This article adapts the invention of social media and its influence on drug launches by way of a case study. It also reflects upon the success and difficulties of launching a new drug. Lastly, it overviews social media analytics and how they helped Net-Base Quid understand its customer journey.
More On Social Media Analytics
Social media analytics is one of the most important research tools that help companies better understand their customers and needs. This article introduces the drug launch process and describes how social media analytics has helped Net-Base Quid understand the buying process of its customers.
The creation of Net-Base Quid was a brilliant example of innovation through social media. What began as a marketing campaign to promote a new pharmaceutical company became an online community. The founders of Net-Base Quid realized that patients would be more willing to discuss their medical conditions openly with the public if they knew that the information shared was kept confidential and anonymous. It led to the birth of Quid, an online community of people interested in healthcare and its ethical implications.
As a start-up company, social media analytics helped Net-Base Quid know its customers better by giving them insight into how their patients interacted with each other in real life and online. For example, it provided insights into how and when people were using the site and what they were saying about the company. It helped them better understand what their customers wanted because all of the information provided on the Quid platform was geared towards making healthcare more accessible to everyone.
Drug launching is a multi-billion dollar industry. It requires the management of many interrelated factors that work in concert to manage a successful launch of a new drug in the marketplace.
Ways To Be Followed When Launching a New Drug?
Many processes need to be followed to launch a new drug successfully. One of which is the patient journey. It includes the consumer journey, including their use of existing anti-poverty medicines and any supplementary treatments they might have gone on in conjunction with the new pharmaceutical product. It is what patients consider to be part of their overall treatment plan. In addition, patient communication and education are required for disclosure and informed consent regarding the disease and condition being treated.
Ultimately, this process aims to ensure that every effort is made to reach out to the consumer to provide them with enough information and consumer orientation to feel confident in using the new drug following their doctor’s instructions. These efforts include translating all documents into multiple languages, conducting informational seminars at schools, and developing social media campaigns.
The patient journey is complicated because many factors play a role in determining each person’s experience and attitude. For instance, some patients will resist trying new therapies, while others will be open to trying new treatments they have heard about. If the patient journey is not well managed, it can lead to missed opportunities, which can decrease sales and cause legal trouble for pharma companies.
To successfully manage the patient journey, companies need to understand its complexities. It includes accurately predicting patients’ reactions and making adjustments where necessary. One way of doing this is by using social media analytics.
This article has shown how social media analytics change pharmaceutical companies’ launch of new drugs. The patient journey is becoming more critical to pharma companies than ever before because it’s a lucrative market that can determine how well a drug launch is managed.
To understand the patient journy better and ensure they are aware of opportunities, pharmaceutical companies need to use social media analytics as part of their research process.