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Summary
The presentations at the eyeforpharma 7th Annual European Pharmaceutical Congress 25th-26th October 2007, Barcelona - Spain, discussed the challenges faced by the all the constant changes in the industry, such as declining new product introductions, more generics, increasing competition, declining growth, accelerating patent erosion patent expiry and new influencers, as well as the implications of these changes for a healthy financial future.
Some of the measures and practices that could deliver increased ROI in Pharma marketing to assist in ensuring a stronger bottom line for the industry were also outlined in light of these continual environmental changes. Another much covered area at this conference was the fact that most companies are not practicing customer-centricity sufficiently well to profit from it, despite the fact that it has to be at the core of all activities to really maximize return on any of those activities. Customers are becoming more empowered and have more dialogue with one another and are, therefore, becoming more aware of what they want, and this has to be addressed in any marketing activities.
With the emergence of customer centric strategics, Web 2.0 and other communication channels, Pharmaceutical marketers need to ensure that they are using all the innovations that now exist as opportunities to engage the customers, rather than simply continuing to do what they have always done and seeing profits dwindle slowly away. The conference presentations showed how critical it is that all of these issues are addressed in order for the industry to show decent bottom line return in the future.
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