An article by Nancy Finigan as it currently appears in the December 14, 2014 PM360 as a Web Exclusive.
New brand managers must understand the importance of building their brand’s value proposition beyond product benefits. In a PricewaterhouseCoopers report, Pharma 2020: Marketing the Future: Which Path Will You Take? they highlight the shift away from a marketplace of broadly marketed medicines to one composed of niche therapies that treat rare disease and disease subtypes. This shift provides the brand manager with brand loyalty building blocks.
Future specialist therapies will continually evolve. They will demand a broad spectrum of similarly evolving services including diagnostics, multichannel distribution, intensive patient education, training, customer service, reimbursement support, monitoring and health management programs. Niche therapies will require highly educated clinical sales teams capable of interacting with specialists. The cost profile of these therapies will require highly sophisticated pharmacoeconomic models and a sophisticated managed care sales team capable of discussing health economics with payers.
These evolving therapy/service offerings provide significant opportunity to create brands that payers, physicians and patients value like never before. While products can be replaced by superior competitors or cheaper generics, brands have no substitutes. Dynamic packages will offer marketers a fertile landscape from which to develop highly differentiated and continually growing brands.
Nancy Finigan is President, GA Communication Group.
Article originally published in PM360 December 14, 2014.