Pharmaceutical companies have always relied heavily on physicians to market their products. However, with the rise of big data, there is now an opportunity for companies to use data to better understand physician prescribing behavior and tailor their marketing strategies accordingly. In this blog, we will explain how independent pharmacies can use data to effectively market their products and services to physicians.
1. Analyze prescribing data
The first step in utilizing data to market pharmacy to physicians is to analyze prescribing data. This involves collecting and analyzing data on which medications are being prescribed by physicians, as well as the volume of prescriptions for each medication. This information can be used to identify patterns and trends in physician prescribing behavior, which can inform marketing strategies.For example, if a pharmacy owner notices that a particular medication is being prescribed more frequently than other medications, they may want to focus their marketing efforts on highlighting the benefits of referrals to their pharmacy for that particular medication using smart marketing. Alternatively, if certain medications are being prescribed frequently, the pharmacist may want to focus on maintaining physician loyalty by offering additional support and resources only available at their pharmacy, for example free medication program, discount cash price, packaging, reminders and much more.
2. Use Pharmacy Management Systems (PMSs)
Pharmacy Management Systems (PMSs) are becoming increasingly common place to go in healthcare settings. They provide a wealth of data on patient health, including medication prescriptions. Independent pharmacies can use PMS data to identify patterns in physician prescribing behavior, as well as to monitor the effectiveness of their marketing strategies.
For example, a pharmacy could analyze PMS data to identify physicians who frequently prescribe a particular medication at their store. They could then target these physicians with personalized marketing messages that highlight the benefits of their services.
3. Implement predictive modeling
Predictive modeling involves using statistical algorithms to analyze large data sets and make predictions about future events. In the context of pharmacy marketing, predictive modeling can be used to identify physicians who are most likely to prescribe a particular medication.
For example, a pharmacy could use predictive modeling to identify physicians who are likely to prescribe a product as compared to other drugs in the same therapeutic class. They could then target these physicians with marketing messages that highlight the benefits of their “Preferred” product, in an effort to sway their prescribing behavior.
4. Utilize social media
Social media provides a wealth of data on consumer behavior, including healthcare-related behavior. Pharmacy can use social media data to identify trends in consumer behavior and tailor their marketing strategies accordingly.For example, if a pharmacy notices that a particular medication is being discussed frequently on social media, they may want to focus their marketing efforts on promoting that medication. Alternatively, if a particular medication is receiving negative feedback on social media, the company may want to consider revising their marketing strategy or developing a new alternative to that particular medication.
In conclusion, data can be a powerful tool for pharmaceutical companies looking to market their products to physicians. By analyzing prescribing data, using PMSs, implementing predictive modeling, and utilizing social media, pharmacies can better understand physician prescribing behavior and tailor their marketing strategies accordingly. As the healthcare landscape continues to evolve, data will become increasingly important for pharmacies looking to remain competitive in the marketplace.
TabulaRx is one such system that help independent pharmacies identify and target physicians in their local area by using prescribing data and smart marketing collateral to quickly gain physicians confidence and win referrals to their pharmacy. Call or visit online www.RxConnexion.com