As the world’s population grows and age expectancy is on the rise, the demand for new medical solutions is spiking. In fact, the global pharmaceutical industry reached unprecedented heights in 2018, as it crossed the €1 trillion mark. To adapt itself to the increasing demand, pharma companies continually invest in the development of new equipment, drugs, and other medical solutions. Yet and despite the substantial investment, the pharma industry is facing several challenges— including biosimilars, stagnation in productivity, and competition with emerging markets.
In order to rise to the challenge and possibly even unlock new business opportunities, modern pharma companies are utilizing a host of advanced technologies, including video.
Challenge: In today’s fast-paced world, continued education keeps employees across industries abreast and able to perform their jobs properly. In the pharmaceutical sector, with its exceptionally high training, compliance, and organizational standards, continued education is more than just a recommendation; it’s a prerequisite. Redefining existent learning processes can support pharmaceutical companies in making more time for value-driven frameworks.
Solution: Corporate eLearning videos can help pharma companies drive excellent, consistent training at scale. Not only can such videos illustrate pharma-related topics, such as experiments, treatments, microorganisms, etc. but they are also exceptionally effective when it comes to memory retention. According to Insivia, viewers retain 95% of a message when they watch it in a video, compared to 10% when reading it in a text. Moreover, since corporate learning videos are designed for online training (rather than in-person), they can be easily distributed across teams and locations. For seamless localization, companies can leverage AI technology such as AI subtitles and advanced search.
Lastly, virtual courses can be taken any number of times, allowing employees to practice spaced repetition. Download our free white paper to learn more about video corporate learning.
Challenge: In order to overcome challenges that are associated with the pharmaceutical sector—including the cost of output, regulations, and shortage of qualified employees—pharma companies must meet exceptional communication standards. This goal would be considered ambitious in any larger organization, let alone in a sector that is heavily regulated, consists of multiple and mixed professional backgrounds, and involves time-critical decisions.
Solution: Video-powered social collaboration was designed to tackle collaboration and communication hurdles. It can be described as a hybrid between social media platforms, internal team sites, and company video portals. Combine the best features of all three, and you get a secure and collaborative video portal enhanced with interactive features such as quick-share, comment, and rating. The portal functions as a communal space where employees are encouraged to video-communicate with one another, offer and receive help, and share professional insights. The advantage is twofold: employees feel more motivated at work and can discuss their ideas freely as well as brainstorm with colleagues from different departments. At the same time, companies can nurture the innovative mindset that is required to thrive in the pharma business.
Challenge: As pharmaceutical corporations expand and/or offer remote work opportunities for employees, maintaining a consistent communication flow is becoming more and more of a challenge. While an on-site company event is a great way to keep employees abreast, for large corporations with thousands of globally-dispersed employees this solution isn’t sustainable, both in terms of time and expenditure.
Solution: Live streaming is a solution pharma companies should use for virtual town hall meetings and executive webcasts. These meetings present an opportunity for speakers to share the latest company and medical news, discuss drug releases, exchange valuable professional experience, and communicate with other employees from different departments. Other than promoting inclusivity and accountability, live streaming corporate events can significantly cut operational costs. In fact, a single virtual event can save an organization thousands of Euros. Since live-streaming sessions are all recorded, pharma brands can enhance post-live events with subtitles, divide them into chapters, and upload online for on-demand viewing.
Challenge: Up until not long ago, pharmaceutical companies would follow a straightforward approach and provide customers with information about new products, services, and drugs. However, in recent years and following the rise of digital transformation as well as increasing competitivity, the focus has shifted away from the product itself and towards the customer. Users are no longer considered passive recipients. They expect the right solution at the right time via the right medium. Pharma brands have come to realize that creating a well-thought-of customer journey can boost their sales and market share.
Solution: Incorporating video into customer services workflows—such as FAQ clips, how-to videos, or for documentation purposes— it can significantly cut resolution time and elevate customer journey. Video is a format that resonates across verticals. In fact, a staggering 98% of users say they’ve watched an explainer video to learn more about a product or service. Not surprisingly, customers also react better to videos than they do to other media: 68% of the people prefer to watch a video that explains how to solve a problem, rather than calling the business to speak to their support team. Eventually, the customer benefits from a user-centric service, and the organization wins customer loyalty, increased retention rates, and a reduced load on its call center.
Challenge: In the pharmaceutical industry, videos are particularly useful. They can illustrate the use and benefits of new drugs, demonstrate research findings, and review various medical solutions, among other things. However, the rise of video content creates a growing amount of data that is dispersed across data centers, making it more difficult to manage, skim through, and, more importantly, secure. Given that pharma companies must comply with the stringent security standards, they require an exceptional level of data protection.
Solution: An enterprise video platform empowers the consolidation of all corporate video assets. By assembling corporate video content and dividing it into channels and groups, pharma employees can not only find relevant content but also define rights and roles as well as access rights.