The high cost of developing a new drug is because of the spending on vendors, CROs, and CDMOs, who generate value and improve how the researchers can study organisms and viruses in the early stages.
FREMONT, CA: This year has brought new beginnings for the individuals working in sales and marketing roles for sales figures and marketing metrics. These numbers are meant to measure the researchers' ability to make the researchers aware of the value the companies create and differentiate what various companies have to offer. Many things had changed since every life science company followed a 'blue ocean strategy,' where every researcher purchased transfection reagents from the same company and restrictions enzymes from another. The present competitive environment needs new entrants and incumbents to fight for their market share with evolving strategies to increase their voice and promote relevant content.
Here the top three life science marketing challenges.
GDPR compliance: email spamming and website cookies
Big data promised to allow life science marketers to carefully segment potential clients to ensure that each individual receives the most appropriate targeted content, and the effectiveness of campaigns could be tracked. But the EU had other plans. In May 2018, the EU decided to tighten its data protection laws when the General Data Protection Regulation (GDPR) took effect.
What was said by some to be the end of email spamming was actually about the personal data rather than unsolicited emails. Email regulations governing spamming are country-specific.
Inbound marketing strategies and social media for life science marketers
Life science researchers like to make well-informed decisions when looking for new instruments, reagents, consumables, and contracted services. They depend on Google searches, journal articles, and advice from their peers and key opinion leaders. This is good news for offerings that were first-to-market or in segments with little competition, but is expensive and takes considerable time to put in place for new offerings in competitive markets.
Inbound marketing strategies, like blogs, white papers, and webinars combined with social media, become an efficient way to share the company's expertise and value proposition immediately to a large audience of potential clients. But choosing the content and social media presence is essential.
Tips for choosing the right conferences to sponsor and avoid
Nothing boosts marketing than the scientific conference. For life science marketers, it's generally easy to choose the most important conferences to attend, but one can find themselves investigating new kinds of conferences to address new markets or opportunities.