Is Pharma’s business model like McDonald’s? Doing things over & over again without innovation?
McDonald’s is famous for its Hamburger University, a training facility at the McDonald’s Corporation global headquarters in Chicago, Illinois. It instructs high-potential restaurant managers in restaurant management.
More than 5,000 students attend Hamburger University each year and over 275,000 people have graduated with a degree in Hamburgerology.
Sound familiar? Pharma’s training has been on similar lines – hire people continuously and put them through the grind of mugging up essentials of drugs for diseases that the particular company sells.
While the McDonald’s model is ideal for its business of replication, it has outlived its utility in healthcare and drug companies are in danger of being reduced to mere suppliers of drugs to new digital platform businesses unless they learn to innovate.
“IQVIA is delighted to be associated for the fourth consecutive year as the main sponsor of Race for 7. While rare diseases, by virtue of their definition, affect relatively fewer number of patients, the overall number of rare disease patients is large enough to warrant more focused attention."
More than digitalizing your product promotions, the case calls for building and engaging your brand community through digital solutions that create memorable customer experiences.
With the new normal emerging, the traditional Pharma commercial model needs to be relooked by exploring alternative channels of engagement, which offer opportunities to create value for customers.
Company-specific digital adoption workshops to experience how a brand can be promoted using the omnichannel approach with field force involvement.
A diverse, summer issue with articles on topics ranging from content marketing to the role of experience in a VUCA world. Also, the latest book for Medical Reps reviewed by Prof. Vivek Hattangadi
The October 2016 Issue of MedicinMan features articles by K. Hariram, Vivek Hattangadi, Anup Soans and has a special focus on ethics and morals in the healthcare profession. Other topics covered include new product launches, the role of emotions in pharma sales and sales coaching.