According to Jack Bogle, the founder and retired CEO of The Vanguard Group, many large companies based in the U.S. generate 50% of their revenue from outside the country. The same could be said for international companies: a good portion of their revenue is generated outside their respective regions.
The pharmaceutical, medical device, and clinical research business has been global for quite some time and continues to expand. Just as many diseases have no prejudice, treatments don’t either. Patient populations are global and, therefore, companies’ outreach efforts should be as well.
The FDA recently shared its success in targeting the U.S. Hispanic market. With over 17% of the country’s population being Spanish-speaking, it’s vital for the regulatory body to make sure everyone is safe by eliminating barriers to communication. The FDA now offers content in Spanish via a number of digital channels, including their website and several social media accounts (i.e., Twitter, Pinterest, Facebook).
This multichannel, multilingual approach isn’t necessarily new to the life sciences industry. Companies have been translating medical literature in different languages for quite some time. Some have also been advertising through traditional means (e.g. print) in multiple languages for decades. But in our ever-increasing world of digital communications, there is no better time to improve the way companies market their products and communicate with patients. It should be global, yet targeted. You no longer have to be a “big pharma” to operate like one. Instead, you just need a vision to digitally transform your business.