Powering Pharmacovigilance with Social Media Model
Pharmaceutical and biotechnology companies can leverage the growing popularity of social media business intelligence in identifying adverse events and respond in time. It is an excellent tool to listen into consumer conversations, feedback and complaints and take the right corrective action. Social media is also a powerful medium to educate consumers about products regarding their benefits as well as side effects. Such awareness will only go on to build trust and acceptance. Of course, all the adverse event data collected can be analysed to identify the key unmet need of the market and help research to identify areas to improve or innovate the products.
There are four main steps to creating a sustainable engagement with your consumers. The first is to identify the right keywords that your audience is using to search for you. Next, listen into their conversations and feedback keenly, and this can be done through social forums, blogs and other literature. Thirdly, leverage reporting and analytics on the captured data and finally, respond creatively and leverage this medium to generate awareness and address their problems.
The four pillars of social media-powered pharmacovigilance
- Understand the buying psyche of patients and physicians and how they are influenced by their peers
- Identify KPIs and list keywords that reflect product-related side effects
- Input keywords in technology platform, Google Alerts, social media mentions
- Observe product related mentions and identify triggers
- Monitor real-time dashboards and segregate content
- Classify mentions into side effects and positives
- Identify opportunities to engage
- Participate in conversations
- Identify users who could be reached to gather additional information
- Address concerns and provide required product information (within SLA terms)
- Alert in case of escalation for early response and resolution
Reporting and Analytics
- Social CRM tracking
- Close to real time dashboards with intuitive insights and integrated view with internal safety data
- Risk identification and signal detection
- Support in fine-tuning marketing strategy
How can companies benefit from the model?
It is widely accepted that safety and efficacy of products gives companies a competitive advantage to increase market share. Engaging with consumers directly to address their complaints and issues regarding adverse events will ultimately allow companies to boost their patient safety policies. This will help them benefit from both, earning credibility as well as commercial aspects.
Simply put, adopting a social media strategy ensures the company’s future readiness to meet the regulatory body’s mandates for safety reporting, while it also helps them protect the brand’s reputation.
Identify early risk and signal detection
- Access to real time information related to product side effects, trending topics, influencers and competition actions
- Robust signal detection process by providing additional data from real world
Minimize Online Reputation Risk
- Prompt identification and collection of published mentions across multiple sources
- Minimization of potential of risk magnification to threats though prompt response
- Enhancing advocacy through real time resolution of concerns expressed
Manage Adverse Events
Converting side effects mentioned to adverse events by gathering the following additional information and reporting to internal system:
- Identifiable patient
- Identifiable reporter
- A specific drug or biologic involved in the event
- Adverse event or fatal outcome
Social media platforms are designed to increase human connections between companies and consumers. Companies must adopt an open approach that focuses on listening, spreading awareness, building trust, and improving health outcomes. This creates a win-win situation for both, the companies receiving signal detection as well as the consumers who get more access to information.