Marketing Strategies for the Medical Device and Pharmaceutical Industry

Developing solid marketing strategies is key to success in any industry.

For those companies operating in the medical device and pharmaceutical industry, however, the importance of effective marketing cannot be overstated. Between government regulation and consumer perception, effective marketing is essential to ongoing success within the industry.

Here are just a few of the ways that device and drug companies are marketing their products to consumers to help encourage them to ask a doctor for the products in question.

Digital marketing

As digital marketing becomes more common, digital platforms are an increasingly popular target for medical device and pharmaceutical advertising.

Drug companies and others within the industry are targeting several digital platforms including search ads, social media and even OTT and CTV platforms. The programmatic nature of digital advertising works well for companies within the industry, as it allows them to selectively target individuals across devices based on their interests and searches.

This capability provides the companies with opportunities to advertise directly to those individuals who are most likely to need their offerings, creating a sense of familiarity and making it much more likely that the consumer will ask their doctor about a specific medicine or device in the future.

TV advertising

Despite the increasing popularity of digital marketing, television advertising is still an important marketing platform for most within the pharmaceutical industry.

Even though digital marketing can more effectively target individuals, popular television shows can draw in millions of viewers and provide marketers with lower costs per impression. Selecting ad slots during shows that are popular with the demographics that are most likely to need the company’s products allows these companies to create a sense of familiarity in the hopes that at least some viewers will inquire about their products in the future. As an example, we know that seniors are a key market for the pharmaceutical industry and this is a group that still watches linear TV.

Content marketing

Using content marketing and lead nurturing as part of an overall marketing strategy is an increasingly popular option for those in the medical device and pharmaceutical industry.

Content marketing appeals to those consumers who are seeking additional information about a topic such as the condition that a drug is designed to treat. By providing relevant content, the sponsoring company can not only educate consumers about their conditions but also make it clear that their product is an effective treatment for that same condition.

As an added benefit, the content may also provide a platform for digital advertising as well.

Drug discount cards

Discount cards for prescriptions function as an important marketing tool for pharmaceutical companies.

By working with pharmacies to offer the cards, drug companies can ensure that their products are being sold even if those sales occur at a deep discount. The use of drug discount cards as a marketing tactic not only helps to bolster the idea that a drug or device company wants to help consumers get the products they need but may also ensure brand loyalty as these discount cards may not provide the same discounts for off-brand or generic medications or devices.

Battling industry perception

According to surveys conducted in 2017, approximately 25 percent of U.S. consumers hold a rather negative view of the pharmaceutical industry.

Another 18 percent consider their opinion of the industry to be very negative. Only around 28 percent of consumers reported either rather positive or very positive sentiment toward the industry. This is important because it shows that the medical device and pharmaceutical industry can’t simply rely on consumer goodwill to drive marketing efforts home.

Instead, companies within the industry need to convince consumers that their products are safe and useful in spite of the negative feelings that many harbor about the companies that make them.