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Zen Chu, MD, of Accelerated Medical Ventures and senior lecturer at MIT Sloan School of Management, said “We’ve got so many new technologies and redesigned experiences impacting both the value we deliver and also the value patients are getting from healthcare.” A SWOT analysis shows that virtual reality (VR) is a novelty that will be become another successful communication marketing platform in the pharmaceutical mass media mix. From the assessment below, the benefits of the strengths and opportunities of VR marketing techniques substantially outweigh the challenges of the weaknesses and threats, which inevitably will decrease over time.

Strengths

Marketing approaches are enhanced with VR by providing more innovative information with immersive storytelling. Patients are exposed to the impacts of their medications by viewing colorful three-dimensional (3D) videos instead of reading dull, long-winded, monotonous drug information in black and white printed materials. The immersive Mechanism of Action (MOA) animation of VR is a full circle video experience with 3D images that provides narrative while stimulating the senses. Spatial audio allows patients to hear information emanating from all directions that result in a blended experience. In-depth sensory perception with VR creates empathy with an inspirational message that takes patients on a journey, captures their full attention, draws them into an encounter with pharmaceuticals, and coerces them into exploring their options while ensuring a memorable experience. Patients are motivated to become engaged with drugs in a resourceful way immediately after a VR pharmaceutical experience, which strengthens the value of VR as a marketing tool.

Weaknesses

Pharmaceutical marketers encounter challenges with the promotion of 3D imaginary visuals, the possible high cost of required equipment, an increase in manpower budgets and the subsequent lower marketing budgets and the lack of technology acceptance. Often times, VR marketers are confronted with the seemingly futile struggle to overcome the fantasy versus reality theme. 3D visuals bring the patient into a conceptual, fantasy world of a fictional environment as opposed to augmented realty (AR) which delivers a physical, real-world environment including sound, video, and graphics generated by computer technology. The cost of the necessary head gear can be expensive which could hinder marketing strategies that would promote it as an easily attainable communication vehicle. The patients’ perception is that it is not worth their investment of time and money considering the high probability of the insignificant value of 3D visuals that are not operational on such devices as iPads. VR campaigns necessitate more staff, such as artists, animators, and copywriters, which escalate the cost of manpower while decreasing the available funding for marketing efforts. Modern technology lacks human interaction in a manner that patients believe is detached and aloof. Simple, high-tech tools such as glasses lack warmth and are devoid of personal touch. Combining medicine with technology is regarded by some patients as standoffish and distant.

Opportunities

The promotion of products with branding, growth of empathy awareness through an imaginative experience, education, and training are all marketing opportunities that engage patients and doctors while increasing sales, drug compliance, and the number of new drug users. VR produces branding by supporting products that stimulate creativity and evoke senses which results in a unique, complete experience rather than merely a visual presentation. Empathy is built when doctors reaffirm to themselves that they chose their medical careers so they could positively influence humanity. VR serves as training and education for doctors with the optimistic outlook that any mistakes would occur during these simulated patient encounters and not in the real world. By presenting in videos the negative impacts on the quality of life with drug non-compliance, doctors are encouraged to prescribe certain therapeutic medications to keep patients on drug therapy for a longer period of time. This not only equates to improved health, but also an increase in sales and market penetration during growth and maturity drug cycles.

Threats

VR marketing strategies are susceptible to exposing the missing value or content, glossing over the specific benefits and risks of the drug, depicting non-compliance with the FDA, and focusing on a flashy fad. The VR experience is an entertaining simulation, but does not always include the requisite information. Striking graphics can overshadow the content. The patient remembers the glitzy presentation while recalling the data as lackluster. As one pharma marketing executive at Ferring Pharmaceuticals said, “Content is king and experience is queen.” Patients may lose interest in the health topic and be unable to identify the positive and negative impacts of the drug after viewing the video for only a few seconds if there is not an angle to keep them focused on the content. Messages are sometimes camouflaged by a great deal of pizzazz; however, they need to be a true representation of the drug that shows compliance with FDA approval and specific industry regulations. Many patients are under the impression that glasses can be easily replaced with the next innovation which may be less associated with a passing, showy toy, and more connected with a modest health apparatus that has longevity in the industry.

In summary, a SWOT analysis outlines the positives of VR pharmaceutical marketing which surpass the negatives. In the near future, challenges will be overcome in at least three ways:

1. The cost of equipment is decreasing as demand increases and less expensive, more sleekly designed head gear bursts onto the market;
2. Technology acceptance is growing immeasurably;
3. More value and content is being added.

Undoubtedly, VR is destined to become the newest, avant-garde media tool in pharma that will increase patient engagement and ROI exponentially while improving patient well-being.

References

Bell, J. (2018). Pharma wades into the world of virtual reality marketing. BioPharma Dive.

Best ways to use virtual and augmented reality for pharma. (2017). Viseven.

Champagne, D., Hung, A. and Leclerc, O. (2018). The road to digital success in pharma. Pharmaceuticals and Medical Products.

How is the pharma industry marketing today in 2018? (2018). #TrendTalks.

Senson, A. (2015). “Virtual reality in healthcare: where’s the innovation?” TechCrunch.

As Peter Drucker, renowned educator, management consultant, and author, said, “The aim of marketing is to know and understand the customer so well the product or service fits him and sells itself.” This mantra holds true with multicultural marketing in the pharmaceutical industry, especially with Hispanic and Latino populations. Successful pharmaceutical marketing amongst the Spanish groups should focus on providing personalized care to the right individual at the right time in the right place thereby expanding upon the basic tenet of the Affordable Care Act which reaches all Americans.

Below are a few cultural considerations that increase industry profits by positively impacting the development of strategies for pharma marketing to Hispanic and Latino consumers who experience customized care.

Family Dynamics vs. Individualism

• Group interdependence among family is at the center of the Hispanic world. Affiliation, cooperation, and group activities are weighted heavily as Latinos understand there is strength in numbers. Their health decisions rely on an extended family model and are typically made after consulting various family members. Opinions from adult children of the older generation are valued extensively. Pharma branding with marketing campaigns needs to be family-focused.

Imagery vs. Text

• In the Hispanic culture, a picture is worth a thousand words. Incorporating culturally embedded cues into pharma marketing that reflect attire, family values, symbols, ethics, rituals, traditions, material objects, and services in their culture, stimulate how these consumers respond to the pharma industry. Through this identification process both their self-image and confidence in pharma’s judgment of prescription medication is enhanced, resulting in a change in their attitude towards the brand and eventual increased brand acceptance.

Technology Media vs. Traditional Media

• In the past, it was widely believed that the only effective way to deliver Spanish-language pharma marketing messages was through traditional media, such as the television networks Telemundo and Univision. However, the newer generation of Hispanics on the go are not as interested in traditional media; they are more interested in smart phone technology and social media sites. One in three are the primary pharma decision makers as caregivers of an older generation of family household members and make their choices by engaging with technology media. They are three times more likely to use their smart phones to decide about pharma for themselves and other family members. Pharma marketing via technology media will soon become a leading strategy that is mandatory.

Fatalism vs. Optimism

• Many Latinos believe that destiny is predetermined and little can be done to change outcomes. For example, they may believe that death is inevitable after receiving a cancer diagnosis and also believe that any type of prescription drug cannot improve the chance of survival because it is out of their control. A Hispanic participant in a recent NIH study sorrowfully stated, “I worked with a person who had arthritis and was going to get cortisone but the last time she went to get it at the hospital, she didn't return home. Instead, she went to the cemetery.” Pharma marketing must help Hispanics move beyond this mindset by reinforcing examples of positive outcomes in their culture with marketing campaigns targeted at patient support groups on social media, such as Facebook, that encourage pharmaceutical use to recover from an illness.

Natural Healing Remedies vs. Prescriptions

• Home remedies tend to be the first medicinal approach used in the Latino culture prior to visiting a medical professional. However, often times these home remedies are more detrimental than beneficial. For example, recently Hispanic parents treated their infant with star anise tea to cure colic, which resulted in the infant suffering from seizures and needing to be rushed to the emergency room at a Miami hospital. Pharma marketers should see this as a new opportunity to gain market share by targeting Latino consumers with public service announcements about the dangers of consuming natural healing remedies in lieu of advanced pharma medications with proven results.

High Power Distance vs. Low Power Distance

• Pharma marketing in the Spanish culture is impacted by high power distance because Hispanics conform to a hierarchy where everybody has a place in the world which needs no further justification. On the other hand, in a low power distance culture, inequalities of power between doctor and patient require further justification for acceptance. For example, when doctors prescribe a certain brand of medication to Latinos, often times the pharmaceutical is not questioned since the doctor is viewed as an authority figure not to be doubted for fear of appearing disrespectful. Pharma companies may gain a competitive advantage by providing guides to Hispanic patients describing the brand’s impact and side effects in plain, simple, straightforward, 3^rd grade level Spanish language for additional motivational encouragement to stay on a medication regimen with a specific brand.

In summary, minorities are increasingly becoming the new majority and the so-called “average” pharma consumer is now interacting on a complex and multidimensional landscape. Knowing the customer is most likely the single most important concept of a flourishing pharma market across cultures, and in particular with the Hispanic and Latino groups. This growing diversity has had a substantial economic impact as shown by an increase in pharma spending power that has significantly encouraged marketers to take into account various cultural characteristics when formulating a winning marketing strategy.

Resources

Barker, KK and Guzman, CEV. Pharmaceutical direct-to-consumer advertising and US Hispanic patient-consumers. Sociology of Health & Illness. 2015 Nov; 37(8):1337-51. doi: 10.1111/1467-9566.12314. Epub 2015 Aug 3.

Katz JN, Lyons N, Wolff LS, et al. Medical decision-making among Hispanics and non-Hispanic Whites with chronic back and knee pain: A qualitative study. BMC Musculoskeletal Disorders. 2011;12:78. doi:10.1186/1471-2474-12-78.

Pinedo, Diana. (2018). The state of multicultural marketing in 2018. Healthcare Success.

Multicultural marketing: Embrace the New Normal. (2016). PM360 Online.

The Case for Culturally Competent Health Marketing. (2016). Newlink America.