Social Media in the Pharmaceutical IndustryThe pharmaceutical industry is slowly venturing into the world of social media. And like with any advance into uncharted territory, there are obstacles to overcome before the ultimate goal is reached.

The Shed blogger Daniel Siddle takes this all into consideration in a recent post discussing the merits of social media in the pharmaceutical industry and the ways in which it can benefit from interaction with customers.

The post initially mentions the obstacles the pharmaceutical industries faces in terms of marketing products:

Cost: Marketing pharmaceuticals is expensive, especially because it can’t be done until after the drug receives New Drug Approval (NDA).

Agency Regulations: Agencies like the Food Drug Administration (FDA) and European Medicines Agency (EMEA) implement rules on how pharmaceutical companies can interact with the public and how information passes between the two.

Intellectual prescription drugs without prescription Property Concerns: While a drug is being developed, the company developing it doesn’t want to say much about it because of the fear of losing a competitive edge.

Siddle suggests that social media has the potential to address two of these concerns for pharmaceutical marketers:

Cost:With social media, companies can reach out to consumers before achieving NDA without the large financial commitment involved with more traditional marketing. Research can be shared and consumers can provide creative input much earlier in the process.

Intellectual Property: Social media enables entire companies to take part in the marketing of a potential product, though time will have to answer the questions of keeping intellectual property and the privacy of employees safe.

Learn more about how social media can provide opportunities for the pharmaceutical industry by reading the full blog post.

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