Our article title was inspired by a post by Brian Solis where he points out:
There was a time when the words, “Kodak moment” meant something powerful and nostalgic. They were the epitome of a brand and the relationship between consumer and product. Today, the Kodak moment means something completely different. From now on, the Kodak moment will be taught in business school and shared by consultants, authors and speakers everywhere as the moment when businesses and executives miss technology trends and ultimately what consumers value.
It’s a universal lesson for any business in any sector, although arguably none more so than pharma where the adoption of tech by patients and HCPs appears to be completely outpacing the sector’s ability to keep up.
We recently curated a list of +100 HCP insights which provides the finer details on Healthcare Professionals online behaviour. However, we thought it’d be useful to reflect on the broad trends across HCPs, patients and caregivers plus the resulting challenges these present for pharma’s sales and marketing strategies.
The new attitudes and behaviours of HCPs, patients and caregivers
The rise in mobile adoption has resulted in a tipping point in the number of HCPs, patients and caregivers that are always-connected and this, in turn, has ushered in these new attitudes and behaviours
- Forming opinions and preferences through online researching and learning from peers.
- They hop, skip and jump across media, channels and devices causing media fragmentation.
- With the familiarity of Netflix and Uber experiences, they’re expecting all brands to be on-demand, available when they want, anytime, anywhere.
- As they share their experience, knowledge and opinions, they’re becoming aware of the influence they now wield.
Leading to these challenges for pharma businesses
- How to ensure digital tactics are being used effectively across HCP, patient and caregiver journeys.
- How to ensure digital tactics are being used effectively throughout the product’s life-cycle.
- How to augment the sales reps and MSLs face-to-face HCP relationships with effective digital tactics.
- How to introduce digital services that contribute to compelling value propositions.
- How to use digital channels to build closer, equitable relationships.
- How to ensure cross-functional commercial teams can deploy seamless digital initiatives.
- How to ensure data is being harnessed to deliver commercial benefits through better, timely decisions.
- How to optimise market access across multiple stakeholders through the effective use of digital activities.
With such complex business models, involving so many stakeholders, it wouldn’t be an exaggeration to say that the challenges brought about by these new attitudes and behaviours are more pronounced for pharma than any other industry. However, they’ll need to be faced into if no pharma business is to find itself having its own Kodak Moment.