM accounts led to the development of valuable new solutions for their companies.
  6. Customer experience centers are growing. Realizing that ABM applies to the complete customer lifecycle, Gartner reports that by 2018, more than half of companies will redirect investments towards customer experience innovations.
  7. ABM MarTech will boom. Overall, projections show the market spend on ABM technologies will grow from $651.9m in 2018 to $1,196.9m by 2023.

While many marketers are still refining the best practices and operational components for ABM, it’s clear that it has a positive impact. But like any movement, its practitioners are starting to ask what it will do next.

Analysts like Ovum and Forrester predict the next chapter of ABM will be a renewed focus on ABE (Account-Based Engagement), providing engaging experiences throughout the customer journey.

Want to learn more about the evolution to Account-Based Engagement? Read Forrester’s Report, “ABM Must Evolve Into Account-Based Engagement.”

How Manufacturing Can Use Digital to Build Relationships

A Deloitte study highlighted that manufacturing frontrunners – defined as organizations that “strongly believe in the business value of adopting new technology for digital transformation and are ready to use the new technologies” – exhibit a distinctive trait: they use the power of the broader ecosystem. They are 2.3 times more likely than stragglers, who are behind on adoption readiness, to seek out ecosystem relationships that create new value for customers.

In order to reap the benefits of their investment in digitization, manufacturing marketers and enablement teams can extend their reach through the new data-driven, engagement model to ensure that information is relayed to every part of the ecosystem instantly. Whenever new product insights are available, any point in the supply chain, product teams, sales, channel partners and clients can access the information and take appropriate action without delay. This shift to the information-based economy enables manufacturers to take collaboration with their partners to a whole new level.

ON24 Tip: Build a digital engagement program to set your distributors and channel partners up for success.

Provide ongoing support by creating a series of educational webinars that cover anything from technical documentation and training to current industry issues and best practices. Your partners (and your bottom line) will thank you.

ON24 Tip: Use webinars to strengthen your brand and establish credibility as a thought leader.

Instead of pitching products, share best practices and insights from subject matter experts in your webinars and use strong, cohesive and recognizable branding. Read our Webinar Console Branding Guide to learn how you can set up a fully branded, customized webinar console.

Roles within the traditional supply chain are also changing because more end users are purchasing directly from manufacturers. Direct-to-end-user models (the equivalent of direct-to-consumer models in the B2C world), which enable companies to manufacture and ship their products directly to buyers without relying on distributors or resellers, are becoming more common.

For example, Chinese electric car start-ups are often selling directly to consumers or attempting to create ecosystems that encourage customer loyalty. Tesla is another automaker trying to bypass car dealers and shift a portion of its sales to online. This move has received mixed reviews, but is inherently a customer-friendly proposition according to Rosemary Shahan, president of the advocacy group Consumers for Auto Reliability and Safety: It gives you more of an opportunity to take control of the action, and you’re not on the dealer’s turf.

Owning a larger part of the customer journey also provides the opportunity to capture more customer data, which can feed back into new go-to-market strategies.

This post is a part series on how the manufacturing industry has adapted to the digital world. To learn more about how the manufacturing sector has changed, check out our report, ON24 Webinar Benchmarks Report: Manufacturing Trends.

Manufacturing’s Digital Challenges and Opportunities

Manufacturing is one of the most important value-generating sectors worldwide. In the US alone, for every $1 spent in manufacturing, another $1.89 is added to the economy – the highest multiplier of any economic sector. But the industry is at an inflection point, being reshaped by digital transformation across all divisions, and the outlook is upbeat.

The vast majority (89.5%) of manufacturers surveyed by NAM feel either somewhat or very positive about their company’s prospects. Manufacturing is ripe for change and leading players are investing in automation and digitization to pursue a different model for driving growth.

Nearly three-quarters (72%) of manufacturing companies surveyed by PwC said they are dramatically increasing their level of digitization, and are expecting to be ranked as digitally advanced by 2020 compared with only 33% today.

With so many market variables at play and technology trends converging to drive significant change, the bar for success in the manufacturing industry keeps going up. Demonstrating knowledge and leadership will help position your firm as a trusted partner to work with.

Create mutually beneficial relationships with distributors and channel partners

Developing long-standing relationships with distributors and channel partners can help manufacturers maintain their competitive edge in the Industry 4.0 age, unlocking significant value from the supply chain. Distributors handle a significant proportion of the industry’s revenue, so they represent a crucial component of manufacturers’ channel strategies.

The manufacturer-distributor relationship has historically been complicated (or downright antagonistic), and market pressures haven’t made it any easier. For example in the eCommerce sector, research revealed a third (33%) of distributors consider Amazon Business to be the most significant threat to their business, more than double the proportion for the next most cited challenge of economic instability (15%).

Manufacturing Needs to Evolve Its Distributor Relationships

All too often, manufacturer-distributor relationships are tactical and purely transactional in nature, not extending beyond a focus on driving sales and margins. At its core, each of these relationships should be a strategic partnership where the two parties share mutual goals and invest accordingly. Adopting a more collaborative approach can create a wider range of dependable revenue streams for both sides as they capitalize on insights they wouldn’t be privy to if they worked separately. This two-way knowledge transfer helps foster stronger relationships with existing customers and win business from new ones.

To build a mutually beneficial partnership, manufacturers need to establish a reliable channel to provide partners with the information they need and  create meaningful, two-way conversations. A lack of support is one of the most common complains distributors have about the manufacturers they work with, so it’s essential to provide all channel partners with appropriate support and ensure they have everything they need to help meet and drive further demand.

This post is a part series on how the manufacturing industry has adapted to the digital world. To learn more about how the manufacturing sector has changed, check out our report, ON24 Webinar Benchmarks Report: Manufacturing Trends.

Three Ways Media and Publishing Can Adapt to Digital

Few industries have been hit as hard as the media and publishing industry. Newspapers, trade journals, magazines and more have lost circulation or closed. Book publishers battle over ebooks and their distribution rights. Streaming is now standard and Blockbuster, famously, is no more. Most everyone knows what happened: digital technology provided an easier, faster and cheaper medium to relay the same information.

Still, the media and publishing industry lives — even if it has drastically changed from only ten years ago. But how has the industry adapted to today’s digital-first world? Over the past few weeks, we’ve investigated the high-level changes to the industry and surveyed our media and publishing customers for their opinion on the state of the industry. You can find the results of the survey and data on the use of webinars within the industry in our report, “ON24 Webinar Benchmarks Report: Media and Publishing Trends.

What we found is an industry recovering and growing more resilient to digital changes day by day. Still, there are some key areas of concern — from subscriptions and ads to digital experiences — that the industry needs to figure out if it’s to remain competitive with its digital-native counterparts. Here’s a brief recap of our findings:

The Customer Comes First

Digital audiences have high expectations, especially when it comes to the overall experience of interacting with an outlet. Search and discovery should be simple. Ads should be absent or, if they must be tolerated, unobtrusive. Desktop and mobile sites should provide equally high-quality experiences.

For the media and publishing industry, developing high-quality, seamless experiences is new territory. But establishing a good digital experience is important as consumers and customers flock to outlets that respond to their needs and interests. To make the shift from content and distribution to experience, outlets need to take advantage of what’s immediately available to them: data. By using data, media and publishing companies can sift through interests, better target ads and provide a consumer with the experience he or she desires.

The Subscription/Ad Problem  

Many companies in the media and publishing industry made revenue from paid advertisements in their printed materials. But the ad-based revenue model doesn’t translate well to the digital world. The cost of advertising online is much, much lower for one. Ad buyers, for another, have a cost-effective — and data-rich — alternative with auction-based media buying outlets. Finally, consumers can, easily and cheaply, find the information they’re looking for without paying for an outlet.

As a way of staunching the bleeding, some media outlets have turned to subscription-based models. These models offer consumers the opportunity to pay a flat fee for an ad-free experience. While this is a popular option among consumers, industry analysts suggest subscriptions are not sustainable in the long run and that a blended model — one with subscriptions and ads could likely succeed if the company extends a customer-first approach to ads.

Bringing a Seamless Experience Together

The media and publishing industry has a twofold task to remain competitive in a digital age. First, it needs to provide consumers with the content they want when they want it. Second, the industry needs to provide a unified, seamless experience that anticipates the consumer’s needs. To do this, industry organizations will need to focus on customer experience and how customers interact with both content and advertisements.

For media outlets and publishers, focusing on customer experience means making ads and content distinct, but seamless. Ads must be relevant to an individual’s interests and non-intrusive. Content needs to be distinct from ads, but of enough caliber to justify both subscribing to an outlet and tolerating ads. Finally, put together, the two elements need to become a part of a brand’s identity — one which puts the consumer’s wants first and adapts to them in an agile fashion.

Three Big Things You Need to Know About Marketing to Tech

The technology industry knows one thing well: it knows how to grow fast. But keeping up with growth goals isn’t easy. The clients tech organizations sell to — often tech companies themselves — are increasingly difficult to reach, communicate with and close. So when it comes to marketing to tech knowing how to engage pays.

There are a few reasons why marketing to tech is so difficult. Purchase decisions are largely up to the whims of buying committees — which are growing in size. Organizations considering solutions are searching for bespoke approaches. Finally, tech companies are looking for the complete package from a vendor — an easy experience from a vendor knowledgeable of pain points with a solution that addresses those pain points.

Over the past few weeks, we’ve examined the high-level changes affecting the tech industry today and how digital technologies and techniques can help marketers adapt to those changes. We also surveyed our tech industry clients about how they use webinars to realize their growth goals. You can read what they have to say in our report, “ON24 Webinar Benchmarks Report: Technology” or take a look at our infographic at the end of this blog post for high-level takeaways.

So, how, exactly, is the tech industry changing when it comes to buying from tech? Here’s a brief recap of what we found:

Customer Experience Is Critical

Having a best-of-breed product or solution isn’t enough anymore. Tech companies are looking for experiences that prove a vendor can also be a trusted partner that’s capable of navigating complex challenges, deliver results and keep up with the pace of change in the digital arena.

This means many technology companies must commit to building out, and improving on, their thought leadership content. With a better interactive experience in place, vendors can then, as Steve Jobs once said, “work backwards to the technology.

Anything-As-A-Service Is a Differentiator

But what kind of technology are tech companies looking for? Well, they’re looking for flexible technology that’s efficient and fast. More often than not, that means they’re looking for a Software-as-a-Service solution.

It’s easy to see why. SaaS models are known to cut down on IT costs, but they also power digital transformation efforts and respond to market demands. In fact, the model is so popular that 70% of companies say SaaS (or its brethren Everything-as-a-Service) is “very” or “critically” important to business success.

But SaaS is a crowded field. A recent survey found that more than 7,000 individual SaaS solutions in the marketing space alone. To differentiate, companies need to position themselves as a small, but integral, part of their client’s larger whole. Vendors need to be able to integrate with other SaaS solutions, inform customers of improvements and updates and continuously demonstrate how their solution can help accelerate a customer’s business.

Buying Committees Demand Better Content

All this adds up to the demand for better content. But better content doesn’t necessarily mean more content. Vendors selling to technology companies need to have a keen understanding of their audience — often buying committees — and adjust their work accordingly.

Vendors need to accommodate the concerns of a range of different stakeholders when selling to a technology company. That’s because buying decisions often boil down to buying committees. These committees often consist of cross-functional teams and members, each with their own concerns and interests. Creating content appealing to multi-level roles isn’t easy and is the top challenge facing 68% of organizations selling to tech.

The solution is a combination of content marketing approaches. Thought leadership should be front and center early on. Third-party validation pieces from surveys, reviews and studies are also critical for success. Finally, marketers selling to tech can increase their odds by focusing on three main content areas. First, develop and maintain a robust buyer persona map — one which gives a thorough assessment of a buyer’s needs, motivations and concerns. Second, prioritize educational content over messaging content. Third, develop content that builds customer loyalty and continues the conversation as they use your product.

To learn more about what it means to market to technology today, download “ON24 Webinar Benchmarks Report: Technology.”

Three Things Associations Need To Know About Digital Engagement

Associations have long been reliable resources for industry know-how, career advancement and measured advice to new entrants to a field. But today’s associations are in trouble. Memberships are either flat or in decline, retention is falling and revenue is drying up. The cause of this great withdrawal is multifaceted. Globalization has increased competition for memberships and digital innovations have made it easier for professionals to seek advice and train for accreditation — lowering the value of associations to would-be members.

Over the past few weeks, we’ve examined the high-level changes affecting associations today and how digital technologies and techniques can help right the proverbial ship. These suggestions include catering content to the future members of associations, millennials, as well as deploying digital tools that engage members and provide a more intimate relationship with members.

We also surveyed our association clients about how they use webinars to realize their digital goals. You can read what they have to say in our report, “ON24 Webinar Benchmarks Report: Associations Trends,” or check out our infographic at the end of this blog post for high-level takeaways.

So, how, exactly, are associations changing? Here’s a brief recap of what we found:

Membership Retention Goes to Digital Winners

Associations need growth and retention to thrive. In this current digital climate, though, they lack both. According to Marketing General’s “Marketing Members Benchmarking Report 2018,” the majority of associations reported either declines or no changes to membership levels. Associations also report that they are in a decline when it comes to membership retention as well.

The lack of engagement is the most cited reason for this drop in retention rates, according to the associations responding to the survey. It should be no surprise, according to research from Memberwise, that engagement is ranked as the top digital goal for associations. If associations are to succeed, however, they will need more than just an engagement mantra. They will need digital tools that allow them to measure engagement and quickly adjust content to cater to member preferences.

Millennials Want to Connect on Their Terms

Associations also need to bring on new members. In today’s environment, that means attracting the millennial generation. This is a difficult proposition, however, as nearly half (43%) of young members believe there isn’t a return on investment when it comes to participating in an association, according to a study by Personify.

This isn’t to say associations are in a hopeless situation, however. A focus on refining and developing skills, according to research by Community Brands, is shown to resonate with millennials. Tools which help facilitate career advancement are another option, as well. Finally, offering millennials various options for accessing this content, such as subscriptions for certain educational tracks, has shown promise.

Associations Need to Rethink Their Digital Approach

Regardless of who they attract and how associations need to rethink their digital approach. Targeting and retaining the members already participating in an association is a must. Providing services to attract new members, such as professional development and training, is also necessary.

All these elements require a digital touch. By using dynamic tools that measure engagement and provide audience insights, associations can quickly adjust their models and identify strategies that work.

Three Ways The Digital World Is Changing Life Sciences

The digital world is changing the life sciences industry fast. Legacy organizations are facing new challenges in the form of new competition from technology-based upstarts, new markets and renewed scrutiny of how companies transport and store protected health information through digital channels.

Over the past few weeks, we’ve examined some high-level digital changes and how they affect the life sciences industry. We’ve also considered the digital opportunities organizations can, and should, take advantage of to remain competitive in a fast-changing landscape.

We’ve also surveyed our life sciences clients for their input on how webinars are helping to achieve their digital goals. You can read what they have to say in our report, “ON24 Webinar Benchmarks Report: Life Sciences Trends,” or check out our infographic at the end of the blog post.

So, what, exactly, is changing in the industry? Here’s a brief recap of what we found:

First, Digital Is Creating Better Patient Experiences

When it comes down to it, life sciences’ end goal is all about helping the patient. And, with advances in technology and digital tools, the patient is now in a better position than they’ve ever been before. For example, health care practitioners have more immediate access to information on new prescriptions, treatment plans and disease-management tools that they can share with patients.

Still, there is room for improvement. A recent Accenture study found there’s a sizable communications gap between service providers, health care practitioners and patients about these new services. According to the study, roughly half of the HCPs who learn of new patient services say they only hear about them from sales representatives or other digital channels a quarter of the time.

Second, Digital Is Giving Competition A Massive Boost

According to Frost & Sullivan’s 2019 Global Life Sciences Outlook, the global life sciences industry will reach $1.5 trillion in value by 2022, largely driven by new technology innovations and strategic partnerships. These new entrants to the market mean legacy life sciences organizations will need to simultaneously improve performance, manage risk and maintain compliance — a standard newly founded companies are already familiar with.

While traditional life sciences companies also face another issue when it comes to digital: the pace of adapting to this new landscape is too slow. According to Across Health’s 2018 Multichannel Maturometer, nearly 60% of pharma and biotech organizations say their pace of digital adoption is “slow” or, “very slow.” It doesn’t get better when it comes to healthcare providers in the United States, where, according to a recent Unisys study, 64% rated themselves as being behind the digital curve.

Third, Digital is also Giving Life Sciences a Great Opportunity

But it isn’t all doom and gloom. Established life sciences organizations of all stripes have a great opportunity to use digital innovations to accentuate their strengths and improve upon their weaknesses.

For example, while HCPs still prefer in-person meetings to assess medical information, digital tools like webinars are quickly gaining traction. Providing HCPs with a digital option like webinars allow pharmaceutical companies the opportunity to guide HCPs through medical innovations, answer questions as if they were face-to-face and remain compliant with virtually any compliance or regulatory standards.

The life sciences industry may be slow to adapt to the digital age, but it’s still adapting. Soon, the industry will enjoy better remote communications, cloud computing for research and better relationships between both HCPs and patients.