Pharma 2023 Marketing the Future

As stated in "Pharma 2023, The Vision," the pharmaceutical industry is changing drastically. Seven key trends are changing the pharmaceutical sector. This includes a growing emphasis on specialty drugs, a growing need for personalized medicine, a growing reliance on digital technologies, a growing emphasis on patient eccentricities, a growing attention on cost containment, and a growing emphasis on data-driven decision-making. One recent study estimates that, between 2005 and 2010, total actual spending on pharmaceutical advertising rose from US$15.4 billion to US$35.9 billion in the US (the only country for which expenditure on all major advertising and sales activities is available). Another study suggests that the actual figure (including conferences and e-promotion) is closer to US$65.6 billion in the same period. However, many of the industry's largest markets are now saturated with sales representatives, and its promotional strategies are becoming increasingly more effective.