With the increase in the number of touchpoints for a Healthcare Physician (HCP), it has become more important for pharmaceutical companies to personalize marketing efforts at the HCP level. Segmentation forms the backbone of customized marketing and is a critical step in converting brand strategy into actionable tactics. A robust segmentation process enables effective targeting – a potential group of customers receiving communication through preferred channels from the pharmaceutical companies.
Will the recovery of local economies from the coronavirus pandemic take the shape of a V, U, Nike Swoosh, or W? The “W” shape is gaining more acceptance from economists as they consider the recession at a national level.1,2 Here we consider the possibility that local economies may go through an "Accordion Effect": a series of W’s as they navigate the next several quarters. Each of them waxing and waning differently; an ensemble of accordions.
On June 27, 2020, CNN reported the somber news that five states: Florida, Georgia, Tennessee, and even significantly low population density states like Utah and Idaho recorded their highest number of coronavirus cases in one day. Global deaths have reached half a million. 125,000 people have died in the United States.
Over the last several months, federal, state, and local governments as well as individual towns have made difficult decisions around applying and relaxing restrictions around social distancing to curb the spread of the pandemic. Leaders have been in the unenviable position of making difficult tradeoffs between sustaining public health and protecting the healthcare system from unmanageable spikes in COVID-19 cases, versus ramifications on the social and economic wellness of the population.
As of today, there is no vaccine or effective treatment for COVID-19. It is not known with certainty when one will be available. The approach of the fall and flu season will likely bring added burdens to the healthcare system with a further surge in COVID-19 cases. The degree to which these impacts happen will differ from geography to geography. A myriad of factors will affect the geographic variation in COVID-19 cases, including differences in policy decisions and the compliance of local populations to those policies and guidelines.
One likely possibility is that different geographies will go through an “Accordion Effect,” experiencing multiple cycles of reopening, reclosing, and reopening again until a vaccine becomes available, and the world starts recovering and moving toward a new equilibrium. The impact on local economies is also likely to oscillate during this uncertain period, as employers make decisions that shift in risk-appetite over time based on how their industry sector is evolving.
The following blog has been written by Shikha Singhal, Axtria’s People Practices leader. Shikha is passionate about building positive workplaces that exude success, happiness, and pride. During the COVID-19 pandemic, she has endeavored to ensure Axtrians remain productive, motivated, engaged, and connected.
There is no denying that these are unprecedented times, times of high stress, and uncertainty across the globe. Unemployment rates are at an all-time high. There is vast distress resulting from delayed or deferred decisions and processes – be it in hiring or onboarding or performance appraisals. The pandemic is forcing businesses across the globe to slow down with the consequent impact on employee morale and overall workplace culture.
The commercial ecosystem of the medical device industry is an intricate one. Medical device sales teams constantly watch out for opportunities across the sales process, beyond the overarching life sciences commercial protocol (salesforce structure and deployment, sales activity design, incentive compensation, and operations outsourcing). These intricacies arise from various factors, like the heavy dependence on sales reps, mechanics and scale of the products being sold (sometimes complete health solutions), diversity of the stakeholder entities involved (from market influencers to centralized purchasing teams), and back and front-end supply chain fallouts. Here are some examples.
Rid your binge-watching boredom through artificial intelligence and machine learning – a leading cause of the pharmaceutical industry's best innovations and advancements.
As the projected weeks in quarantine rapidly rise, the amount of absorbable content in your queue is likely dwindling. With not much left to consume, now is the time to indulge yourself in all the titles from our list of the top seven artificial intelligence (AI) and machine learning (ML) content pieces that your brain can muster. After all, AI/ML innovations are leading the future healthcare landscape for faster, more efficient data analysis and commercial business operations, which in turn improve healthcare physician (HCP) engagement and drive better patient outcomes.
Omnichannel Marketing is Widely Used With Clear Benefits and Will Become More Essential in the Months to Come
Today, omnichannel marketing is largely accepted as a necessary and effective way of marketing and selling within many industries. With the advent of the COVID-19 pandemic, social distancing, and shelter-in-place mandates, the use of digital channels has increased. In fact, online order volume from grocery merchants rose 210.1% from March 12 through March 15, 2020 compared with the same period a year earlier (per Rakuten Intelligence data).
The healthcare industry finds itself at the center of the coronavirus crisis, especially in terms of how patient care is managed and delivered. Meanwhile, most other companies are fathoming the reality of operating in the current uncertain and virtual world. Teladoc, a telehealth provider app in the US, reported 100,000 visits in seven days in March and a 24% increase in respiratory diagnosis compared to a year ago.1 Visits to doctors' offices have gone virtual. The latest data reflects continued growth in total retail prescriptions relative to 2019. Patients aged 65-plus show both sharp increases in prescription demand and continued therapy rates in recent weeks,1 driven by the need to stock-up on their prescriptions.
"When you control the supply of medicines, you control the world."
Senior Advisor to the Hastings Center, a US-based Bioethics Research Institute and author of
the book, China Rx: Exposing the Risks of America's Dependence on China for Medicine.
As of April 20, there are 2,440,528 confirmed coronavirus cases and 167,592 deaths globally. Currently, the U.S. continues as the hardest-hit country in the world, with 749,666 total cases – 238,831 of which are in the current epicenter, New York. In deciding timelines for reopening economies, officials from affected countries, including Italy, Spain, China, and the U.S., are relying on AI/ML-powered predictive models to determine next best actions. Given the unpredictability and rapidly-changing pandemic climate, AI/ML is necessary to overcome COVID-19 eventually.
As per a systemic review1 published in Annals of Internal Medicine, assessing the impact of interventions to improve adherence, it was found that about half the medications prescribed for chronic diseases are not consumed as directed by the physician, and around 20-30% of prescriptions are never fulfilled. This non-adherence results in over 125,000 deaths every year as well as increased emergency department visits and hospitalizations, which costs the American healthcare system to the tune of $100 to $300 billion1.