Why advertising to doctors is essential for drug manufacturers

The U.S. healthcare industry is massive. According to the Centers for Medicare and Medicaid, healthcare spending is projected to grow by 5.6 percent annually. By 2025, CMS predicts the industry will account for 20 percent of the nation's gross domestic product.

U.S. drug manufacturers exist in one of the most competitive marketplaces in the world, and they need to utilize robust advertising strategies to stay relevant in a quickly evolving economy. Reaching a niche physician audience should be a top priority moving forward. 

The pharmaceutical industry in 2018

It's no secret that patients in the U.S. spend more on healthcare than citizens of any other country. NPR reported that the average American spends $9,237 per year on healthcare. Switzerland comes in second, at $7,831 per person. In 2016, the U.S. spent a total of approximately $450 billion on medicine, according to Statista. For pharmaceutical manufacturers, that means there's a lot of money to go around - but competition for those dollars is fierce.

In 2016, the top three pharmaceutical manufacturers in the U.S. were Johnson & Johnson, Bayer, and Novartis. Each of these companies comprises a vast array of brands, encompassing everything from cutting-edge cancer treatments to over-the-counter medications.

When it comes to introducing new drugs into the marketplace, pharma manufacturers face a crowded market. Unless the drug is extremely niche, there's a good chance it will come up against competing medicines. Therefore, pharma companies need to develop strong marketing campaigns if they want to gain a leg up over the competition. Direct to consumer efforts may be the most obvious form of advertising, but even the best DTC campaign must work in tandem with a robust physicians marketing strategy.

Healthcare in the U.S. is a $450 billion industry.

Reaching a physician audience

With such high stakes and heavy competition, drug manufacturers need to pay close attention to how they're represented in the market and how they're reaching desirable audiences. Focusing on physician marketing, there are a number of ways to spread brand awareness. In-person visits are desirable, but many physicians have implemented no visit policies. Therefore, brand managers need to find another way to get their messaging in front of a receptive physician audience.

Written content is a strategic way to position brand messaging - as long as it's within a relevant context. For example, physician-focused ads in a popular news outlet aren't a great investment, because they aren't targeted. Yes, doctors consume media just like anyone else, but they make up a small percentage of the population.

Pharma marketers need a more targeted approach in order to reach physicians in a specific specialty. Rather than utilizing general consumer publications, they should consider advertising in professional, peer-reviewed medical journals. These publications reach a targeted niche audience that is highly relevant to the needs of pharma manufacturers. Plus, marketers can diversify their risk by advertising in print and digital editions - capturing as much of this audience segment as possible via multiple touch points.

Likewise, advertising in expert-curated platforms, such as PracticeUpdate, can reach a similar audience in a context that is more easily accessible. As with digital editions of peer-reviewed journals, physicians can access trustworthy content on their smartphone, tablet or computer. This makes it easy for physicians to get the information they need, consume content that is relevant to them, and have a positive experience towards the sponsors.

This year is sure to be filled with fierce competition among pharmaceutical manufacturers vying for the attention of prescribers. To learn more about how to reach doctors in a targeted specialty, visit ELSMediaKits.com today.