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new product launch

Attaining New Product Launch Success in the Pharma Industry

A new product launch is one of the biggest expenses incurred by pharma companies worldwide. The right product launch strategy can help ensure that the product is recognized and accepted by physicians, KOL, and patients alike. Pharma companies invest considerable time and money into drug development and clinical trials. In case a new product launch plan does not give the desired results, the burden becomes too heavy on pharmaceutical companies. While the level of clinical differentiation plays an important role in guaranteeing a drug’s success, there are many examples of successful drugs that were not considered a major clinical breakthrough during the product launch. Here are some tried and tested strategies for companies in the pharma industry to improve a new product launch.

A new product launch strategy in the pharma industry today requires greater coordination across the entire organization, including market access, patient services, medical affairs, regulatory, marketing, and sales. Request a free proposal to know how our solutions can help you ensure a successful and smooth new product launch.

New Product Launch Strategies for Pharma Companies

new product launchGo beyond clinical trial results

Today, new product launches in the pharma industry face 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 highly challenging for pharma companies to use phase III clinical trial data alone to differentiate their drug in front of physicians, health insurers, and regulators. Companies can ensure success in the case of a new product launch only if they are adept in communicating both the clinical and non-clinical benefits of a new product to physicians and decision-makers.

Focus on timing

Timing is critical to the success of any new product launch. Pharma companies need to plan and be prepared months ahead of the actual new product launch date. As the launch date gets closer, companies can initiate discussions on social media platforms and forums on the disease that is being targeted. Even after the new product launch, provide actionable content using those exact same channels. Provide scientifically accurate information on how your new product aids in combating the targeted disease and enhancing patient outcomes.

Pharma companies that repeatedly outperform expectations for a new product launch develops new sources of differentiation, focus on building superior customer experiences, and treat drug launches as a micro-battle. Get in touch with our experts to know how our solutions can help you get there.

Build customer advocacy

Physicians generally tend to consider a much wider set of clinical data before prescribing a drug. This includes clinical protocols, drug pricing, and the type of patient to whom the drug should be prescribed, and the treatment regimen involved. According to pharma industry experts at Infiniti, brand preference of most physicians are attributed to customer experience factors beyond the product.This includes factors such as how well pharma companies support physicians by providing answers to medical questions, identifying patients, and connecting physicians with peers.

Learn more about Infiniti’s solutions for companies in the pharma industry

New product launch

Infiniti’s 5 Step Guide to a Successful New Product Launch

Whether you’re launching a new product or a service, it isn’t easy as it used to be. With a multitude of products being introduced in the market each passing day, businesses today are under the pressure to effectively build buzz for their offerings, reach their target audiences, and achieve their sales target.

Also, with more than 70% of product launches failing in the market, businesses are under the pressure to overcome the challenges coming their way and plot a clear path for success. In this context, savvy companies have realized that an efficient product launch strategy is a pre-requisite for today’s businesses. In this article, our experts have unveiled 5 steps to a successful product launch in market.

New Product Launch: Key Steps to Follow

 NEW PRODUCT LAUNCH

Are you struggling with launching new products? If yes, our experts can help you efficiently devise launch strategies and campaigns. Request a free proposal!

1: Identify gaps in the market

Before launching products in today’s competitive marketplace, businesses need to evaluate how well it will stack up against the competition. Also, it becomes imperative for companies to conduct qualitative and quantitative market research and monitor the sales potential of similar offerings in the market to efficiently evaluate the market potential for their new products.

Small and medium enterprises can conduct customer surveys to collect and analyze market data. However, conducting customer surveys cannot completely help companies gather complete market insights and identify gaps in offerings. This requires the support of the right intelligence partner.

2: Price products competitively

Once the gaps in the market are identified, the next step to a successful launch involves efficiently pricing the product. There are several factors to consider while setting the price for a new product. The factors include manufacturing cost, overhead expenses, raw material prices, and workforce investment. Also, product pricing strategies differ from one product to the other. Hence, businesses must choose the right pricing strategy to achieve maximum profit margins. Here are some of the major pricing strategies you can consider during a new product launch.

  • Penetration pricing strategy
  • Economy pricing
  • Price skimming
  • Promotional pricing
  • Value pricing

3: Target the right audience

According to our market research experts, “Major brands run out of money as they waste time, resource, and effort on targeting the wrong audience.” Therefore, the third step to a successful product launch strategy is to identify the ideal customer group. Understanding lucrative customer segments can help businesses better position a new product in the market and differentiate their offerings to meet customers’ needs and demands.

So, are you wondering how to efficiently focus on lucrative customer segments and save millions of dollars in the marketing budget? Our customer segmentation analysis can help you tackle this challenge. Contact us today!

4: Devise a product marketing plan

The next step is to devise effective campaigns to promote your offerings. However, this step requires identifying channels and tactics to promote products, constantly measuring the marketing results, and making changes in marketing initiatives when required. Also, constantly reviewing competitors’ strategies and marketing plans can support businesses in devising efficient campaigns.

5: Constantly review the result

The final step is to measure the results obtained and review the success rate after the product launch. This step is very crucial as businesses need to make changes in marketing strategies and plans by constantly by monitoring competitors’ strategies and actions.

Looking to learn more about a new product launch strategy? Request for more info now!

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