New technology always presents a complex mixture of both challenges and opportunities for companies. The newest technology challenge for the pharmaceutical industry comes from all the smartphones and social networks that now keep us constantly connected. While other industries have latched onto the opportunities offered by social media, pharma companies have been hesitant to do so.
That’s not to say pharma doesn’t want to. In fact, a recent study by Cutting Edge Information found that many pharmaceutical companies recognize the advantages of using digital marketing social media (82% of those surveyed said they engage in at least one type of social media activity), but are keeping a cautious distance due to concerns about regulation compliance and return on investment. Continue reading