Tuesday, December 4, 2012

Pharmaceutical Marketing: Taking the Social Media Pill

Pharmaceutical Marketing
The side effects of Pharmaceutical companies taking the Social Media pill
By Amraj Lalli

For my final project, I analyzed the benefits and risks associated with pharmaceutical companies entering into social media.  Without proper guidance from the U.S. Food and Drug Administration, the big business of Pharmaceutical Marketing faced several challenges while testing the waters in social media.  I started this project because I absolutely disagree with pharmaceutical advertising.  While most drug ads on television spend 50-75% of air time discussing potential risks, I can't stop thinking how many more risks there are involved with these drugs.  The companies themselves have faced many lawsuits for taking risks in marketing and sales, but what if they presented all of the correct prescribing information, also known as 'Labeling' in all of their advertising campaigns?

Here is a short [corrected] advertisement for PRISTIQ, an antidepressant made by Pfizer:

Pharmaceutical Advertisement spending peaked in 2006, when $5.41 billion dollars were spent on ads; over 50% of the spending was on television ads, while only 5% was for internet display ads.  The next few years saw a drop in spending on advertising, while many medical companies began to test the waters with social media.  Companies like WebMD, Johnson & Johnson, and Pfizer created YouTube channels, Twitter pages, Facebook pages, and engaged in two-way conversations with consumers.  Although some pharmaceutical companies already have their social media connections, many have yet to connect with the dynamic, growing, and interactive communities that are offered in social media.

Through this presentation, I question why pharmaceutical companies have been so reluctant to engage in social media, the risks and benefits of using social media, and how they are going to effectively join the social media revolution.

No comments:

Post a Comment