A Highly Personalized New Year

personalized medicineWith a predicted annual growth rate of 4.8 percent, the health and wellness industry is, in a word, healthy. However, one of the segments within health care expected to grow at more than twice the rate of the industry as a whole is a specialty known as “personalized medicine.”

 

The simple definition of personalized medicine is “the right treatment for the right person at the right time.” According to The Institute for Systems Biology co-founder Dr. Leroy Hood, there are four attributes of personalized medicine:

 

It is personalized, because it takes into account an individual’s genetic profile;

It is predictive, because it anticipates health problems and drug reactions;

It is preventive, focusing on wellness and not on disease;

It is participatory, empowering patients to take more responsibility for their health care decisions.

Personalized medicine is made possible by advances in genomic testing and proteomic science that have resulted in more highly targeted diagnostics and treatment options. Supporters of this approach cite increased efficiency of treatments, reduced instances of adverse drug reactions, elimination of unnecessary treatments and improved outcomes. As individuals become more aware of their individual risk, low-tech approaches like functional foods and nutraceuticals will also play an important role in personalized medicine.

 

In a report entitled “The new science of personalized medicine: Translating the promise into practice,” PricewaterhouseCoopers predicts:

The U.S. personalized medicine market is estimated at about $232 billion and is projected to grow 11% annually, nearly doubling in size by 2015 to over $450 billion. The core diagnostic and therapeutic segment of the market—comprised primarily of pharmaceutical, medical device and diagnostics companies—is estimated at $24 billion, and is expected to grow by 10% annually, reaching $42 billion by 2015. The personalized medical care portion of the market—including telemedicine, health information technology, and disease management services offered by traditional health and technology companies—is estimated at $4-12 billion and could grow tenfold to over $100 billion by 2015. And the related nutrition and wellness market—including retail, complementary and alternative medicine offered by consumer products, food and beverage, leisure and retail companies—is estimated at $196 billion and projected to grow by 7% annually to over $290 billion by 2015.

 

By all accounts, personalized medicine is a disruptive innovation, taking place at a time when the U.S. health care system is already undergoing many changes. As a result, there are several exciting opportunities for companies within the core B2B medical industry sector, which includes pharmaceutical, biotech and medical device companies:

  • A reduction in the time, cost, size and failure rate of clinical trials
  • The ability to command premium pricing for drugs and therapies of proven effectiveness
  • Reduced number of drugs or devices recalled due to safety concerns

 

Healthcare providers who embrace this approach will benefit as well. According to the report, “the biggest opportunity in personalized medicine may lie in identifying new products, services and information targeted directly to consumers. Success in this space will require new approaches, new relationships and new ways of thinking.”

 

How does this relate to Armada clients and their marketing challenges in 2015 and beyond?

 

I believe the trend toward personalized medicine presents excellent marketing opportunities across the spectrum of healthcare businesses:

 

Device manufacturers are able to position their technologies to specialists for greater utilization within at-risk populations. For example, an individual at risk for stroke could benefit from enhanced cerebral perfusion monitoring on everything from complex cardiovascular surgical procedures to less invasive interventional radiology or orthopedic procedures. Marketing strategies include surgical team education, pre-op patient education and payer initiatives.

Biomedical testing companies can work with primary care physicians to better identify personal risk within broader patient risk categories. For example, a test that determines the effect of aspirin resistance can lead to a more personalized approach to reducing cardiovascular risk that may result in adjusted aspirin doses or alternate medications to achieve therapeutic goals. Marketing can capitalize on this with increased physician education through direct marketing and public relations targeting print and online media read by PCPs, as well as strategic partnerships with pharmaceutical companies.

Genetic testing improves the identification of cancer risk, and genomic tumor profiling results in more targeted and potentially less toxic cancer treatment with fewer side effects. For example, a hospital or diagnostic center specializing in breast health can embrace these technologies and differentiate itself from other providers in both referring physician and direct-to-consumer marketing, such as television, print, radio and digital advertising in order to attract and maintain loyal customers.

 

These examples represent the proverbial “tip of the iceberg” in marketing opportunity, and as history has shown, adoption can be accelerated through direct-to-consumer marketing approaches—even for companies that have previously focused exclusively on provider marketing.

Share


Share


Five Insights: Capitalize on a LinkedIn Company Page

Insights on Capitalizing on LinkedIn Company PagesWe recently attended the Social Media Breakfast Minneapolis-Saint Paul event (SMBMSP) and got to thinking about LinkedIn and its hidden opportunities to promote your medical device company, outpatient clinic, hospital or health care product line.

LinkedIn is a social network with over 116 million users and its offerings for the health care industry is growing at an exponential pace. And a company page allows your brand to reach your target clients, future employees, potential business partners and even consumers. Share your brand messages, specialties and services, and latest news through a successfully built LinkedIn company page. With a few simple steps you can capitalize on a LinkedIn page’s ability to promote product awareness and expand company reach. Our team compiled a handful of tactics to get you started:

1) Images are Powerful

LinkedIn recently upgraded its visual options and now allows panoramic images for your company page — similar to the banner photos on Facebook pages. Since it is the first thing a person sees when visiting your company page, choose this image wisely. Highlight an event, health awareness month, service, physician or product, and create a visually appealing cover photo that best represents the work environment. Paul DeBettignies, an IT recruiter who blogs at Minnesota Headhunter, suggests changing the banner image quarterly to gain exposure and to show up in your followers’ news feeds more often. You’ll start to see more people taking notice of your page and your brand.

Armada Medical Marketing’s LinkedIn cover photo promotes each of our social media channels and provides a “call to action” to encourage viewers to connect and follow.

Read the rest of this entry »

Share


Share


Q: Need a Strategy for Wear Red Day?

A: Here at Armada we’re promoting National Wear Red Day on our own behalf and raising awareness of women and heart disease for our clients. Showing a strong internal effort to back this cause is a great strategy for gaining social buzz. Capitalize on your company or medical practice’s participation by sharing your updates and photos and engaging with other relevant organizations online.

Go Red for Women created National Wear Red Day, every first Friday of February (this year it’s Feb. 1, 2013), exactly a decade ago to shine a spotlight on a serious health issue and the No. 1 killer of women.

According to recent statistics, 21 percent fewer women are dying from heart disease! Now that’s awareness in action!

Read the rest of this entry »

Share


Share


Q: What is the New Timeline on Facebook?

A: Last week Facebook announced that brand pages will take on a new format as the Timeline layout. Page admins have until March 30 to adapt their brand pages, and then it’s a mandatory switch-over. This new layout offers a refreshed outlook to your brand strategy on Facebook.

Read the rest of this entry »

Share


Share


Thanks for Subscribing, Liking and Retweeting

Oftentimes in this profession we take for granted the public’s knowledge for marketing buzzwords, promotional messaging and social media navigation. It’s always good to take a step back and provide you, our Periscope Blog followers and clients, with some simple How-Tos.

And in this season of giving thanks, we’re thanking you for subscribing to our blog as well as liking Armada Medical Marketing on Facebook and following us on Twitter. Not sure how to do all that? Here’s our first How-To:

Facebook: “Like” Us

Step 1: Visit facebook.com/ArmadaMedicalMarketing

Step 2: Log into your Facebook Account (if you do not have an account setup on Facebook, no worries, we have a step-by-step guide below)

Read the rest of this entry »

Share


Share


Q: How Do I Make the Most of Awareness Months?

A: Whether you’re marketing a medical device or a health care service, chances are there’s a national “awareness month” that you can leverage to improve the effectiveness of your marketing.

To illustrate, I’ll use the example of National Breast Cancer Awareness Month. During October, most consumer news outlets are heavily focused on stories related to breast cancer early diagnosis and treatment. This presents an excellent opportunity for hospitals, medical practices, diagnostic imaging centers, biopharmaceutical companies and equipment manufacturers focused on breast health.

 

Read the rest of this entry »

Share


Share


1 2 3