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MM+M held its third in-person Media Summit at Convene in New York City on Wednesday.
The daylong leadership conference touched on numerous topics relevant to medical marketers, pharma executives and media buyers.
These included the evolution of point-of-care marketing, the continued rise of influencer marketing on social media, the advertising opportunities presented by streaming platforms and how AI can generate personalized content.
Below are the key takeaways from the 2024 MM+M Media Summit.
1. Programmatic advertising has evolved
In the morning keynote, Eric Lloyd, GM of pharma business development at The Trade Desk, said programmatic advertising has grown from the perception of being low-quality inventory to being considered a valuable source of premium inventory.
“One thing I’ll add is that we look at inventory quality as a big proponent of what can drive success for pharma,” he said.
Lloyd underscored the strong relationships between The Trade Desk and publishers, urging pharma brands to shift their focus from precision-based tactics to reach-focused strategies to drive meaningful scale and impact for their business goals.
Additionally, he suggested that integrating different digital channels like CTV, audio, display and mobile devices is crucial to capturing the attention of patients across their media consumption journey.
2. Pharmacies are underutilized in medical marketing
Millions of people go to the pharmacy every day. Still, it remains an underutilized, yet valuable point of care channel that can be leveraged for patient education, disease management and bolstered medication adherence.
The panelists from Novartis, Healthline Media, Haylo and the Hero Collective reiterated that pharmacists play a critical role throughout the patient’s healthcare journey.
Given that they are a crucial touchpoint for patients, the panelists insisted that pharmacy channels can be used to engage both patients and HCPs with personalized, targeted messaging.
The pharmacy presents an opportunity for more proactive, community-based engagement to bring patients into the healthcare system earlier.
Additionally, there’s potential to expand the role of specialty pharmacies in order to provide a seamless experience for patients acquiring specialty medications.
3. Getting the lay of ad-supported streaming land
In the afternoon keynote, Gina Reduto, EVP of strategy, advertising and partnerships at NBCUniversal, offered an inside look at the ad-supported streaming landscape.
She said that since the launch of Peacock a few years ago, NBCUniversal has focused on understanding the unique challenges faced by different industries, including pharma/healthcare, in order to curate the most relevant solutions from their portfolio.
This requires the use of data and AI for targeting and measurement purposes, Reduto said. As such, NBC continues to invest in its “one platform, total audience” AI-powered tool to enable more effective targeting and measurement for pharma brands across linear and streaming platforms.
“We can leverage data to understand contextual opportunities. Think about the mindset of the consumer and when they might be thinking about big health decisions,” she said. “Look across our library of content — we can get pretty specific in terms of driving contextual relevance.”
The company has also been a pioneer in developing innovative ad formats, namely its “power break” ads that feature QR codes to provide interactivity and relevance for pharma brands while maintaining a positive user experience.
Another streaming-centric panel highlighted the rapid growth of the platforms and the need for a balanced approach between linear and streaming content.
Michael Singer, head of industry-pharma at Roku, said the streaming platform provides robust first-party data and audience targeting capabilities to help pharma brands reach their desired audience segments.
He added that measurement and data integration across streaming platforms is a key focus area, with Roku working to ensure consistent and transparent audience data for advertisers.
Going forward, he said it’s critical for advertisers, agencies and streaming platforms to engage in an open, healthy dialogue in order to navigate the evolving landscape effectively.
4. Pharma brands embrace TikTok
While most pharma brands have established presences on social media, the place to be in particular is TikTok.
The social media app has demonstrated the ability to support disease awareness campaigns, pharma branded content and influencer partnerships in a compliant way.
Recognizing this evolving dynamic, TikTok has made efforts to better support pharma marketers. This includes employing a dedicated team for these advertisers, providing them with key measurement capabilities and establishing partnerships to counter medical misinformation.
Though not as immediate a threat as it once was, medical marketers should be prepared for a potential TikTok ban.
In the event that comes to pass, marketers should be adaptable, understand platform-specific metrics and leverage influencer content to quickly deliver messages on other social media platforms like YouTube Shorts and Instagram Reels.