As a 2023 MM+M Agency 100 honoree, some of our very own Spectrum leaders were asked to contribute their thoughts on what 2024 will bring to the medical marketing industry.
Michelle Strier, Justin Rubin, Amy Hutnik, Mike Myers and Tim Arendt had their predictions featured in a recent MM+M article alongside the perspectives of other industry thought leaders.
With the exciting advancements of 2023, the predictions our team had for 2024 covered everything from the effects of AI on creative and agency operations to ways agencies will continue to evolve and adjust given economic constraints.
Spectrum’s predictions can be seen below, but you can check out the full article here.
- “2024 is going to be the year of doing more with less. As we’re all constantly being challenged by this notion of constrained resources, content reuse strategies that span functions is something that will see increased interest in 2024. Buying various services from a connected strategic platform, with one strategic partner, offers a view into what’s happening and being created across an organization, making this a seamless practice.” — Michelle Strier, chief strategy officer, Spectrum Science
- “From a creative standpoint, Generative AI has catapulted us all into the age of execution. Now everyone has the power to whip something up (agencies, clients, influencers, etc) — so it’s easy to get drunk on the polish of an “idea” and how it looks. But doing more with a lesser idea will always be less desirable for all stakeholders. As we move forward, the core idea itself must be held to an even higher level of scrutiny – and agencies that can deliver will be indispensable to clients.” — Justin Rubin, chief creative officer, Spectrum Science
- “The turbulence in the marketplace and life sciences industry this year (lots of restructuring, unpredictable funding conditions, etc.) certainly fueled a “do more with less” mindset. But it also necessitated that many of our client partners turned to their trusted outsourced agency and advisory partners to act as necessary continuity as life sciences organizations changed, and clients were tasked with continuing to advance innovation. As we go into 2024 and the market continues to evolve, those durable client/outsourced partner relationships can truly continue to unlock value and innovation in many ways – as an extension of resources, as thought-partners, to pilot new ideas and test new working models.” — Amy Hutnik, chief commercial officer, Spectrum Science
- “As a result of client desires and expectations that their agencies use AI, we’re going to see heightened pressure on all agencies that bill by the hour to lower their fees/estimated hours. As a client recently said to me, Why should we pay the same as we did previously, if AI enables faster work and less billable hours?” — Mike Myers, president, CrowdPharm, a Spectrum Science company
- “The industry will continue to evolve significantly in 2024 with respect to funding and access to capital. Although it feels a lot like 2008/2009 for our sector, there are a couple of key differences, specifically the robust growth in the markets and the continued technology sector access to funding. That being said, I believe that there is some biopharma funding fatigue, versus a lack of overall interest by VC’s and others to put their money to work in some capacity.”— Tim Arendt, managing director, consulting, Spectrum Science