Pharma Product Launch Strategy
With the European pharmaceutical market becoming more reliant on new products to fill the gap left by the patent cliff, ensuring successful product launch is becoming vital for pharma companies. However, the real challenge lies in creating new drugs that meet payer standards and differentiating themselves from the crowded marketplace on areas such as safety, efficacy, and pricing. This necessitates pharmaceutical companies to adopt strategic planning and tactical implementation process for new product launches. Having a sound pharma product launch strategy helps pharmaceutical companies to better plan their new drug launches and achieve huge success in the market.
The client is a pharma company based out of Central Europe.
The client, a European pharma company wanted to launch a new product in the market. With nearly 70% of new drugs failing to deliver the expected outcome, the client did not want to take a chance for their new injectable cholesterol drug launch. Also, they noted that their competitors were planning to launch a similar drug in the market. Therefore, they realized the need to thoroughly understand the current market condition and key value drivers to set optimal launch prices. As such, they approached the experts at Infiniti Research to leverage their expertise in offering pharma product launch strategy. By leveraging Infiniti’s pharma product launch strategy, they wanted to execute a successful go-to-market strategy.
Other challenges the client wanted to tackle by leveraging our pharma product launch strategy were:
Tackle compliance risks – The highly diverse regulatory landscape in Europe increased compliance risk for the company. Also, the client noted that mid-sized companies like them opted to out-license their drug to larger pharmaceutical firms. Therefore, by leveraging Infiniti’s pharma product launch strategy, they wanted to identify the right business partner to support them in the new product launch plan.
Rising supply chain complexities – To successfully reach their target customers, the client realized the need to develop capabilities for local distribution and commercial sales. However, the pharma supply chain process was becoming more complex with rising taxes and distribution regulations. By leveraging the pharma product launch strategy, the client wanted to understand how their competitors tackled the supply chain challenges. Also, with our pharma product launch strategy, they wanted to analyze in detail the prevailing and potential risks impacting their supply chain operations.
Meeting manufacturing quality requirement – As undergoing medical testing and following cPMG (Current Good Manufacturing Practice) regulations was mandatory for a successful pharma product launch, the client wanted to keep pace with evolving cPMG regulations. Additionally, by leveraging our pharma product launch strategy, they wanted to understand all the processes to be followed during a new product launch to meet manufacturing quality requirements.
To help the client in devising a sound product launch strategy, our experts followed a three-phased approach. The initial phase of the pharma product launch engagement involved conducting a risk analysis study. The factors such as risks related to new drug R&D, adverse drug reactions, supply chain, and product liability were taken into consideration during the analysis.
In the next phase of the pharma product launch engagement, our experts conducted a price analysis study. In this phase of the pharma product launch engagement, our experts helped the client to analyze the prices of similar products in the market. In addition, our experts helped the client to understand how well their new injectable cholesterol drug will compete in the market compared to their competitors, in terms of the product price and capability.
As a part of the pharma product launch engagement, our experts also conducted comprehensive market research. The factors such as evolving regulatory policies and drug testing process in the European pharma industry were analyzed. This phase of the pharma product launch engagement helped the client to keep pace with evolving cPMG regulations and clinical trial processes.
Furthermore, by leveraging Infiniti’s expertise in offering marketing strategy engagement, the experts helped the client to understand the sales and marketing strategies gaining popularity in the market. Also, they helped the client to revamp their traditional marketing models.
With the insights obtained from our engagement, the client was able to devise a sound pharmaceutical product launch strategy. Also, they were able to adopt risk management approaches by understanding the current and potential risks in the market.
Our pharma product launch strategy further helped the client to clear the pre-clinical testing for their new injectable cholesterol drug in the first attempt. Our solutions even helped the client to successfully devise a marketing and sales plan for promoting their new drug. In addition, we helped the client to identify the right partners to out-license their drug.
The client’s newly launched drug was able to generate sales of over €1.2 million in its first twelve months in the market.