Each year, new trends have been noticed in almost every industry, and the trends for biotech and pharma promise to be some of the most important ones. Since 2016, the limelight has slowly grown on pharma practices but as the light has highlighted the flaws, it has also shown which areas show promise for growth, with the right help and support. Others have been quick to see it too, which is why the following are some of the biggest trend predictions for biotech and pharma in 2018:
Tech Giants in Pharma
As pharma is delving more into the field of tech, the tech industry has also shown interest in the pharma industry. With plenty of room for growth for both industries, it feels like there is positive change waiting on the horizon.
Google and Amazon are already being expected to throw their cards in and start introducing various biotech initiatives. Not only does this increase the marketability of such projects, but it also creates interest in the biotech industry from investors.
Customers are the Focus
The pharma industry has grown and changed their target market throughout the years. Initially, the doctors were the center of their marketing campaigns when they were introducing new drugs. When research and development was being contemplated, shareholders became bigger targets.
With so many companies established and elbow room becoming smaller, companies are now making their customers the focus. As a differentiation tactic, happier patients can be the best means to attract more people towards their products and offerings. This has helped to speed up treatments, improve the quality of the services and be the basis for healthy, future business models.
E-Service in Pharma
Embracing the internet, more and more pharma companies have started to embrace e-service, offering their patients the ability to get their prescriptions re-filled online. Going one step further, the CVS pharmacy has started to look into offering their patients with other options such as same-day delivery, returns and more.
Taking a page out of the modern marketplace, it seems like more pharmacies will be following suit since CVS pharmacy has received an extremely positive response. It has also allowed them to make their patients the main focus and cater to their wants with ease.
Consumers have become smarter and more than willing to use their power to demand exceptional services for their health. Price comparison, reviews, and ethical company practices play a larger role in the consumer’s buying power since they not only want to get the best, they want to give their money to businesses that make them feel good.
From the company’s practices to their contribution to the community, consumers pay close attention to the overall message that a business sends, and the pharma industry is no exception. Consumers don’t just focus on how a company interacts with them but also how it interacts with the community it is in. More pharma companies are starting to pay attention to the voice of their consumers and highlighting their contributions because of this.
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