New Report Suggests that A Majority of Life Sciences Companies Will Take the Social Media Plunge!
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A new report released by Deloitte LLP entitled “To Friend or Not? New Insights about Social Networks in the Life Sciences Industry” indicates that roughly 65 percent of survey life sciences company professionals say their companies use or plan on using social networks in some capacity at a corporate level. Interestingly, 35 percent of those surveyed have no plans to do so!
Survey respondents say the lack of Food and Drug Administration (FDA) guidelines, consumer privacy concerns and a lack of a clearly demonstrated return on investment are the top three hurdles to widespread adoption of social networking platforms.
Even after the FDA guidelines for social networking are issued (who knows when that will be?), more than half (53 percent) of respondents still expect a significant amount of confusion around how life sciences companies can engage with social networks. Forty-six of companies that already use social networking tools will continue to use them but will not increase investment until the FDA provides guidance.
More than one-third of respondents (38 percent) are waiting for the FDA to issue guidance before making any investment. Nearly three in 10 respondents (28 percent) said their companies are waiting to see what ROI other companies get. However, the majority (73 percent) expect the budget allocated for social networking will increase over the next three years.
Additional findings from the report that surveyed marketing/brand management professionals include:
- Approximately 44 percent have an informal strategy for social networking that is not documented and/or fully supported by leadership, while 32 percent have no strategy at all.
- Survey respondents use social networking to disseminate information (51 percent), proactively seek information (42 percent), or to react or respond to pertinent information posted on an online social network (23 percent).
- One in five (20 percent) are indifferent to using social networking.
One of the authors of the study suggested that “Our survey findings demonstrate that the bulk of the use for social networking now is geared largely towards marketing. However, there are additional strategic applications beyond pure marketing still to evolve, such as conducting market research cheaper and faster; working with foundations to mobilize patients; improving peer-to-peer education through cost-effective medical education; determining the right patient reported outcomes; and providing data to help speed-up clinical trials.”
I have long contended that the least likely application of social media in the life sciences industry would be for promotional and marketing purposes. While this previously was a minority position, Jonathan Richmond, who authors the popular social media and marketing blog “Dose of Digital”, finally agreed with me in a recent post, entitled “Social Media is Not for Advertising Pharma Brands.”
Unfortunately, much of the early conversations surrounding the use of social media in the life sciences industry were promulgated by pharmaceutical marketing consultants and product brand managers. The early emphasis on promotional use caused many pharma executives to head for their command bunkers at the mere mention of social media (mainly because of its possible regulatory implications). Luckily, less financially-motivated persons began to join the conversation and successfully floated ideas about less regulatory risky uses of social media. Interestingly, the promotional use of social media in the life sciences industry is no longer the main topic of conversations at most pharma and social media conferences these days.
It appears that most life sciences companies are willing to concede that social media is not a fad and not going away anytime soon. As the old adage goes “You gotta be in it to win it.”
Until next time...
Good Lucking and Good Surfing!!!!!
