Social media tools today enable one-to-one interactions among stakeholders and their target customers via content creation, sharing, along with exchange of new ideas and information about products through virtual communities and social networks.
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The global market for pharma and healthcare social media marketing services is booming in the information age, as almost all the stakeholders in the pharma and healthcare industries are emerging in the world of social media to market their products, mainly because their potential customers are spending most of their time on social media.
Though social media tools are proving highly effective for the marketing of pharma and healthcare products in the world of customer-centric business, their use is still a matter of debate among end users.
Nevertheless, the overall growth of the global market for pharma and healthcare social media marketing services is expected to witness astonishing growth in the coming years, as a majority of businesses are taking their operations digitally.
Leading players in the market are increasing their focus on crafting creative marketing campaigns to help their customers gain a competitive advantage through more effective interaction and engagement with their target audience consistently.
Social Media Marketing Strategies to Help Strengthen Customer Relationship
Leading players in the pharmaceuticals and healthcare sector have always been experimenting with innovative ways to expand their customer base and gain a competitive advantage, while there are multiple restrictions on the advertising and marketing of pharmaceuticals and medical products.
However, social media platforms have emerged as a useful tool for pharma and healthcare companies to implement effective marketing campaigns that can give amplified results to their efforts of improving engagement, expanding their customer base, and ultimately, dramatically boosting the brand performance in global markets.
Global leaders in the pharmaceuticals and healthcare markets are leveraging the modern social media platforms to establish a new brand identity and creating brand awareness among their existing as well as potential customer bases.
This enables them to create a personal bond with each one of their audience on social media, which further strengthens their customer relationship management operations, and it is expected to further highlight the importance of social media marketing among pharma and healthcare companies in the coming years.
In addition to this, social media marketing is also giving a completely different perspective to pharma and healthcare marketing, as it can also contribute to the end users’ efforts not only in building but also in improving corporate communication and investor relations. It has also helped them improve their customer services even on corporate levels through the implementation of creative social media marketing campaigns.
Involvement of Regulatory Bodies may Restrict the Scope of Social Media Marketing for Pharma and Healthcare Companies
The pharma and healthcare sector is subjected to various rules and regulations regarding the marketing of medical and pharmaceutical products, and this scenario also follows in the planning of social media marketing strategies for these companies.
Governing bodies are modifying their traditional regulatory restrictions on the advertising of drugs and other marketing innovations in the pharma and healthcare industries.
Involvement of regulatory bodies in the global market for pharma and healthcare social media marketing is mainly in the areas of crafting and issuing guidelines in advertising of drugs and biologists through interactive media.
Various policies along with laws and regulations play an instrumental role in deciding the importance and effectiveness of social media in the marketing of pharma and healthcare products, though it restricts the scope of marketing campaigns.
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For instance, the United States Food and Drug Administration (FDA) released new guidelines in January 2014, for the pharmaceuticals and healthcare industries defining the regulatory requirements vis-a-vis the marketing submissions for human and animal drugs across social media platforms.
Through its draft, the FDA also clarified various guidelines for content creators and marketers working in the pharmaceutical and healthcare marketing industry while working on the dissemination of branded information about drugs and biologics.
Pharma and Healthcare Social Media Marketing Market: Region-wise Analysis
Based on the geographical factors, the pharma and healthcare social media marketing market is broadly divided into seven regions – North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa.
Though the social media marketing industry has defied all the norms of geographical boundaries, the growth of the pharma and healthcare social media marketing market is expected to remain significantly high in developed countries – mainly in the United States of America.
With the increasing number of pharma and healthcare companies making a tectonic shift from traditional marketing platforms to social media platforms, the demand for pharma and healthcare social media marketing services is increasing in North America.
A mounting number of digital marketing agencies are jumping to grab the lucrative opportunities in the North American market for pharma and healthcare social media marketing.
North America, followed by Europe, is expected to account for a significantly high revenue share in the global pharma and healthcare social media marketing market. However, the digital marketing industry in Asia Pacific is booming with the increasing awareness about social media and growing number of social media users in developing Asian countries – especially in China and India.
Emerging players in the Asia Pacific pharma and healthcare social media marketing market are expected to gain a competitive edge with the use of creative marketing campaigns along with the favourable regulatory environment in the region.
Pharma and Healthcare Social Media Marketing Market: Competitive Landscape
- Digital Healthcare
- Student Doctors Network
- Healthcare and Medical Software
- Medical Apps
- Nurse Zone
- All Nurses
- Medical Doctors
Other pharma and healthcare companies that are highly engaged in social media marketing include Novartis, Johnson & Johnson, Pfizer, Inc., Novo Nordisk, and Bayer AG.
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Europe (Germany, U.K., France, Italy, Spain, Poland, Russia)
- East Asia (China, Japan, South Korea)
- South Asia (India, Thailand, Malaysia, Vietnam, Indonesia)
- Oceania (Australia, New Zealand)
- Middle East & Africa (GCC Countries, Turkey, Northern Africa, South Africa)
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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The pharma and healthcare social media marketing market can be segmented on the basis of the following:
By Social Media Platform
By End User
- Healthcare Professionals
- Biotechnology Companies