It's no secret that bringing new prescription drugs to market is a 10–15 year process but once drugs appear on the market, pharmaceutical firms market them heavily. In 2007, pharmaceutical firms spent $5 billion on media. If your agency wants to find new clients in the pharmaceutical industry, you might start by reviewing lists of drugs in development.
Phrma (Pharmaceutical Research and Manufacturers of America) has just released its list of 2,000 medicines currently being studied for consumers over age 65. The top five conditions being addressed in drug development for this age group are:
- Alzheimer's Disease
- Lung/Respiratory Disorder
- Rheumatoid Arthritis
The report includes data on the product name, sponsoring firm, development stage and target disease. Compounds which are in Phase III or application submitted status have the best chance of making an appearance as an approved medication by the Food and Drug Administration. These are also medications which are within two years of release. Consider contacting these firms now to pitch marketing plans that could position your agency for long-term success in the pharmaceutical industry.[Sources: Petrecca, Laura. "Media Hurts as drug ad spending is seen less effective," USA Today, 10.15.2008; Older Americans New Meds, 2008, Phrma, 2008]