Developing a Go to Market Strategy for the Launch of New Second Line Drugs – A Success Story by Infiniti Research
Key Components of a Go to Market Strategy A go to market strategy defines how an organization can connect its product or service offerings with its end-users. Understanding the problems faced by the customers and how your offerings can help them solve their challenges are the most critical aspects of a go to market strategy […]READ MORE >>
Key Components of a Go to Market Strategy
A go to market strategy defines how an organization can connect its product or service offerings with its end-users. Understanding the problems faced by the customers and how your offerings can help them solve their challenges are the most critical aspects of a go to market strategy framework. This means every business needs a predictable process that will help them yield quick, actionable results time and again. A well-planned go to market strategy will help you do just that by providing an action plan to successfully launch your products/services in an impactful way. However, a successful go to market strategy should address the following six components:
- Market definition
- Value proposition
- Business goals
- Pricing strategies
- Distributions channels
- Marketing objectives
The client- is a leading American specialty pharmacy chain.
The client – a leading American specialty pharmacy chain was looking at exploiting new growth opportunities within the US pharma sector. The growing competition along with the specialty pharmacy chain’s un-organized marketing initiatives posed several challenges that curtailed their business growth.
Though the specialty pharma chain’s core management team was successful in identifying the key growth and business expansion opportunities, the lack of alignment between their commercial functions and marketing strategies wreaked havoc to the overall market success. This prompted them to focus on the development of a go to market strategy template to effectively launch their new second-line drugs in order to enhance market penetration, revenue, and profitability.
The market intelligence experts at Infiniti Research worked with the specialty pharmacy client to develop and pilot a go to market strategy template for assessing their internal alignments prior to scaling and institutionalizing the go to market strategy framework. Six potential alternatives to their current go to market strategy was identified to address the challenges faced by the specialty pharmacy.
However, for each potential alternative, we assessed the benefits and the potential outcomes that could affect their overall business value. After careful evaluation of each of these scenarios, an optimal go to market strategy template was developed to balance the near-term threats with their long-term business plans to ensure ongoing success.
The devised go to market strategy framework helped them launch their second line drugs successfully, ensuring its commercial success without affecting the performance of its current product line. The American specialty pharmacy group closely followed the blueprint developed for both their current and new marketing initiatives. As a result, the go to market strategy framework was considered a success by all measures.
Also, the newly launched second-line drugs significantly exceeded their revenue expectations. However, it’s essential to note that this was not at the expense of their existing drug line, which suffered very little in the way of consumer fall-out due to the launch of the new second line drugs.
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