MATE 029 – Vince Parry reveals the secret world of pharmaceutical drug marketing

Vince Parry is one of the world’s leading experts on pharmaceutical branding and marketing. With over 30 years’ experience in the industry, Vince was instrumental in bringing brands like Lipitor, Botox, Colgate and Dove to a wider audience. In this fascinating discussion, we cover: why healthcare goods need a different marketing approach to consumer goods; how to brand products which customers need prescriptions to buy; and the crazy tests a drug name needs to go through before being approved by the FDA/EMA. We also discuss Viagra, Botox, medical marijuana, hair regrowth and … explosive diarrhoea. 😬

Vince Parry
Vince Parry

 

Topics:

  • How marketing and branding healthcare products differs from consumer goods and services
  • The 3-year pre-planning timeframe required to launch a healthcare product
  • The key lessons from Vince Parry’s book, Identity Crisis.
  • “Medicines aren’t soft drinks; hospitals aren’t hotels.” ~ Vince Parry
  • The influence of a doctor’s recommendation to patients
  • Brand awareness in healthcare must consider many audiences, including: doctors, patients and caregivers.
  • Lifestyle brands in healthcare include: Viagra (for impotence) and Propecia (for baldness).
  • Is the negative public perception of the pharmaceutical industry justified?
  • The legalities and liabilities of making claims in healthcare advertising
  • Private label brands—i.e. store brands—are flooding the market due to drug patents expiring.
  • The enormous costs involved in bringing a pharmaceutical product to market
  • Can Silicon Valley can revolutionise the healthcare industry with services like the Lemonaid Health app.
  • Which brand would be better suited to disrupt the healthcare industry: Amazon or Nike?
  • Medical marijuana … the myths, the USA’s state-by-state legislation, the huge clinical benefits of THC and CBD for epilepsy and MS sufferers, the already-evolving industry and Vince’s own experience launching a medical marijuana brand in New York.
  • The fascinating list of rules, regulations and guidelines which companies must follow when naming pharmaceutical brands.
  • Failures and success stories in the healthcare industry

 

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MATE podcast is a show about Marketing, Advertising, Technology and Entrepreneurship. Hosted by Adam Jaffrey: Digital Strategist and Entrepreneur. Made with ❤️ in Melbourne, Australia.

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