With financial pressures mounting for key payers in Brazil’s healthcare space (pressures that are unlikely to go away given the country’s economic outlook and demographic transition), multinational healthcare companies have shown that they will prioritize two strategies for overcoming market access barriers to get reimbursed for high quality but often high-priced technologies: 1.) develop new stakeholder engagement models; and 2.) adapt value-added service offerings.
In May, FSG hosted an executive event in São Paulo for leaders of multinational healthcare companies operating in Brazil. Considering these strategic priorities, and due to the rapid digitization of Brazil’s healthcare space, we chose to lead a discussion looking at the challenges and opportunities in terms of digital stakeholder engagement.
Specifically, we aimed to better understand the challenges healthcare companies operating in Brazil face when investing in necessary capabilities for executing on both digital demand generationas well as digital customer insight collection.
Here are the key takeaways from that discussion:
- 80% of participating executives reported being less than satisfied with their current digital stakeholder engagement model in Brazil
- 60% of executives believe that they need to prioritize investments in digital customer insights collection over digital demand generation
- Looking deeper at the capabilities for executing on digital customer insights collection, participating executives identified a primary need to invest first in better collection of metrics to understand the consumption journey and experience of their customers’ key stakeholders
- When looking at capabilities for executing on digital customer demand generation, participating executives agreed that their companies were relatively strong at creating the right digital content, but relatively weak when it came to delivering content at the right time
Finally, regarding the development of these capabilities, the top picked pathway was by partnering with a digital native company,while the second most preferred pathway was by acquiring the talent on the open labor market.
Overall, it’s clear that healthcare companies in Brazil (and in other high-stakes markets) will increasingly require investments into their digital stakeholder engagement strategy, which to get right will necessitate a deeper original understanding of the stakeholders in payers and providers, and how their preferences and power dynamics are evolving.
For a full debriefing of the event takeaways, or our view on Brazil’s healthcare landscape, FSG clients can contact their Client Relationship Director. Not a client? Please contact us to learn more.