With a new president in the White House and a Republican-led Congress, changes to healthcare are inevitable. The influx of information can be difficult to sift through, but it’s crucial that pharmaceutical companies do just that as updates could affect their practices. Marketers must also remain aware of any alterations in the pipeline, so as to keep their audience of healthcare providers informed. Let’s take a closer look at what the Trump administration could mean for advertising:
“ACA changes requires marketers to be on their toes.”
The Affordable Care Act
During his campaign, businessman Donald Trump stated that while he felt the Affordable Care Act should be eliminated, there were particular elements – like coverage for people with pre-existing conditions and allowing children to stay on their parents’ insurance until the age of 26 – that he would want to retain.
Although a lengthy battle is sure to ensue as Congress Democrats and Republicans pick the legislation apart, the president has already taken steps to dismantle Obamacare for good. Trump signed an executive order on Inauguration Day to begin the process of repealing the ACA, enabling loosening the financial burden on health providers, insurers and more, The Hill reported.
Pharmaceutical marketers should keep an eye on the progress of this presidential action, especially once key Health and Human Services officials are in place. Since a change to the ACA will affect a large portion of their audience, it’s crucial for these organizations to remain mindful of all news.
A pledge to Big Pharma
President Trump sat down with pharmaceutical executives on Jan. 31, 2017 to discuss the need to lower drug prices and make U.S. Food and Drug Administration approvals more efficient. The former issue is one that has support across party lines from the like of Bernie Sanders, according to CNN.
The administration claimed a trade policy similar to the one proposed for taxation on foreign cars would be implemented to ensure countries around the world are “paying their fair share for U.S. manufactured drugs.”
Should Trump be able to pass this type of legislation, pharmaceutical companies would likely benefit. Although the FDA approves drugs on a somewhat steady basis, increasing that rate would require marketers to boost their outreach strategies to cover information surrounding new medications, according to FiercePharma.
What’s to come will likely rely not only on if Medicare will negotiate directly to lower drug prices, but the person who is put in charge of the FDA and his or her stance on loosening regulations related to drug approvals and costs.
Pharma communication is crucial
With much news related to their industry to be released in the coming months, pharmaceutical companies need to be on their toes when it comes to keeping their audience informed.
The FDA regulates communication of particular types of information, including that regarding medical treatments. Since social media has become so popular, pharmaceutical companies have increased their average number of tweets by 530 percent, according to a study by Ogilvy CommonHealth Worldwide. As such, the FDA is in the process of completing finalized guidance on how these platforms should be used. Preliminary guidance requires marketers to include risk information when making product-benefit claims via social media as well as a link to more details surrounding the medication itself.
Failing to follow these rules, especially once the guidelines are completed, could result in not only letters of warning but FDA sanctions that could hurt an organization’s reputation. Forbes suggested that pharmaceutical companies blog as an alternative to social media. With this strategy, readers can add their own comments, enabling them to interact directly with marketers.