Health is wealth. The health industry refers to traditional health service providers and those in the pharmaceutical and food sectors. Some would argue that the said industries are more profitable than big banks and oil companies because they earn money by eating their products and using their services to be healthy. But what is most interesting is that these industries are now finding good ways to improve their revenue streams via digital marketing. Learn what they are doing to make their businesses stand out online today.
Through Partnerships With Digital Health
Businesses in the health industry are increasing their revenue streams by partnering with digital health companies. Pfizer, one of the largest drug manufacturers globally, has been aggressive in its partnerships with tech startups. The company has put over $1 billion into venture capital funding and has partnered with more than 60 digital health companies. The good thing about digital health partnership is that it allows big pharma companies to learn about the latest technologies and integrate them into their product lines. In contrast, digital health startups can access industry veterans who can help them navigate the complex regulatory landscape. What’s driving this trend? A few factors:
- Pharmaceutical companies are looking for ways to increase access to their products and services.
- There is a lot of interest in wearables, telemedicine, and other digital health technologies.
- Digital health startups are hungry for expertise and money from large pharmaceutical companies.
By Offering Health-Related Content
Another way businesses in the health industry increase their revenue streams is by offering health-related content. For example, WebMD, one of the leading providers of online health information, generates most of its profits from advertising. But it doesn’t just stop providing information – the company has also developed several mobile apps and other tools to help people manage their health. Why are businesses in the health industry increasingly focusing on content? There are a few reasons:
- Consumers are increasingly interested in obtaining health information online.
- Healthcare providers are looking for ways to reduce costs by providing patients with more information.
- There is an abundance of data available on the internet that can be used to create helpful content.
By Using Social Media Platforms
Another way businesses in the health industry are increasing their revenue streams is by using social media platforms. For example, Johnson & Johnson, one of the largest healthcare companies in the world, has a very active social media presence. The company has several social media accounts to share news, product information, and other content with its followers. What’s driving this trend? A few factors:
- Social media platforms are a great way to reach consumers.
- Healthcare providers are looking for ways to reduce costs by providing patients with more information.
- There is an abundance of data available on the internet that can be used to create helpful content.
By Selling Health-Related Products and Services
Yet another way businesses in the health industry are increasing their revenue streams is by selling health-related products and services. For example, Apple, one of the largest technology companies globally, has several health-related products and services that it offers to consumers. These include the Apple Watch, which tracks heart rate and other health metrics, and the Health app, which stores data from various fitness trackers. What’s driving this trend? A few factors:
- Consumers are increasingly interested in using technology to improve their health.
- There is an abundance of data available on the internet that can be used to create valuable products and services.
- Healthcare providers are looking for ways to reduce costs by providing patients with more information.
By Offering Clinical Trials
Yet another way businesses in the health industry increase their revenue streams is by offering clinical trials. For example, GlaxoSmithKline, one of the largest pharmaceutical companies in the world, provides a wide variety of clinical trials on its website. These include both drug trials and vaccine trials. What’s driving this trend? A few factors:
- Pharmaceutical companies are always looking for new drugs and vaccines to market.
- There is a lot of interest in wearables, telemedicine, and other digital health technologies.
- Clinical trials are a great way to test new products and technologies.
By Monetizing Health Data
Yet another way businesses in the health industry are increasing their revenue streams is by monetizing health data. For example, 23andMe, a privately held biotechnology company, has a database of over one million DNA profiles. The company sells access to this database to pharmaceutical companies and other interested parties. What’s driving this trend? A few factors:
- The amount of data available on the internet is increasing rapidly.
- Healthcare providers are looking for ways to reduce costs by providing patients with more information.
- There is an abundance of data available on the internet that can be used to create valuable products and services.
By Developing Mobile Apps
Yet another way businesses in the health industry are increasing their revenue streams is by developing mobile apps. For example, the Mayo Clinic, one of the largest healthcare providers globally, has developed several mobile apps that its patients can manage their health. The company’s most popular app, Mayo Clinic App, has been downloaded more than 2 million times. Why are businesses in the health industry increasingly focusing on mobile apps? There are a few reasons:
- Mobile apps are a great way to reach consumers.
- Healthcare providers are looking for ways to reduce costs by providing patients with more information.
- There is an abundance of data available on the internet that can be used to create helpful content.
By Investing in Big Data Analytics
Finally, businesses in the health industry are increasing their revenue streams by investing in big data analytics. For example, the Cleveland Clinic, one of the largest healthcare providers globally, has developed several big data analytics platforms to track patient data. The company’s most popular platform, Cleveland Clinic Care Everywhere, has been downloaded more than 1 million times. What’s driving this trend? A few factors:
- Pharmaceutical companies are looking for ways to increase access to their products and services.
- There is a lot of interest in wearables, telemedicine, and other digital health technologies.
- Big data analytics platforms are a great way to track patient data.
In conclusion, there are several different ways businesses in the health industry can increase their revenue streams in the digital age. By investing in the strategies explained above, companies can stay ahead of the curve and provide valuable products and services to consumers.
