Social Media: Is it an appropriate communication tool for Pharmaceutical industries

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Marketing

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Social Media: Is it an appropriate communication tool for Pharmaceutical industries

ABSTRACT

The pharmaceutical industry rarely has been studied in the context of its reputation or image among the end consumers'. Most of the 'image' ratings reported for pharmaceutical companies are those measured through polls using a single global question about reputation and not standardized scales. The major aim of this dissertation is to analyze the usage of social media in the pharmaceutical industry. Different pharmaceutical firms do not have proper representation in the social media websites like facebook and twitter and the pharmaceutical companies have to make sure that they are using this medium to capture the market. A review of prior literature has shown that the use of social media as a marketing tool by the pharmaceutical firm could have a mixed affect for the pharmaceutical firms. However, if managed with proper strategy and compliance with the relevant rules and regulations, this can make a great impact on the stakeholders of the pharmaceutical firm as the doctors and customers have shown their commitment towards using social media as a information tool. The pharmaceutical firms can use this tool for communicating directly with their stakeholders.



Introduction

Research in the consumer goods markets has shown that such communications improve the overall image of the company (Mintzes et al 2002, 278), reduce the negative perceptions related to company policies or products, and also result in increased investment, in the company. Other favorable consequences suggested having been the solidification of the firm's status within an industry and its products being perceived as having good quality, which allows the firm to charge premium prices (Moynihan and Cassels 2005, 87).

Moynihan and Cassels (2005) had an opinion that the pharmaceutical industry rarely has been studied in the context of its reputation or image among the end consumers'. Most of the 'image' ratings reported for pharmaceutical companies are those measured through polls using a single global question about reputation and not standardized scales.

One could simply argue then that pharmaceutical advertising, like any other type of advertising, is deliberately designed to attract attention and sell a product and; therefore, has the same situated meaning in all cases, but that position does not fully examine the advertising discourse to determine if the situated meaning of today's prescription direct communication is really the same as it was for the historical patent direct communication. One can only find the true nature of who doing what by comparing patent direct communication to prescription direct communication and discussing the specific techniques the ads use to accomplish certain goals.

According to Ritcheter (2007), different pharmaceutical firms do not have proper representation in the social media websites like facebook and twitter and the pharmaceutical companies have to make sure that they are using this medium to capture the market. According to an estimate, the total population of only one social networking website, i.e. face book is around 845 million, which is even greater than the ...