Supporting society publishing in a changing industry landscape

Pharmaceutical, biotech, medical device and laboratory companies have long been major stakeholders in health, medical and life sciences journal publishing, wearing multiple hats — including as, author and funder.

For instance, more than 60% of clinical trials are reportedly funded by industry, according to data published by JAMA Network and the European Medicines Agency (EMA). In addition, industry has historically supported journals through the purchase of traditional products — most notably advertising, reprints and supplements — in support of journal dissemination, utility and financial goals.

While pharma helps fund and support journal activities, it is essential that editorial and financial interests remain separate to ensure editorial integrity.

For more on this topic, you can read about our editorial independence principles.

Change in customer needs

Over the last decade, the demand for traditional commercial products has declined in line with the way companies interact with their customers. Twenty years ago, a pharma rep would meet a practicing physician in-person and hand them a physical reprint of an academic article. Today, that communication channel rarely exists. Pharma companies are seeking new ways to promote their products — approaches that offer more precise targeting, greater engagement and better returns on investment.

And this isn’t the only change. While original articles are still important, ongoing research of physician preferences highlights how physician users of our journals increasingly rank short form articles, video content and webinars as one of the most effective ways to keep informed about the latest advances in their field. Moreover, according to our October 2023 – January 2024 survey of 1,307 physicians worldwide:

• 62% of physicians ranked education-based videos or instructional videos important for staying well informed about new medical developments in their specialty.

• 57% of physicians ranked medical webinars/webcasts important for keeping up with the latest advancements.

In addition, the respondents listed credibility (73%) as the top factor most likely to influence their selection of resources, and medical journal articles (84%) as the most important resource for staying informed.

Reflecting on these factors and trends, we see significant opportunities to better meet the needs of industry, as well as the needs of the societies, healthcare professionals and scientists that we serve.

New commercial partners

To meet these needs, Elsevier has recently chosen to collaborate with new commercial partners, specifically to benefit our societies and their journals. More than just sales agents, these partners are key collaborators in the development of products, multimedia content, and audience engagement, and are uniquely positioned to optimize the revenues that flow back to our societies. Of particular interest to Elsevier is partners’ ability to develop new special projects that meet the needs of journal audiences in keeping up with the latest advances.

New special projects, examples of which are webinars and video roundtables, offer significant potential, but also require significant investment. The partners selected by Elsevier already deliver tried and tested solutions and are optimized to develop new offerings that incorporate the latest technologies (notably Artificial Intelligence) thereby offering long term scalability.

Speed to market is a critical consideration, given the rapid pace of change we are seeing, and the ongoing decline in traditional journal advertising. The assignment of our partners to specific journal portfolios is based on where the partners already have a strong market presence with existing clients and growth potential. I am pleased to report that we now see our partners finding new markets and new opportunities because of their expansive networks.

Audience reach and the ability to best match health care practitioners and scientists with their preferred content and media is also an important factor. The partners have access to carefully managed databases of healthcare professionals that can be targeted with authoritative content via new special projects.

While these partners will continue to maximize opportunities for more traditional journal advertising, reprints and supplements sales, their focus is rapidly moving more towards special projects that will deliver high user engagement and greater returns for industry and societies.

Example special projects

Perhaps the best known special project is the webinar, a presentation of hot topics delivered by subject matter experts to specific and invited audiences. The volume of webinars increased significantly during and since the Covid era, to the degree that there is now a wide selection available. Quality of speakers, timeliness of topics, and the degree of audience engagement are what determine a successful educational outcome. This is paramount for all stakeholders, from the webinar sponsor to the society, to the user. Working collaboratively with societies, partners ensure that their webinars excel in providing the best content to the most engaged audience.

The same is true for a variant of the webinar model, the roundtable video featuring key opinion leaders discussing topical developments in a live setting with an invited audience of healthcare practitioners and scientists.

Webinars and video roundtables offer expert one-time educational value that will invariably decline with age, as science advances with new discoveries. To meet the ongoing needs of users, partners can now offer periodically updated microsites and resource centers dedicated to specialized topics and audiences. These products curate a range of content, from short form content to video, all produced by the partners or derived from authoritative sources. In some cases, Artificial Intelligence tools are used to generate content that is then checked by experts before rapid publication in the microsite or resource center. Content can also be enhanced with news and opinion pieces, self-assessment quizzes and links to external resources, including to a society or its journal(s).

Beyond these content rich special projects, our partners also offer a suite of products and services that can be combined to create bespoke solutions to meet the needs of industry and its customers. Elements can range from targeted web and email advertising programs, through to accredited educational programs. The partners’ ability to create such solutions gives both them, and our societies, a competitive edge in the commercial marketplace.

Noting industry’s ever increasing need to justify and measure their spend and return, partners provide detailed usage, user and performance metrics that help track and quantify the success of each special project.

Special projects come with dedicated audience generation programs that are executed and tracked by the partners. These target relevant audiences in partner databases and have the potential to extend reach beyond a society’s core audience, thereby increasing awareness and usage.

While all these special projects are not journal products per se, they are proposed, sold and delivered only with the approval of society stakeholders.

With the pace of change in the market, and the ever-present headwinds, making the decision to collaborate with innovative and experienced partners ensures that we can better serve not just today’s market, but tomorrows as well.

For more information on our commercial sales organization and partners, and to discuss how we can help you to realize your commercial goals, please contact your Elsevier Publisher.