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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 idea

Secrets Behind Successful Product Launches: A Weekly Round-Up of Popular Articles on New Product Launch Strategy

LONDON: Infiniti Research, a leading market research solutions provider, has announced the release of their new storyboard series on how a product launch strategy helps businesses to successfully launch a new product in the market and gain maximum traction from customers.

The market space, today, is far more competitive than it used to be a decade ago. Millions of new products are being introduced daily in the market. Unfortunately, many companies still spend millions of dollars on product development stages and ignore the most important process, i.e. the product launch. Consequently, they end up with product failures and high R&D expenses. In the wake of such developments, savvy companies have realized that a product launch strategy is inevitable for businesses if they are aiming to stay at the top of their game.

With over 15 years of experience, Infiniti Research, has helped many organizations to avoid the common pitfalls of product launches and develop a successful product launch strategy. Below, we’ve listed out some of the success stories that highlight how our product launch strategy has helped companies to gain a leading edge in today’s competitive marketplace.

Developing a product launch strategy could be challenging. With years of expertise, we at Infiniti Research have mastered the art of helping our clients with tailored solutions to suit their market needs. Request a free brochure to know more about our services portfolio.

#1: How a product launch strategy helped a pharmaceutical company to successfully launch its new oncology drug?

With almost 80% of the product launches failing to make an impression in the market, it’s not very easy for businesses to attract customers towards their new product. Are you facing similar challenges? If so, take a look at our latest success story where a pharmaceutical company encountered similar challenges and approached Infiniti. Our experts adopted a comprehensive four-phase approach to help the client develop a product launch strategy. The approach successfully helped the client to gain traction from target customers and ensured their product’s commercial success. Want to know more, here is the complete story.

Infiniti’s New Product Launch Strategy Helped a Pharmaceutical Company to Successfully Launch their New Oncology Drug in a Highly Competitive Market

#2: Infiniti’s product launch strategy helped a CPG company to successfully develop new products targeting millennial customers

With the millennial group becoming the generation with more buying power in the European market, it’s becoming more important than ever for marketers to understand what makes millennials willing to open up their digital wallets. Also, to tap the enormous purchasing power of millennials, companies needs to shift their product development techniques and match the preferences of these young consumers. Don’t you agree? If so, find out how a CPG company based out of Europe leveraged Infiniti’s expertise to conceptualize, produce, and release a series of products for millennial consumers. Furthermore, Infiniti’s solution helped them to strengthen their reputation as a resilient and modern food company. Read the complete story here.

New Product Development Strategy: How we Helped a Leading CPG Company to Develop New Products for Connecting with Millennial Consumers

#3: Planning a product launch? Have a look at the challenges in marketing a new product and ways to overcome them

Launching a new product in a competitive market is extremely challenging since in most cases one in five products survive for more than a year in the market. As a result, businesses often face massive losses. As the cost of introducing a new product in the market is high, it becomes vital for companies to develop capabilities that will help them in successfully marketing a new product. This latest article from Infiniti Research reveals some of the common challenges faced by companies while marketing a new product in the market and also explains the ways to tackle them. Read the article below to gain more insights on Infiniti’s product launch strategy.

Challenges in Marketing a New Product and Ways to Overcome Them

#4: New product launch strategy for a tech giant

Given the multitude of new products available in the market, it becomes extremely difficult for companies to set themselves apart from the global competition. Do you agree? Well, the case becomes extremely challenging when it’s a tech product. This was a similar case with a multinational tech giant. The company developed a new product line completely focussed on home automation. But, unfortunately, with several competitors out there in the market, the company encountered a tough competition. The company, therefore, approached Infiniti to develop a product launch strategy to reinforce their image as a purveyor of high-quality home automation systems. With Infiniti’s expertise, they were able to generate much-needed attention by attracting customers and generating huge profits for the company. Interested to know the approach undertaken by our experts to help the client? Well, read this complete success story here.

Developing a New Product Launch Strategy for a Tech Giant – A Case Study by Infiniti Research

#5: How to roll out a successful biopharmaceutical product launch plan?

Rising regulatory issues, growing stakeholder expectations, numerous market-access hurdles, and stiff competition are some of the critical hindrances coming in the way of biopharma companies. Are you running a biopharmaceutical business? If yes, these challenges must be common for you. So, in between all these challenges, how are you planning to roll out a successful product launch plan? Well, biopharmaceutical companies should study innovative pricing strategies during product development and make pricing a core pillar of the product’s profile. Are you interested to know the other points to focus upon for a successful product launch? This article from Infiniti Research will give you more insights.

How to Rollout a Successful Biopharmaceutical Product Launch Plan

Choosing the right product launch strategy is a highly critical task. Are you equipped to meet the challenges coming your way? If you are not sure, request a proposal to know how Infiniti’s product launch strategy solution can help your business to be prepared.

#6: Find out how competitive intelligence helps in product launches

Competitive intelligence supports all stages of a new product launch. Are you wondering how? Well, this is clearly evident in the success story from Infiniti Research. This success story highlights how competitive intelligence supported a retail industry player address robust issues pertaining to the pricing and marketing of various products. Also, find out how competitive intelligence helped them to embrace new sales channels, improve marketing efforts, and enhance product assortment. Read the full story here.

Competitive Intelligence Engagement Helps a Retail Client Deal with Product Launch in 10+ Countries

#7: A chemical sensors provider achieved market share in the South American market

Developing a robust product launch strategy to target specific customer segments is essential if you are trying to establish your business in any specific region. A chemical sensors provider was finding it difficult to segregate the customers in terms of need-based and value-based segments in the South American market. Infiniti’s solution helped the client to discover the value of each segment to tailor their marketing efforts. Furthermore, these solutions helped them maximize cross and up-selling opportunities. As a result, the client successfully launched a new product and realized a significant improvement in their customer retention rate. Get more insights here.

Market Entry Advisory Helps a Leading Chemical Sensors Provider Launch Their Products in the South American Market

#8: Understanding the basics of a product development strategy

For a product launch success, it’s important for companies to produce the best quality products. An effective product development strategy proves to be helpful in winning businesses from the competitors who are unable to meet the new performance levels of the company. Making quality improvements as a part of the company’s product development strategy also make it easier for companies to enter the markets with stringent quality and regulatory requirements. This latest article from Infiniti Research will help you gain more insights about product development strategy. Read the complete article here.

The Basics of a Product Development Strategy

CONTACT US to know more about our product launch strategy engagement.

new product launch strategy

Infiniti’s New Product Launch Strategy Helped a Pharmaceutical Company to Successfully Launch their New Oncology Drug in a Highly Competitive Market

Business Challenge 

Pharmaceutical companies have long relied on successfully launching new drugs to drive growth. Recent studies show that about two-thirds of the new product launches don’t meet sales expectations. And at the same time, product launches are becoming extremely competitive. Given this changing landscape, pharmaceutical companies have been struggling to make the most of new product launches. Hence, the companies are looking to leverage new product launch strategy.

A multinational pharmaceutical company was about to launch two new high-profile oncology drugs. The client’s previous product launch failed since they were targeting the wrong market, chose the wrong timeframe, and incorrect pricing. This failure proved to be costly for the company. To overcome the odds, the client approached Infiniti Research to help launch their new drugs in the market. With Infiniti’s new product launch strategy, the client wanted to prevent catastrophes and plot a clear path for profits.

Request a FREE brochure to learn more about our new product launch strategy and uncover tips for successful product launches in the pharma industry.

Solutions Offered and Value Delivered 

Our experts adopted a comprehensive four-phase approach to help the client tackle various industry challenges. The phases involved determining market potential, securing approvals, developing product lifecycle stages, and product tracking.

The new product launch strategy helped the client understand the current competition in the market and anticipate future competitors. The new product launch strategy further helped the client to understand how well their new oncology drug will stack up against other players in the market. Also, with the aid of Infiniti’s new product launch strategy, the client was able to draw the best sales returns. Additionally, by examining the reasons behind the failure of their previous drug launch, the experts at Infiniti Research helped the client take advantage of credible metrics for product success.

Infiniti’s new product launch strategy helped the client launch their new oncology drugs successfully, ensuring its commercial success. The newly launched drugs significantly exceeded their revenue expectations. Also, with the aid of Infiniti’s new product launch strategy, the client was able to achieve a 20% increase in sales volume.

Learn how our new product launch strategy solutions can help you succeed. Request a FREE proposal.

How to Launch a New Product?

Launching a new product or service isn’t as easy as it used to be. The market is oversaturated with products, promises, and innovations. Hence, having a creative approach to creating attention around product launches is, therefore, a key component of successful marketing campaigns. With such a slim chance of success, a well-organized new product launch strategy could make the difference between success and failure in the market.

Businesses often make the mistake of presenting new products to consumers without adequate research or strategic planning. Today’s savvy consumers demand products that satisfy them on many levels including quality, price, status, and function. Hence, with a new product launch strategy, businesses can better make business decisions and market their products.

CONTACT US to learn more about our services and their importance for your business.

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