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Future Market Insights: Pharma and Healthcare Social Media Marketing Market Value and Growth 2015-2025

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Social media platforms refer to the interaction among the people that involves creation, sharing and exchange of information and ideas in virtual networks and communities. However, use of these social media tools for marketing pharma content is stil
Global Pharma and
Healthcare Social Media
Marketing Market
Share, Global Trends,
Analysis, Research, Report,
Opportunities,
Segmentation and Forecast,
2015
Future Market Insights
www.futuremarketinsights.com
[email protected]
Report
Description
Report Description
Social media platforms refer to the interaction among the people that involves creation,
sharing and exchange of information and ideas in virtual networks and communities.
However, use of these social media tools for marketing pharma content is still debatable.
The rationale behind this is that the regulatory teams of several pharma companies
demand the preventionof comments or sharing features resulting in only a one way
interaction,which in turn deprives theessence of social media marketing. However, with
the impact of these tools, there is an increased adoption rate of these platforms for
strategic decisions.
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Efforts of pharma sector to leverage the benefits of social media tools to widen their
customer base, strengthen customer relationship and enhance brand performance
further fuels the usage of social media pharma and healthcare marketing. Other major
aspects favorable for pharma sector are building investor relations, corporate
communication and customer service at the corporate level. The involvement of
regulatory authorities in drafting and issuing guidance for use of interactive media for
drugs and biologics proves to be instrumental in deciding the importance of social media
marketing in pharma industry. For instance,in second week of January 2014, the U.S.
Food and Drug Administration (FDA) released a guidance draft for industry that needs to
fulfill the regulatory requirements for post marketing submissions of interactive
promotional media for animal and human drugs and biologics. Through this draft, the USFDA provided clarity on working with bloggers and content creators to disseminate
Report
Description
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Incorporation of consumer feedback and their experiences would prove decisive for the
companies in the course of novel drug development and other crucial strategy building.
Hence social media involvements are further expected to increase product sales in the
near future. For instance, Novartis has initiated the use of social media platforms to
enhance the sales of its over-the-counter drugs such as Comtrax, Bufferin and Orofar.
Another illustration for the use of these social media platforms is by Johnson & Johnson
that uses these platforms for crisis management during recall of its products. It has used
these social media platforms for apologizing to the consumers for irregularities found in
its manufacturing plant by U.S. FDA. It is company’s mode of being personally,
emotionally and socially in touch with its clients.
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The pharma and healthcare social media market can be analyzed by the extent of use of
social media platforms such as Twitter, YouTube, etc. by pharma industries along with
benefit and risk ratio analysis of these tools in healthcare. In addition, impact or effect of
these tools on healthcare stakeholders such as hospitals, patients/consumers, healthcare
professionals and biotechnology companies coupled with a geographical landscape
focusing on the popularity of these tools also can be provided. The geographical
landscape includes the analysis of four major regions namely North America, Asia-Pacific,
Europe and RoW.
The major factors favoring the growth of the market are increased expenditure by
pharmaceutical companies for online advertising along with increasing adoption rates of
Report
Description
Report Description
the overall pharmaceutical and healthcare spending increased nearly by 45 percent yearon-year to approximately USD 1.1billion of which 6 percent represented online
advertising costs. This revenue is generated through paid advertisements and
subscriptions from various electronic devices and unique IP addresses. On the other
hand, the disadvantages and risk factors of these platforms such as privacy and security
in question along with improper content validation are some of the issues that might
pose the challenge for the growth of the market. Some of the companies engaged in use
of social media are Johnson & Johnson, Novo Nordisk, Pfizer, Inc., Novartis and Bayer AG.
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Ethansmith
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