By DJ Edgerton
The media industry is shrinking so fast it’s imploding. This is probably not news to you. Heck, there’s a Twitter feed devoted to it (by journalist and former MySpacer Paul Armstrong): @themediaisdying.
Are there parallels between the compressing media industry and what pharma is facing? You bet. More than parallels, really. It’s more like a big neon warning sign.
Pharma has got to learn what the media are learning right now. In Sven’s words – “You don’t want to be a buggy whip manufacturer.” Industries must evolve to survive when they’re surrounded by change. If you want to stick around, you’re going to have to change the business you’re in.
Could pharma create digital media to offset the expiring patents, drying pipelines, lowering prices, and other revenue damage?
Well, consider the Merck Manual – creating health information sources for patients is nothing new.
And now consider that the iPhone app market is a billion-dollar industry.
And consider further the impetus behind the Merck Manual. Merck founder George Merck viewed the company as a “public trust”.
In this day and age, there is no better way to demonstrate a dedication to patients than by providing them with good information.