In a conversation with Mark Brosso, the CEO of PurpleLab, it was uncovered that the pharmaceutical industry has increased its ad spending by 14% as of 2023. This discovery has made it the second-largest ad spender following the tech sector. PurpleLab’s proprietary data platform, HealthNexus, is crucial in optimizing advertising spend based on real-world patient data. PurpleLab’s massive medical and pharmaceutical claims database, which feeds HealthNexus, comes from diverse sources like private health insurers, Medicare, and Medicaid. This data helps to address the siloed data challenge in healthcare and enables efficient, targeted advertising without infringing on patient privacy. By integrating real-world data, companies are better equipped to customize campaigns and allocate budgets more effectively. PurpleLab enhances ROI for pharma companies by merging advertising with real-world data in a privacy-compliant manner. This manner helps deliver better patient outcomes by identifying potential beneficiaries of specific drugs, understanding their preferences, and knowing their stage in the patient journey, thus increasing treatment adherence rates.
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[Source: Forbes, November 14th, 2023]