Inflation is impacting every aspect of the economy, from higher prices at the grocery store and fuel pump to an incredibly competitive housing market.
Inflation is also impacting pharma marketers in ways we haven’t dealt with since the 1990s. Today’s pharmaceutical customers need to pay close attention to where their money is going, which means they have to make difficult decisions about everything they pay for, including healthcare.
Unfortunately, the inflation issue we’re currently experiencing isn’t going to go away anytime soon. Inflation is expected to stick around for at least the next several months, although it could drag on longer. Keep in mind that the last time we experienced this extreme level of inflation, it lasted a decade.
After that last period of high inflation, the U.S. enjoyed around 40 years of low inflation rates. That’s why it feels like this sudden surge in inflation has come out of nowhere. People aren’t used to seeing high inflation rates, so they feel suddenly forced to choose between putting gas in the tank or paying for their medication.
How Customers are Approaching Rising Costs of Healthcare
Even if a customer’s insurance pays most of their medication costs, the customer is still responsible for paying their copay on prescriptions and physician visits. That means taking money out of their pocket that could go for something else (like rent, fuel, or dinner) and putting it toward healthcare costs.
In addition to being more mindful of where and how they spend their money, many customers face rising healthcare costs for some of their treatments and medication. One report found that the cost of prescription drugs is 100 percent outpacing inflation, leaving consumers with a price tag for some medications double what it was a few years ago.
This leaves many customers feeling lost, confused, and frustrated. They often don’t know what they can do to reduce their healthcare costs and end up eliminating them altogether, meaning missing out on beneficial treatment.
How Healthcare Marketers Should Approach Today’s High Inflation Rates
There’s no magic wand to wave to remove inflation and get prices back to earlier rates in pharmaceutical marketing. However, that doesn’t mean you’re powerless to help customers making difficult choices about their healthcare in the face of rising healthcare costs.
Instead, now is the time for pharma marketers to embrace new tools to help them navigate this inflation era. It will become increasingly important to have a system that allows you to create and send campaigns to your target audience quickly and efficiently. This includes sending information about how customers can save money on rising healthcare costs.
There’s more to inflation than increased medication costs, of course, when it comes to pharmaceutical marketing. As inflation continues, your marketing team will likely feel the strain alongside consumers. So, finding the most efficient way to promote your products will be paramount so you can save valuable time and money on healthcare marketing.
HealthLink Connect for Pharmaceutical Marketing
Pharmaceutical brands and agencies require accurate data to deploy their marketing campaigns. HealthLink Connect offers a superior alternative to managing an in-house provider database, which can be prone to human error and incredibly labor-intensive.
We can help pharmaceutical marketers gain precision targeting using the most up-to-date data available. Our omnichannel approach ensures that your marketing campaigns reach the right people at the right time.
With HealthLink Connect, you’ll gain access to our portfolio of over 1.7 million provider email addresses. This ensures that you can reach healthcare professionals, including physicians, without breaking the bank.