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Thu Jul 29 2021
Healthcare and pharmaceutical advertising have a massive impact on public consumer behavior and health-related individual decisions. That’s why the public needs to be updated with advertisable services and products to the same extent the healthcare and pharmaceutical industries need to get visibility and reach the masses. Making it one of the few advertising processes that have equal priority for both sides (The advertiser and the consumer).
The importance of pharmaceutical marketing is not limited to informing the public with advertisable OTC (over-the-counter) drugs. The larger portion of pharmaceutical marketing is directed to professional healthcare providers. Physicians and healthcare practitioners need to be continuously informed with the latest updates in the pharmaceutical products, medical devices, and all forms of medical products they use in daily practice.
To get clear insights about the size of the healthcare advertising market, the statistics show that the pharmaceutical industry spent 4.58 billion U.S dollars on advertising on national TV in the United States, which is steadily growing year by year.
Where else do healthcare and pharmaceutical companies promote?
Surprisingly, the TV advertising expenditure is not even in the top 3 spendings on healthcare and pharmaceutical advertising compared to other platforms. TV pharmaceutical advertising came fifth after Google SEM, Google Display ads, Facebook, and Instagram.
What is the average cost on the most used advertising platform by pharma?
A study evaluating the half-annual data of pharmaceutical-related advertising Cost Per Click in 2019 showed that the average pharmaceutical-related CPC ranges between 2.29 U.S dollars as the highest and 1.16 U.S. dollars as the lowest, with five states above the 2 U.S dollars range. These ranges are relatively high compared to the average Google CPC, ranging between 1 U.S dollar and 2 U.S dollars.
What are the problems healthcare and pharmaceutical companies face in the current advertising mediums?
1- The high cost
The cost of advertising on the highest-traffic driving social media is significantly high compared to the range of authorized medications to advertise. Social media advertising is only limited to medications regulated as OTC. It could be directly marketed for the patients, which leaves the larger profile of the company’s product with no digital marketing while only marketed for medical providers in clinics and healthcare facilities.
2- The un-precise targeting
Targeting paid ads depends solely on the keywords’ search intent. For instance, in eCommerce and non-pharmaceutical products, it is easier to predict and find a wide range of keywords with relative search intent for buying specific products, which enhances the targeting and records a high click through rate. This data affects the conversion rate and the overall success of the advertising campaign.
On the other hand, there is not much data available on the medical products because people shouldn’t be searching for medications that medical providers only prescribe. Leaving healthcare and pharmaceutical advertisers with less volume of data to use compared to other markets.
3- Hard to approach the medical community
Pharmaceutical companies need to be actively involved in the medical community spaces. That’s why a lot of the marketing and promotions are done offline and on-site. The current online mediums don’t provide the proper conditions to mimic the offline experience because it is harder to selectively gather the medical providers and address them directly.
4- No follow-up with medical providers
Healthcare and pharmaceutical advertising is a multi-phased process; unlike other ordinary products, medications advertising campaigns shouldn’t be limited to the publication phase. Medical advertising aims to create awareness of the medication and follow-up the prescription and its use to ensure that the drug is being prescribed to the right patient, in the correct dosing, and taken properly. Pharmaceutical companies also focus on the post-marketing reportings and feedback to collect any reported adverse effects earlier and process their interventions to avoid authoritative penalties and medication ban/withdrawal from markets.
Why do Aimedis advertising solutions stand out amongst all other platforms and mediums?
1- An Offline-like experience
Aimedis gathers a wide range of medical professionals in the largest digital medical community. Giving healthcare and pharma advertisers the channels to directly communicate with physicians and medical providers. These close communication channels potentiate the effectiveness of the marketing campaigns and create solid product awareness and help collect reliable and early feedback.
2- Affordable prices with high returns
Aimedis gives advertisers highly competitive plans with a flat discount of 10% when advertisers use AIMx tokens for payment. Plus, additional discounts for advertisers who hold a minimum of one stake of AIMx (1 stake = 200k AIMx).
3- Precise targeting based on the blockchain collected data
Aimedis leverages AI and the blockchain database to provide specific micro-data that helps make targeting more precise. Our data collection system includes extensive patient histories, medications, allergies, and the patients’ progress during treatment periods.
4- Providing tools for advertisers for an optimal follow-up.
Aimedis facilitates the follow-up process for advertisers by providing features that help them create questionnaires, surveys, and other data collection that helps in the marketing analysis. Aimedis also helps advertisers connect directly with healthcare providers and give them the latest product updates, uses, new features, pricing, and other essential data updates.