In the first year of a new drug launch, studies have shown that two-thirds fail sales expectations. Of those products that do manage to make their first-year target, only 65% will continue market growth in their second year. It is for these reasons, an effective pharmaceutical launch plan is essential to the success of a drug launch.
To increase percentages on successful launches requires better quality strategies. Pharma launch plan’s will need to be cutting edge, produce an original value proposition and possess teams prepared to deal with any potential problems.
Some of the main obstacles to overcome are:
● The commercialisation of new drugs
● Precisely estimating the size of the market
● Targeting prescribers
● The hiring of a successful sales team
● Organization of marketing strategies
The Commercialisation of New Drugs
Despite how innovative and compelling the science is behind your drug, it can still crash and burn at a pharmaceutical product launch. A huge amount of emphasis must be placed on your commercialisation strategy, as it will be paramount to bringing your drug onto the market.
In addition to determining your patient population or market size, you also need to consider
● Price to value ratio
● Additional indications or off-label uses
● Access related factors
● Market share
● Payer models
● Formulating a plan that knits together all of these factors will increase your chances of success in the commercial market.
Potential problems should be addressed in your plan. Working with specialist companies in “to market” commercialisation will benefit you in many ways. Predominantly with strategic decision-making and risk aversion, and shaping your product and brand level strategy.
Determining The Size of Your Market and Understanding Population
If you want to measure your success accurately, you must know your audience size. To determine your real and potential target markets, the patient population is key. This is important not only from the viewpoint of a regulatory and payer but also from a clinical and commercial aspect.
Having a clear understanding of your patient population assists in guiding your decision making in regards to risk trade-off. You can also gain invaluable insight into the accurate value proposition and in-scenario planning.
All of this information will allow you to move forward in determining your most effective price point for your product.
Targeting Prescribers- Get Profiles
Prescribing habits are forever changing. This creates challenges that can only be met by companies that collect large data. Partnering with these companies helps you to compile precise prescriber profiles, important to prescriber targeting.
Once your profiles are collated, manufacturers can identify doctors that prescribe specific drugs or drug categories within specific cities, counties, states or countries.
It is important that your data include information on integrated delivery networks (IDNs), which now own over 60% of physician groups and practices. As a result, IDN’s are now setting the standard for treatment protocols so it is vital to focus on them instead of just individual prescribers.
It is evident that these profiles are now dictating the way in which your launch strategy should take into consideration how pharma companies now approach physicians. In turn, profiles will help you to recognize prescribing trends for a more successful pharma product launch.
The Hiring of a Successful Sales Team
A modern, high-end pharma rep knows that improved technology and digital skillsets need to be addressed with an ever-growing network of prescribers. They know that the data being delivered is fast and precise improving the overall patient experience. Naturally, you will want to find and hire the best of the best reps available.
New companies can use three main resources to find great talent:
1. Work with a firm that offers PR services
Try to work with a firm that is offering PR services that can create a press release to attract top reps. They can advise you of the right timing and professionally announce a sales team opening. This is a strategic way to get noticed by highly motivated sales reps through their newsfeed than through job listings.
2. Recruit highly experienced C-suite executives and sales directors
Highly qualified and experienced professionals like these will be well connected and use their network to recruit a team that will lead them to success. This is a strategic way, saving you energy and time, to build a great sales team.
One other consideration when recruiting the best sales reps is to guarantee they will receive the support they need to succeed in the job. This means putting
Another key to recruiting top sales reps is committing to provide them with the support they need for success. Make sure you are providing your team with the best possible technology, data and analytics solutions available.
Organization of Marketing Strategies
Due to the modern shift towards digital marketing trends, the target-market approaches are benefiting small and large pharma. The problems of the past are almost behind you, with incremental innovation, copycat drugs and top-selling tablets no longer able to benefit in the new pharma climate. The pressure is on to prove your brand can add value and improve patient experience and quality of life.
Pharmaceutical consumers need to be given the right information and decide for themselves if your drug is the right one for them, and if they are prepared to pay a premium price for the benefits. Consumers want social proof and will do their own online research, looking to their peers and the wider community. Digital marketing through social media and similar channels is now vital to your marketing strategies.
Planning your successful pharma product launch goes beyond meeting quality standards, regulatory compliance and the usual benchmarks. Your launch is the vehicle in which your brand and product will be reaching your target market with a clear value proposition.
In the current pharmaceutical market environment, companies must offer clear and concise data-driven insight for both physicians and consumers alike. Forming relationships with businesses that can offer you fast, accurate and current data will play a huge role in the success of your product launch.
If you want to be ahead of the competition, the benefits of working with advanced pharma software companies will be ongoing for your organization. Mastering the use of data will serve you in future launches, assist in your continued marketing strategies and have a positive impact on sales.
If you’d like to learn more about how SmartWorks can help you develop a new and successful launch strategy, click below to speak with one of our experts for free today.
Competition has intensified in the pharmaceutical industry. New drugs are never alone for long with competitor products popping up five to eight years later after launch. Using phase III clinical trial data to set apart your product to health insurers, regulators and physicians have become increasingly difficult. You must market clinical and non-clinical benefits if you want a successful pharma product launch.
New product launches in the pharma industry are facing unprecedented intensity in terms of competition. The average window of time in which a drug remains in the market before competitor products arrive has dropped down from approximately eight years to less than five years. This onslaught of new drugs makes it extremely challenging for pharma companies to use phase III clinical trial data alone to differentiate their drug to physicians, health insurers, and regulators. Success can be ensured only if they are adept in communicating both the clinical and non-clinical benefits of a new product to physicians and decision-makers.