In 1999, then-President Bill Clinton declared January 2000 National Biotechnology Month. While public interest has waned over the years, the COVID pandemic highlighted the need to bolster the industry.
As a result, President Biden issued an executive order to grow domestic biomanufacturing in September 2022. The National Biotechnology and Biomanufacturing Initiative includes a $1 billion cooperative investment between the Department of Defense (DOD) and Health and Human Services (HHS) to grow domestic biomanufacturing infrastructure over the next five years.
While layoffs hit the biopharma industry in late 2022, there is still a lot of promise on the horizon, of which marketers will want to take note.
Getting your biotechnology terminology right
Let’s start with making sure we’re using the same language.
What is biotechnology? Biotechnology (aka biotech) includes technology products created using cellular and biomolecular processes.
What is biopharma? Biopharmaceuticals, also known as biologics and sometimes referred to as therapeutics, are medical drugs produced using biotechnology.
What are the life sciences? The life sciences industry is an umbrella term that includes products and services in the areas of biotechnology, pharmaceuticals, and medical devices. While related to healthcare, they are typically considered separate industries with their own unique marketing challenges.
5 biotech trends marketers need to know about
- Convergence across industries. You thought terminology was confusing before—just wait. According to Deloitte, innovation is driving disruption across healthcare and the life sciences, resulting in both industries operating radically differently by 2040 from how they are today. Add the rise of empowered patients, value-based care models, and more active participation in the ecosystem by payers to improve outcomes, and those blurry lines between industries become foggier every day.
- Importance of real-world data (RWD). Whether you like it or not, life science marketers of all stripes will have to become well-versed in the use of RWD and how to leverage it to differentiate their products and services from the competition. At least initially, the ability to use RWD effectively will be a competitive advantage to hang one’s hat on.
- Impact of drug pricing legislation. The Inflation Reduction Act (IRA) includes provisions to regulate the cost of prescription drugs, including negotiating prices directly with manufacturers. Marketers must understand how this evolving legislation will impact the product lifecycle and go-to-market strategies.
- Significance of environmental, social, and governance (ESG) strategy. The growing consumer awareness of the impact of corporations on climate change, alongside rising social consciousness, means that ESG will become an increasingly vital component of messaging for organizations in life sciences. Marketers will be key to disseminating their company’s non-financial, global impact.
- Lasting lessons from COVID-19. The speed of getting a safe and effective product to market, made possible by technology and the pivot to telehealth, will become a mainstay across the industry. In the life sciences, marketers must be ready for an evolving way of doing business, despite the industry’s conservative leanings and hesitancy toward change.
Turn biotech trends into marketing success
At Clarity Quest, the future of biotechnology is more than just a few industry buzzwords—we live and breathe this stuff—and have for more than 20 years.
From brand awareness to lead generation, our experienced life sciences marketing agency can help your company build a strategic marketing plan to meet your organization’s goals and reimagine your success.
