Is Social Media Right for Your Life Science Start-Up?

Diving in Without Sinking

Small Business Leaders’ ForumLife Science AlleyNovember 2012

• Facebook has 1 billion users

• Twitter has 500 million users

• 52% of Facebook users and 33% of Twitter users engage with the platform daily

• LinkedIn is growing by two new accounts every second. There are 900,000 interest groups on LinkedIn

• YouTube is the world’s 2nd largest search engine

Social Media = Web 2.0

Doctors Use Social Media• 85% of oncologists and primary care doctors use social media professionally

• 61% use weekly and 25% use daily to explore new medical information

• 58% find social media beneficial; good way to get current, high-quality information

Physicians without existing relationship with medtech companies show interest in interacting via digital sources

Consumers Use Social Media

• 66% a specific disease or medical problem

• 56% a certain medical treatment or procedure

• 44% doctors/health professionals

• 36% hospitals or other medical facilities

• 33% health insurance

Why Embrace Social Media Wave

• Marketing landscape is changing• Health care cost pressures• Competition for physician time• Social media is here to stay

How Medical Device Companies are Using Social Media

Other Ways to UseSocial Media Networks

• Research and product development• Recruit, collect clinical

research• Gather competitive

intelligence• Track disease-specific and

patient trends• Conduct market research

FDA and the Regulation of Social Media

FDA’s Guidance to Unsolicited Requests for Off-Label Information

. . . “providing truthful, balanced, non-misleading, and non-promotional scientific or medical information that is responsive to the specific request, even if responding to the request requires a firm to provide information on unapproved or uncleared indications or conditions of use.”

FDA Examples of Solicitation• Tweeting study results suggesting an off-label use is

safe and effective.• Establishing standard response websites that in part

include off-label information.• Encouraging third-party bloggers to post about off-

label use.• Creating a username, e-mail address, or URL that

suggests off-label use.• Requesting users to post videos about their product

experience on a site such as YouTube, resulting in videos on off-label use.

Sponsored Links and Widgets

• Social media has space limitations• One Click Away may not be enough• When “One Click Away” is sufficient

Even With Risks, Benefits Exist

1. market your products more effectively2. be better positioned to monitor and

control information about your products3. advance public health and provide

benefits to patients and the medical community

Using Social Media is an Ongoing Process

1. Identify Social Media Goals

2. Determine Audience

3. Choose Social Media Tools

Optimize Website

YouTube

LinkedIn

Facebook

Twitter

Internet PR

4. Protect Your Brand

5. Engage, Interact, Listen

6. Measure Results

Social Media Requires Commitment and Diligence

• Understand how social media works• Know audience• Establish goals and objectives• Adhere to applicable regulations• Put social media policies and training in place• Make commitment for the long haul• Listen actively and be responsive• Measure results

Is Social Media Right for Your Life Science Start-Up?

Diving in Without Sinking

Questions?

CVRx Microsite

U.S. Adults With Online Access & Online for Health Information

Top social media sites used by physicians

Physicians using onlinepromotional resources

Types of smartphone devicesphysicians own or use

Sites physicians access to watch video for medical purposes