Medicx 101: Finding YOUR Target HCPs
It is no secret that biopharma and health companies spend a lot of money targeting healthcare professionals (HCPs). An analysis conducted by JAMA found that in a span of 10 years ending in 2016, marketing to medical professionals increased 30% from $15.6B to $20.3B, accounting for 68% of total marketing spend. But as any true marketer knows, all that money can easily go to waste if you are not targeting the right audience.
So, how can Medicx help you reach the right HCP audience? In this first part of our Medicx 101 series, we will walk you through how Medicx utilizes its HCP database and insights to find the HCP targets that are relevant for your brand, through data and analytics.
Match To Your Target List
We recognize that companies spend a large amount of time and money putting together and maintaining their “called on” target lists. The first step, Medicx will take your brand target list and match it back to our HCP database, ensuring we reach the HCPs you identify as being most important to your brand. With a database of over 1.4M HCPs across 43 specialties, our target list match rates are virtually 100% and depending on the targeting channel you select, reach can range from 65%-97% of your target audience.
Second step, we can expand your targeting reach by developing or supplementing your list with other highly relevant HCPs. By leveraging our unique data assets, additional HCPs can be created and segmented to fit your brand’s goals. This helps drive brand awareness outside of your core target list and drives additional prescribing or referrals at a lower cost in comparison to field force promotions.
EXPANSION OPTIONS
Option 1: Diagnosers of Your Condition
By profiling HCP targets by ICD-10, we can identify HCPs who are diagnosing your condition of interest. By reaching these HCPs, you are able to drive awareness and behavior change among HCPs who are seeing your patients and may not be prescribing your drug.
Utilizing this method for a Parkinson’s related brand, we were able to identify over 181K HCPs who were diagnosing and/or seeing patients with Parkinson’s related diseases.
Options 2: NPI Specialty
As you develop your brand’s target lists, you focus your efforts on high and low prescribing HCPs specific to your condition. By doing this, you may not include other relevant specialties that may have an influence on what is prescribed. With an extensive database of 43 medical specialties and 13 other health related professions, we can target all relevant specialties to help drive awareness and prescribing. You can supplement your brand list by targeting relevant specialties such as; family and general medicine, physician assistants, nurse practitioners, allergy and immunology, internal medicine, pain medicine, etc. We understand these targets may not drive as much prescribing as those on the target list and have accordingly priced these targets at a level that makes an investment in this option worthwhile for a brand.
Using this method for a bipolar brand, Medicx was able to identify ~257K additional relevant HCPs who were not on the brand target list.
Option 3: Treaters of Your Target Patients
Our core consumer targeting offering is our Micro-Neighborhood® targeting platform, which allows us to target hyperlocal areas with a high prevalence of your condition of interest. To identify additional relevant HCPs, Medicx links and targets an expanded number of HCPs who are prescribing to your patients. The approach combines Medicx’s proprietary Micro-Neighborhood® targeting method with our HCP capabilities. This method allows you to reach HCPs in high value areas, driving awareness and patient-doctor engagement.
When utilizing our HCP expansion options, we ensure your targeting efforts are focused only on those HCPs that make the most sense for your goals, helping to eliminate unnecessary waste.
Be on the lookout for the next part of our Medicx 101 series, where we show how we find YOUR target patients.