Digitally Transforming the Life Sciences Industry
For the past decade, pharma has been looking for answers to the challenges of reduced access to physicians, changing stakeholder preferences, and decreasing effectiveness of traditional sales force strategies. Closed Loop Marketing (CLM) and Multichannel Marketing (MCM) have emerged as industry responses to these issues. These two approaches are among the most used weapons in pharma’s armory for “digital transformation” – reinvention of the business model using new digital technologies. CLM can be a powerful way to improve customer-centricity by incorporating real-life customer insights into marketing strategy and messaging in near real time. In much the same way as consumer retail websites update customer recommendations based on past activity, pharma can customize Health Care Professional (HCP) marketing strategies and messaging based on individual preferences learned from past customer interactions. To date, CLM in pharma has largely been implemented in the sales representative channel via tablet detailing. Insights from the representative’s interaction with HCPs, such as the content that the HCP found most engaging, are captured electronically. Future marketing messaging can then be customized for that HCP based on those insights.