Top 5 things we predict will change
1. In person pharma sales & medical science liaison (MSL) visits might go virtual
While MSL and pharmaceutical sales rep visits are important for communicating important information to healthcare providers (HCPS), let’s face it, they are not ‘essential.’ Most medical practices are now moving to telemedicine, and many doctors are asking patients not to show up until the actual appointment time to prevent patients from siting in waiting rooms together and maintaining social distancing.
Inviting sales reps and MSLs is unlikely. Especially if pharma reps want to ‘cold call.’ For MSLs who typically need to travel longer distances, making appointments will be more challenging and most will simply go virtual. Although face to face visits are certainly valuable, given the health risks, costs and liability involved, most will opt to conduct virtual meetings. The truth is that most millennial HCPs are used to that concept anyway and we believe there will be a fundamental shift post COVID-19.
2. Medical congress attendance will decrease
This was happening anyway prior to Covid19. Attendance at most medical conferences was decreasing but with the coronavirus pandemic it has now come to a screeching halt. With developments in virtual technology, most will find that spending thousands of dollars on planes, trains and hotels won’t be the best use of their time or money.
3. Accredited certification for MSL and Medical Affairs professionals will be the new normal
A study from JAMA found that from 1997 through 2016, spending on medical marketing of drugs, disease awareness campaigns, health services, and laboratory testing increased from $17.7 to $29.9 billion and regulatory oversight was limited. Covid19 revealed some serious loopholes and inefficiencies in our regulatory system. The public and medical community will require a higher set of professional standards for pharmaceutical industry professionals who interact with the medical. Community. Certifications such as the Pharmaceutical Representative Certification (PRC) and the accredited Board Certified Medical Affairs Specialist (BCMAS) board certification will become the new norm.
4. Medical Insurance will Change
Unemployment is the highest it has been since the Great Depression. Elective procedures are down and insurance company costs are likely at an all time low- which means their profit margins are sky rocketing. The public will demand a change since many can’t get medical insurance coverage through employers and the pandemic will likely cause other COVID19 related problems such as depression, anxiety, and increased obesity.
5. Pharma industry reputation will improve
It seems like eons ago that we were discussing corruption in the pharmaceutical industry. Prior to the pandemic, the opioid crisis (remember that?) caused major damage to the reputation of the pharmaceutical industry. With hopes that the industry may find a Covid19 vaccine, the Pharmaceutical industry and the scientific community have an opportunity to improve their reputation with the public and regain the trust of the American people.