Difference Between Physical vs Virtual Pharmaceutical Industry Event

In the immediate aftermath of the COVID-19 pandemic, lockdown measures, and travel restrictions; more industry conferences, and trade shows are being cancelled or postponed. This pharmaceutical technology event allows pharma companies to showcase their product or services, share main findings from clinical trials, deliberate best practices, and find quick solutions for quick distance patients. It is the right time for pharma companies to harness the power of virtual events platform and take their networking events online. Let’s predict the difference between physical vs virtual pharmaceutical industry events here.

1) Optimize Virtual Pharmaceutical Industry Event – The Real Game Changer in Event Industry 

Before the COVID-19 pandemic, pharma events were predominantly conducted as face-to-face phenomena. Now, pharma rethinks its digital strategy and adage the genuine shifts to virtual channels. You should optimize the right format of events to improve upon future events and it will be done in several ways. 

• Be clear on who your audience is and optimize how they want to participate. 
• Choose excellent speakers to enhance your event experience. 
• Make use of all the emerging technology for communication, to minimize compliance risk. 

Apart from all those success measures, stack up the physical vs virtual event’s pros and cons so you can make up your mind about the events for the remainder of 2022, and beyond. 

Let’s point out the difference between physical vs virtual pharmaceutical industry events with some notes to share from three viewpoints. 

2) Advantages & Dis-Advantages of Physical Vs Virtual Pharmaceutical Industry Event 

2.1) Advantages of Virtual Events 

2.1.1) Affordable To Use

Arranging a virtual conference will save companies up to 40% of the expenses of a business in-person meeting. For instance, arranging a video conference is far less affluent than booking an event place and renting a meeting room. Virtual meetings can save companies thousands in other expenses like travel, food, beverage, insurance, marketing material, exhibitor’s accommodation, and more. 

For the vast majority of people, the costs associated with organizing a traditional conference are much higher than the costs associated with hosting a virtual event. Learn about the virtual events platforms pricing strategies & how to drive that extra revenue for your business. 

2.1.2) Saves Time

A virtual event saves time, as it is quicker than a face-to-face conference which would usually take place over several days. By eliminating pauses for breaks and other events, the organizers of an online event can keep going. 

With the rise of technology, new ways of communicating and collaborating will make for an efficient and productive way of doing business. 

Another advantage of using a virtual event is, saving time by reducing total clocking hours. When using a virtual event, only work hours are logged during the event, and not before or after. It ensures maximum energy and morale among participants for the conference. 

2.1.3) Improves Logistics

Online conferences are way faster to set up than offline conferences. In an online conference, virtual participants can be invited almost immediately, while physical events might require days of planning and preparation.

In addition, there are many more things that can go wrong during a virtual meeting than in a real conference. For instance, a bad internet connection could take the meeting offline. 

2.1.4) Efficient Marketing

Virtual meetings are great for creating contact with potential clients, as they are one click away from your product or services. Meeting in person can be difficult as people have time and energy limits. An online meeting is more direct and sends a clear message. Potential clients have greater time and energy than an in-person event. 

There are more KPIs to promote your virtual events however, using this method you will only need to invest in a digital platform for marketing. Instead, for in-person events, the marketing needs are high as they need to spend a lot on brochures, flyers, give away, and so on. 

2.1.5) Wider Outreach & Networking

A virtual conference is a perfect platform to reach audiences of any number across the globe. Unlike a traditional business fair, no space is needed. Social media sharing and another website would be sufficient to let the audience watch the virtual event. More people can even participate and interact with the virtual conference which would further raise its relevance. 

2.2) Dis-Advantages of Virtual Event 

2.2.1) Lack of Human Contact

The social interaction that takes place in a video conference lacks personal connection. If we can’t see each other with our faces, why should we talk to each other on the phone? A video conference without human contact is no substitute for a face-to-face meeting. The difference between this and the first video conference is that the former is more like a social experience where people are less concerned about their presence 

2.2.2) Interactivity Get Less

A virtual conference is great for the atmosphere, but it doesn’t have the same emotional connection as a traditional conference where real people get together for planning purposes. A virtual conference saves money, but it also takes away the human connection to boost enthusiasm. 

2.2.3) Less Effective Sponsorship

When selling virtual products to an online audience, some companies are worried the lack of human interaction will affect their brands and image. Regardless of the absence of human interaction, the delivery of the message will be the same. Still, you can use the best virtual event platform which manages your virtual event sponsors and display their banners/logos in the 3D immersive platform to promote among attendees. 

2.2.4) Limits Technology Illiterates

Some potential buyers of software might not be familiar with technology and may not have the skills or resources necessary to use technology. 

2.3) Advantages of In-Person Events 

2.3.1) People Have More Fun

Generally, people tend to have more fun in person rather than online. People used to play pub quizzes in person and were much more fun. The first few days of lockdown 1.0 were a blast for pub quizzers, especially with lockdown restrictions not being enforced on people yet. 

It doesn’t matter how many glasses of prosecco people have, as long as it is enough to make the attendees looser-lipped when mingling and networking. And the positive attitude about the event leads to more deals being opened and closed during the event. 

2.3.2) Gets Personal Touch

Now that most people conduct much of their daily lives via a webcam, talking in person is more effective than talking through a webcam or some sort of instant messenger system. However, meeting someone and discussing your recent interests can lead to a successful working relationship.  

In today’s online world though, there are very few ways that will allow you the chance to meet someone interested in your interests, except events. For the time being, until something cool happens to the online world, the only way to start a relationship like that is through in-person events. 

2.4) Dis-Advantages of In-Person Events 

2.4.1) Very Expensive

As you might know or perhaps assumed, renting an entire event space, booking keynote speakers, providing catering, and doing all of this, in one place at one time, is a logistical challenge. The problem is that it’s expensive. 

While the number of people attending concerts could be increasing, the rate of people that physically attend these events could be decreasing. A study in 2019 found that fewer people are attending these types of events, which may put a financial pin on many of these events. 

2.4.2) Take Away

The rise of virtual events platforms in the B2B pharma market isn’t down to the need for virtual events because of the effects of the COVID-19 pandemic. Rather, it’s due to the market’s effect on physical events 

As an exhibitor, it is evident that more and more of us will have the opportunity to engage with virtual and digital events throughout the year. As such, we see clear ROI when we engage content that can arguably be used for long-term purposes.  Who knows if we’ll see hybrid events in 2022 as direct consequences? We’ll explore that subject in a future post. 

Now you know the virtual pharmaceutical industry event, you are in a better position to take your business to new heights of success. Want to know more about hosting virtual events? Schedule a free demo and we will help us out!