Specialty pharma companies face several challenges in today’s increasingly complex and constrained business environment. The rise in drug R&D, increase in competitive forces, and shortening times to peak sales have further necessitated a robust, localized drug launch plan. Hence, an effective drug launch plan and execution strategy are considered critical drivers of brand success mainly because many factors contributing to a decline in sales can be mitigated through a robust drug launch planning and execution approach.
With a growing number of therapies targeting smaller patient cohorts with complex needs, developing and executing a winning localized drug launch strategy has become a business imperative for specialty pharma companies. Market experts at Infiniti Research examined actual and forecast sales for CNS drugs manufacturers in Europe for a five-year period and found a sharp deviation in launch performance. More than thirty-five percent of all newly launched drugs fail to meet market expectations in their first year. At the same time, a considerable percentage far exceeded expectations with several reasons behind their success, the most important – a robust, effective localization drug launch plan.
Looking to analyze specific market segments and gauge drug launch success? Get in touch with our market experts to find out what you must do to gain an edge in today’s highly competitive pharma market.
Why drug launches miss market expectations
Even though specialty pharma companies cannot control every factor impacting a drug launch, many factors contributing to missing market and patient expectations can be mitigated with thorough planning and disciplined execution.
The preliminary research conducted by our market research team revealed a few common reasons behind the challenges faced by the specialty pharma company-
- Lack of regional market insights and limited market access
- Challenges associated with converting prescribers and patients from existing therapies
- Inability to track and monitor market needs on an ongoing basis
- Lack of a compelling value proposition and a well-defined drug launch plan
We can help you articulate customer value proposition and analyze points of differentiation across customer types and market segments to develop a robust drug launch plan. Request a free proposal for more information on how we can help you.
About the client
The client is a specialty pharma company with a diverse portfolio of specialty and generic drugs targeting a broad spectrum of chronic and acute treatments. The company wanted to develop a localized launch plan and execution strategy for its new central nervous system (CNS) depressants drug portfolio.
With less than ten months to launch the new drug, the client wanted to determine the local marketing mix and go-to-market approach to enhance drug launch success. Since the client did not have access to relevant market data, they lacked the regional market understanding needed to determine the go-to-market approach for the new product.
Pharma market research experts at Infiniti Research helped the client gain access to market data by conducting in-depth research to analyze market behaviors and key influencers in different target regions and determine the best marketing and sales approaches. The pilot project comprised of three phases- drug launch plan development, strategy development, and execution. The engagement also focused on prioritizing tactics, analyzing quality standards and timelines required for the drug launch, and creating a collaborative process between regional and local teams.
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Our holistic approach revolved around conducting in-depth business environment analysis with a core focus on target market segments. The research helped uncover specific healthcare requirements, region-specific behaviors, delivery models, payer influence, demographics, and patient needs. All of which were crucial aspects for the strategy development and execution phase. We also delivered a detailed local launch preparation roadmap to achieve the brand’s short-term strategic objectives and long-term goals. The solutions offered also included personalized strategies and solution recommendations.
Personalized strategies and recommendations to improve localized drug launches in the specialty pharma industry
Given the rise in competition and high costs associated with drug development, the success of a drug launch has never been more critical. Based on an in-depth analysis of the challenges faced by the client, our experts offered personalized solutions and recommendations, which included the following-
Strategic planning process: As a first step, it’s essential to identify new opportunities in specialized therapy areas to gain a competitive edge and become a market-leading brand. To do so, it’s essential to break organizational silos, gain clarity on the current market needs, and build plans to meet the strategic objectives.
Innovative research methodologies and approaches to market intelligence: Accurate market sizing & segmentation is crucial for any business looking to enhance its launch success in a new target segment. Seeking early inputs, analyzing viewpoints of payers, and leveraging market intelligence must form the crux of developing a robust plan.
Drug portfolio analysis: Developing a well-thought-out strategy to define the probability of each drug launch and market access success is essential. It involves revisiting incentives to minimize tension between regional operations and enterprise goals.
Launch strategy execution: Given the complexities impacting the business environment, establishing a cross-functional approach to launch execution to balance reliability and flexibility is imperative.
The client was well-positioned to develop a drug launch plan for the new CNS drug with clearly defined objectives and access to detailed market insights. The research reports and in-depth market insights enabled the client to enhance their marketing strategies and devise a robust go-to-market approach backed with a robust drug launch plan.
The development of localized commercial strategies was a vital aspect of the engagement as it helped realign the portfolio to ensure they cater to local and region-specific patient needs. As a result, the client witnessed huge improvements, which accelerated the impact of the drug launch plan and related activities across markets, eventually increasing the success rate of the drug.
In our view, most of the challenges faced by specialty pharma companies with respect to developing a drug launch plan can be mitigated with careful planning, innovative approaches to market intelligence, and systematic strategy execution. Infiniti Research’s market intelligence experts help cross-functional teams across industries leverage market insights and make critical decisions to accelerate product launches and improve market success. Our solutions help analyze the healthcare payer and provider ecosystems, realign portfolios, improve market access decision-making, and align brand characteristics with market realities. Before making any decision that may impact your business outcomes, it is essential to consult a market expert who can guide and provide personalized recommendations and market insights to tackle the unique challenges facing your business- Request a free brochure to get started.