Social media - worth the risk?
POSTED ON
June 24, 2009
Throughout my career, I've done a lot of work with clients in the pharmaceutical industry. So I know all too well the unique challenges this highly regulated industry faces. Pharma companies are bound by rules set forth by the FDA that govern their PR, marketing and advertising activities. Every tactic is scrutinized by internal marketing and sales teams, and even more carefully evaluated by the legal and regulatory teams, weighing the perceived risks and rewards. Even as social media is becoming a "given" for most major companies, many pharmaceutical companies are holding back. While some have taken the leap into the world of Twitter, Facebook and blogging, most are still reluctant, blaming the FDA's unclear rules about social media. But in today's Web 2.0 world, how can pharmaceutical companies hope to connect to consumers without social media? The reality is that consumers are increasingly looking to trusted online communities to guide their healthcare decisions, pushing traditional advertising and marketing channels to the periphery. In order to effectively reach consumers, pharma companies need to give social media a try. There's no question it will be risky to venture into this unfamiliar territory, and it's possible that a few early adopters might even receive a warning letter from the FDA. But I'd argue it's an even bigger risk to ignore the reality - that social media is a way of life for today's healthcare consumer. What do you think? Let me know your thoughts in the comments below. @annmelinger