Multicultural Marketing in Pharma: A Competitive Advantage
The pharmaceutical industry is going through a global transformation due to technological advancements and an increased ability to captivate previously untapped multicultural consumer segments.
Because of this cross-cultural influence, pharmaceuticals are now developing marketing strategies and messages that are based on the cultural values of different communities and consumer groups.
Businesses are also introducing personalized medicines in lieu of these shifts.
How Do Patients’ Journeys Differ Across Multicultural Markets?
It’s important to understand how a patient’s journey can differ based on geographical and cultural differences. The cross-cultural consumer segment constitutes nearly 43% of the total US population, and will continue to grow. This growth has led to large treatment gaps in the pharmaceutical world.
However, businesses in several industries have pushed boundaries and have embraced cross-cultural strategies in their marketing strategies and other business processes.
However, the pharmaceutical industry seems to be lagging behind in the race because of issues with stakeholders, the need for more medical research, specialized data analytics, and strict regulations and laws. Another important factor is unique consumer behaviors and buying patterns when it comes to pharmaceutical products and services.
If we look at the population, the Hispanic consumer market in the US is bigger than that in Spain, and this figure is expected to increase two times by the year 2050. So why not invest in an evolving market in your own state?
Healthcare Disparities Across Multicultural Patients
The cross-cultural consumer segment is known to respond well to digital campaigns, mobile marketing, and social media advertising when the messages conveyed are personalized and relevant to the audience. Within the last ten years, the number of pharmaceutical businesses adopting multicultural marketing tactics has tripled, according to PharmExec. However, the gap has not yet been filled, and more pharma companies need to drive their efforts to reach this pivotal consumer segment.
Hispanic, Asian, and African American patients all differ in their journey with various medical conditions such as Alzheimer’s, multiple sclerosis, cardiac diseases, and others. Business giants in the pharmaceutical industry such as Merck & Co, Novartis, and Pfizer have already stepped into the multicultural consumer segments to stay on top of the competition.
So, if you are still not marketing to the multicultural emerging consumer market, take a step now! Get in touch with GoDiversity to take your pharmaceutical business to new heights!
We are one of the leading multicultural advertising agencies in the US, with a team of young, talented and energetic marketers. We use specialized marketing tools to help you build your brand and successfully reach out to the diverse market segments.
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