The pandemic changed everything. The way we purchase goods, the way we celebrate milestones, the way we educate ourselves, formally and informally. Our homes became so multi-purpose, that our experiences became multi-faceted. Undoubtedly, healthcare is one such experience that has been forever changed. What does this mean for our relationship to treatment now, and in turn, what will it mean for pharmaceuticals?
The necessity of Telemedicine during COVID-19 increased and promoted accessibility. Individuals who could not previously get themselves to a doctor’s office, whether it was due to the cost of transportation, or their physical capabilities—or a combination of both—were no longer burdened by these issues. An infamously exclusive landscape, healthcare opened to a more diverse consumer base, economically, geographically, and socially. The audience broadened, thus, marketing strategy should follow and adjust to include these populations.
Additionally, the presence of Telehealth increases a brand’s profitability and market share. Similarly to the reach it achieves in patient access, Telemedicine’s “anywhere, anyone, anytime” approach has resulted in improved staffing and provision of specialists. The best HCPs can be brought onto a platform, regardless of their location. This freedom from location-based circumstances also enables the business to expand into more territories, without having to acquire physical property. The expenses associated with expansion, as well as the time devoted to its logistics, are eliminated, and therefore, immensely positive in the fiscal sense.
The bottom line: by reaching a larger audience/patient base and cutting down costs, Telehealth’s profits allow for a bigger budget to be allocated towards talent, as well as brand awareness.