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.
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.
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Author Melanie Hilliard
Melanie is an Account Director and Content Lead at Clarity Quest. Nothing makes her heart sing more than fantastic marketing. To learn more about Melanie's experiences and qualifications, visit our leadership team page.