biopulse Week of July 10, 2023: Your Weekly Biotech and Pharma Marketing Newsletter
Welcome to biopulse, your weekly briefing on key marketing trends and insights in the biopharma sector. Every week, I (Bill Gadless) probe top stories, studying product launches, branding, and communication. I’ll feature pivotal campaigns, innovative marketing tech, thought leadership and regulatory shifts reshaping healthcare engagement.
Week of July 10, 2023
❝ A quote (from me):
“Even amidst the stormy seas of economic uncertainty, inflation, scarce funding, and stringent regulation, the biopharma industry stands as a resilient lighthouse, illuminating the pathway of progress with unwavering resolve and relentless innovation.”
❝ Another quote (from someone else):
“We try never to forget that medicine is for the people. It is not for the profits. The profits follow, and if we have remembered that, they have never failed to appear. The better we have remembered it, the larger they have been.”
George W. Merck
🤔 Question for you:
In an era of personalized medicine and increased patient advocacy, how can biopharma marketers reimagine their approach to storytelling to more effectively communicate the value and impact of their products on individual lives, thereby fostering deeper connections with their audiences? How can this be integrated with technology, such as A.I. or augmented/virtual reality, to create immersive experiences that transcend traditional marketing channels?
📰 The Week’s Top Stories
Google’s Med-PaLM 2: Transforming Healthcare with AI-Powered Medical Chatbot
Google is trialing its Med-PaLM 2, an AI-powered medical chatbot, at the Mayo Clinic and other hospitals. Built on the company’s large language model, PaLM 2, Med-PaLM 2 leverages medical licensing exams and expert demonstrations to answer health queries, summarize documents, and manage research data. The technology shows potential for enhancing healthcare in countries with limited access to doctors, despite it still being in its early development stages.
Retail Giants Seek to Revolutionize Clinical Trials Participation Amid Data Security Concerns
Major retailers like Walgreens, Kroger, and Walmart are leveraging their extensive customer bases to recruit participants for clinical trials, potentially diversifying subject pools and improving access to novel treatments. Despite this innovative approach, concerns have been raised about data protection. With substantial investments required for the necessary technology, the success of this initiative remains uncertain. CVS recently ended its clinical trials business to focus on core operations, signaling potential challenges in the sector.
Recursion Secures $50M Investment from Nvidia, Aims to Revolutionize Drug Discovery with AI
AI biotech firm, Recursion Pharmaceuticals, has raised $50 million from tech giant Nvidia. The investment will enable a collaboration focused on Nvidia’s cloud service, utilizing generative AI for drug discovery. This comes as part of Recursion’s broader transition from traditional biotech to “techbio”. The news led to a significant surge in Recursion’s stock price. However, concerns remain regarding the hype around AI in drug discovery. Recursion plans to develop new drug discovery tools for biotech firms, building on its acquisitions.
EMA to Review Novo Nordisk’s GLP-1 Drugs Amid Concerns over Potential Suicide Risks
The European Medicines Agency (EMA) is set to review Novo Nordisk’s diabetes and obesity drugs, including Ozempic and Saxenda, after reports of suicidal ideation and self-harm surfaced in Iceland. The review may extend to the entire GLP-1 drug class, considering their increasing popularity for weight loss. These medications carry a warning of suicidal behavior as a potential side effect. Despite the concerns, Novo Nordisk maintains confidence in the benefit-risk profile of its drugs.
Life Sciences Sector Sees Job Growth in June Amidst Labor Market Constraints
Despite a generally slower hiring rate in June, the life sciences industry witnessed an increase in job openings, according to the U.S. Bureau of Labor Statistics. While 41,000 healthcare roles were added in the U.S., life sciences job postings on BioSpace’s board grew by 28%. However, job applications fell by 17% from May, potentially due to economic instability and labor market tightness. Compared to last year, job postings were down by 22% in June.
🧬 Other Stuff
Demystifying AI – Fear Not
AI needn’t be a cause for alarm:
- it’s not a replacement for clever marketers, but a tool to augment their abilities
- it’s time to expand its applications beyond just copywriting
- given its staying power, it’s vital to figure out how to leverage it for value addition (for your organization or your clients)
emagineHealth is the digital-first, AI-powered agency for healthcare and life sciences. Let’s work together to maximize the results of your digital marketing initiatives.
Social Media for Healthcare & Biopharma
emagineHealth outlines the critical steps you can take now to show up on social media with a proven strategy to get your message across, reach your target audiences, and accomplish your social media goals.