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- Axtoria analyzed five years of data from more than 140 studies across 70 U.S. brands.
- Evaluate channel effectiveness across different brands, therapeutic areas, and markets.
- We analyzed the effectiveness of spending and promotional channels.
Axtria Inc., a global leader in cloud software and data analytics for the life sciences industry, today released an analysis of pharmaceutical sales and marketing organizations that confirms the industry’s dramatic adoption of digital marketing over the past five years. “Unlocking Promotional Success: Insights from 140+ Marketing Mix Studies.”
Axtria is January 2018 and December 2022, capturing the transformative changes caused by the Covid pandemic and evolving market conditions. This analysis shows how technology is significantly impacting the way pharmaceutical companies engage with healthcare professionals, patients, and account-based customers.
“It is clear that adapting to changing customer preferences by adopting an omnichannel approach and integrating digital platforms into their strategies will be a key step for innovative companies to take.” Dr. david wood, Senior Principal of Decision Sciences at Axtoria. “Axtria is pleased to share the valuable insights from our work with many life sciences companies to optimize and transform their sales and marketing efforts. Our products and services, such as Axtria MarketingIQ, can help turn these insights into action.”
Axtria identifies four key trends for life sciences companies:
- Life sciences companies are increasing their spending on digital media.
Axtoria found that spending across digital channels exploded from 6% in 2018 to a peak of 30% in 2021. The company said that such spending decreased slightly to 22% in 2022. Conversely, spending on life science conferences fell dramatically from his 10% in 2018. Pre-pandemic – reached a low of 1% in 2021. In 2022, it rose slightly to take him to 2%. - Investment in various digital channels is increasing.
Spending on online banner ads, display ads, digital ads, and alerts was flat from 2018 to 2020, but there was some variation between periods. $4.1 million and $4.4 million By Brand – Rapidly Increased During the Pandemic $19.2 million In 2021, we will return to $13.3 million 2022 saw similar increases in paid search and social media, up from less than. $ 1,000,000 in 2020 $5.5 million and $10.1 million in 2021 and 2022 respectively. The company said email communication remains a valuable tool for receiving reminders and general information. - Digital channel promotions are becoming more effective and ROI on spend is steadily increasing.
Axtoria’s analysis shows life sciences companies showing continued growth in return on investment from digital spend from 2018 to 2022, with clear differences between growth and mature brands. With the former, his ROI for email and social media could increase dramatically. A mature brand has seen a modest increase in his ROI across all digital channels. The data also showed that healthcare providers are becoming more receptive to digital platforms, social media engagement is increasing, and digital data offers high value for data analysis and model building. - Marketing goals are changing.
Axtria also revealed that there is now a greater emphasis on patient initiation for drug refills, with companies emphasizing different channels for patient initiation and refills. These changes will impact future budget allocations and return on investment.
“Best-in-class companies need to innovate and optimize their MMx modeling using product-based solutions, while also using more marketing analytics to gain customer insights,” Wood said. Masu.
Wood added that the blend of strategic thinking and fine-grained tactical planning contributes to success, and the ability to respond flexibly to market changes and adapt to digital transformation. “This type of agility helps successful companies maximize profits while improving customer experience and overall return on investment,” he said.
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