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Axtria Unveils Analysis of Critical Trends in Pharma Sales and Marketing
Thursday, February 22, 2024
-- Axtria analyzed five years of data from more than 140 studies across 70
U.S. brands.
-- Assessed channel effectiveness across varying brands, therapy areas, and
markets.
-- Analyzed spending and the effectiveness of promotional channels.
BERKELEY HEIGHTS, N.J., Feb. 14, 2024 /PRNewswire/ -- Axtria Inc., a global leader in cloud software and data analytics for the life sciences industry, today released an analysis of pharma sales and marketing organizations that underscores the industry's dramatic embrace of digital marketing over the last five years entitled, "Unlocking Promotional Success: Insights from 140+ Marketing Mix Studies."
Axtria reviewed 140 marketing mix (MMx) studies conducted on sales data between January 2018 and December 2022, capturing transformational shifts driven by the Covid pandemic and evolving market conditions. The analysis illustrates how technologies have profoundly impacted the ways in which pharmaceutical companies engage with healthcare physicians, patients, and account-based customers.
"It's clear that embracing an omnichannel approach and adapting to changing customer preferences by integrating digital platforms into strategies will be important steps for innovative companies to take," explained Dr. David Wood, Senior Principal of Decision Science at Axtria. "Axtria is happy to share the valuable insights gained from our work with many life sciences companies to optimize and transform their sales and marketing initiatives. Our products and services, such as Axtria MarketingIQ, help our clients turn insights like these into action."
The four key trends Axtria uncovered among life sciences companies include:
1. Life sciences companies are spending more on digital media.Axtria found
that spending across digital channels exploded from 6% in 2018 to a high
of 30% in 2021. The company said such spending fell slightly to 22% in
2022. Conversely, life sciences spending on conferences dropped
dramatically from 10% in 2018 - pre-pandemic - to a low of 1% in 2021. It
rose slightly to 2% in 2022.
2. There is a growing investment in different digital channels.While
spending on online banner ads, display, digital, and alerts held steady
from 2018 through 2020 - varying slightly between $4.1 million and $4.4
million per brand- it rapidly increased during the pandemic to $19.2
million in 2021, falling back to $13.3 million in 2022. Similar increases
occurred in paid search and social media, rising from less than $1
million in 2020 to $5.5 million and $10.1 million in 2021 and 2022,
respectively. The company said email communication remains a valuable
tool for reminders and general information.
3. The effectiveness of digital-channel promotion is improving, with
steadily increasing ROI on spending.Axtria's analysis showed an ongoing
increase in the return on investment that life sciences companies are
experiencing from their digital expenditures over the 2018 - 2022 period)
- with a demonstrable difference between growth brands and mature brands.
The former sometimes showed dramatic growth in the ROI of email and
social media. Mature brands showed moderate growth in ROI across all
digital channels. Data also showed that healthcare providers are becoming
more receptive to digital platforms, engagement on social media is
increasing, and digital data offers a high value for data analysis and
model building.
4. Marketing objectives are changing.Axtria also revealed that a higher
emphasis on patient initiation for drug refills is emerging, and
companies are emphasizing different channels for patient initiation and
refills. These changes will have future implications for budget
allocations and expected returns on investment.
"Best-in-class companies will also need to use more marketing analytics to gain customer insights while using product-based solutions to innovate and optimize MMx modeling," said Wood.
Wood added that a blend of strategic thinking and granular tactical planning will contribute to success and the ability to stay flexible to market changes and adapt to digital transformation. "This kind of agility will help successful companies maximize their returns while improving the customer experience and overall return on investment," he said.
About Axtria's Products and Solutions
Axtria is proud to work with 16 of the top 20 pharmaceutical companies. From our roots as a trusted consultant to our status as one of the world's leading providers of cloud-based pharmaceutical management software, Axtria has been powering the digital transformation of life sciences. Our experts call upon years of domain experience in the industry to guide pharma giants from brand launches to retirement. Our products go even further. Axtria InsightsMAx(TM) helps everyone from the C-suite to junior associates uncover trends to make better decisions. Axtria SalesIQ(TM) helps optimize field forces and provider engagements. Axtria CustomerIQ(TM) leverages AI-enabled next-best-action omnichannel choices. Axtria MarketingIQ(TM) turns investment analyses into pinpoint strategies. And Axtria DataMAx(TM) and DataMAx(TM) for Emerging Pharma is the data management framework that pulls it all together with best-in-class security and integration.
About Axtria
Axtria is a leading global provider of award-winning cloud software and data analytics to the life sciences industry. We focus on improving healthcare outcomes for patients. We're proud to deliver proven solutions that help pharmaceutical, medical device, and diagnostics companies complete their journey from data to insights to action, enabling them to earn superior returns on their investments. As a participant in the United Nations Global Compact, Axtria is committed to aligning strategies and operations with universal principles on human rights, labor, environment, and anti-corruption, and taking actions that advance societal goals. For more information, please visit www.axtria.com.
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SOURCE Axtria, Inc.
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