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pharma competitive intelligence

Developing an Optimal Launch Strategy for a New Injectable Cholesterol Drug – Pharma Product Launch Engagement

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.

For a successful pharma product launch in Europe, businesses must have a thorough knowledge of the market and its regulatory policies. Our product launch strategy engagement can help you achieve these objectives. Request a FREE proposal today!

Business Challenge

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.

New drug launches face intense competition today than they faced a decade ago. So, its high time for businesses to leverage pharma product launch strategy to tackle the challenges in the pre-launch and post-launch phase. Contact us to leverage our pharma product launch engagement.

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.

Request for more information to know in-detail the approaches undertaken by our experts to help businesses successfully launch a new product in the market.

Solutions Offered

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.

Results Obtained

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.

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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

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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.

autonomous vehicles market

Finding the Right Mix for a Product Marketing Strategy

What is a product marketing strategy?

Launching a new product into the market can prove to be a big fiasco in the absence of an appropriate product marketing strategy. It involves a series of efforts that are undertaken to get the products into consumers’ hands. The product marketing plan generally begins with a concept or idea and then moves into different stages of development including pricing, testing, and creating a sales plan. Every department in an organization must be a part of developing the product marketing strategy as each team is capable of providing inputs/suggestion that may be overlooked by the other.

Why is product marketing important?

Today’s dynamic market demands modern organizations to have a team that is dedicated to solely keeping a close watch and understanding the market and buyer needs. This knowledge can then be leveraged by companies to execute strong sales and marketing strategies. Product marketing strategy helps to understand the needs and behavior of buyers in a particular market in relation to the company’s offerings. On a more tactical level, a product marketing plan is tasked to work with internal teams to ensure readiness and thereby conduct successful product launches.

Key elements of a product marketing strategy

A successful product marketing strategy involves six key elements, this includes –

Product

Developing a strong product is one of the most vital and first steps involved in building a product marketing strategy. It is essential for organizations to ensure that the target customers are kept in mind while developing a product and it aligns with their needs. Customers expect to meet some need or solve a problem when they purchase a particular product. Understand what these needs/problems are and identify if the company’s product has the ability to meet their needs. Down the road, finding answers to these will also help determine the right communication strategy for promotion activities. Each product feature should be aimed at solving a common business challenge.

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Developing a product marketing 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!

Audience

Products are developed based on customer preferences and needs. Similarly, while developing a product marketing strategy, the organization must make efforts to understand their audience better. Information must be gathered about the audience including- age, gender, education, and marital status.  This can be done through direct interviews with the customers or by setting up a phone call to learn more about them. This helps companies to form a narrative and create buyer personas. Companies can use this data to market to one buyer persona at a time rather than sending out common messages to the mass audience.

Communication

One of the most essential steps in a product marketing strategy is to communicate with the audience. Customer intelligence experts from Infiniti Research suggests that a good majority of customers feel emotionally connected to a brand when they stay connected to the brand in the form of messaging. An important point to bear in mind here is that the product messaging should be in the form of a narrative as they are relatable and resonate with the audience. The product’s unique selling proposition and the value offered to the users can be used as a key tool to craft an effective story.

Team work

Product marketing strategy cannot be formulated single-handedly formulated by a single person or team in the company. It requires collective efforts of the entire organization. However, bringing multiple teams on the same page is a challenging task. Teams across the organization should be educated and informed about their role in the product marketing strategy. Having a product roadmap can prove to be highly beneficial here. This helps to align all the teams and internal stakeholders in the company by providing them a summary of the product marketing strategy and guiding them in each step of the process.

Promotion

Selling a new product isn’t easy. Strategic promotion is the right way to get customers to buy a new product. The company’s promotion plan must be aimed at getting the message out to the right audience at the right time. Furthermore, it is also critical to choose the right channels of communication. Analyze and identify the platforms on which the company’s target audience spend the maximum time. The product marketing strategy should ensure that the products are promoted through channels that make the most sense for the brand and audience.

Choosing the right product marketing 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 solution can help your business to be prepared!

 

Track results

The last step in the product marketing process and one of the most critical aspects of a product marketing strategy is to analyze and track the results. Once the product marketing strategy is implemented and the product has hit the retail shelves, the next step is to understand how successful the product is in the market. The metrics to track here include website form submissions, email clicks, reach, and conversions. The gaps in meeting customer demands can be identified in this stage and necessary changes can be made by the brand in the nick of time.

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Corporate banking

The Basics of a Product Development Strategy

What is a product development strategy?

The market today is far more competitive than it used to be probably a decade ago. Single product designs are becoming obsolete, causing revenues to falter. Savvy companies have realized that product evolution and modification are inevitable to stay at the top of the game in the industry. An effective product development strategy is essential for this. Let us first understand what it is.

Product development strategy definition

A product development strategy can be defined as a strategy that involves developing new products or making modification to existing products and then offering them to current or new markets. A product development plan or a product launch strategy is employed when there is no scope for growth in the current market with the company’s existing offerings. Here, the companies have three choices to make- create an updated version of the current product, introduce a new product, or cease the production of an existing non-performing product.

Planning a product development strategy?

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Benefits of product development strategy

Product development strategy acts as a framework for introducing new products or for improving the performance, cost and quality of existing ones. One of the key product development strategy advantages is that it helps companies achieve their business goals including venturing into new markets, selling more quantities to current customers, or winning customers from competitors. However, a new product development strategy requires careful planning in order to minimize the risk of costly mistakes. Some of the other notable product development strategy advantages include:

Win business from competitors

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. A product development plan also helps improve performance and thereby raise revenue and profits by charging higher prices. Gaining firsthand information from sales representatives or the consumers themselves will be useful in identifying the performance factors that are most important to the market.

Reduced cost and improved competitiveness

A good product development strategy should take into account the best ways to reduce costs. When the costs are lower, the company is at liberty to lower their prices and consequently win new business. Reduced costs also contribute to increasing the profit margin. How to achieve reduced costs? The product development teams can attain this by eliminating product features that the market does not need, using lower-cost materials, and simplifying the manufacturing process by redesigning that product.

Improve reputation and goodwill

The company’s product development plan must include targets for quality improvements. This helps boost sales. It must be also ensured that you deal with companies who have their own set of pre-defined quality standards. Making quality improvements as a part of the company’s product development strategy also makes it easier for companies to enter the markets with stringent quality and regulatory requirements.

How strong is your product development strategy?

If you are not sure, it’s never too late to consult an expert. Know more about Infiniti’s data-driven solutions for business.

New product development strategy: Key questions to answer

Question #1: who will lead the new product development strategy?

Although a company might possess all the expertise and capacity required in developing a new product development strategy, there are chances that they might be consumed with other projects or lack specialized expertise to address specific challenges. A key component of a company’ product development plan will be to list out who will participate and how it will be managed. Companies can opt from the following options:

In-house: The product development strategy and the project management are executed by the company’s own resources.

Outsource: An external partner is employed to design the product, manage the process, and source and coordinate the work of additional suppliers. The company’s employees provide them with business oversight, identify requirements, and contribute feedback to the project.

Hybrid: In some cases, it becomes more feasible to manage the project in-house and then coordinating the work of a design firm and one or more suppliers. This is a mix of moth in-house and outsourcing functions.

Question #2: How to validate the product design?

Commercial failure is one of the biggest risks associated with a new product development strategy. Even if the product development is on-time and meets the specs and budget requirements, chances are that the sales will fall flat. So, throughout the product development lifecycle it is vital to seek validation of market demand, the product’s value proposition, and the product design and features. Some of the main strategies to achieve this include:

Crowdfunding: Use a popular crowdfunding platform depending on the product category. This may prove to be highly effective to promote your idea early in the development cycle, attract investment, and validate the appeal of the product idea.

Prototyping: Companies can use prototypes at several stages of the product development strategy to demonstrate the product idea, gain feedback, and secure lead customers.

Low-volume tooling: Major investments for hardware products include production tooling and setup. Companies can start by building less-expensive, short-life tooling for a low-volume production run of your product in order to facilitate a market test.

Question #3: What is the best business model for acquiring customers?

The company’s customer acquisition and revenue models may have implications for the product design. Products that work on modern technology such as IoT consist of ecosystems of hardware, applications, connectivity, data storage, and data feeds. This expands the company’s range of possible business models, here are the options you need to consider:

  • Subscriptions for data feeds, storage, or hosting
  • Opportunities to increase user engagement and the network effect, exposing
  • Purchase, lease, or metered usage for hardware or application components
  • Free basic functionality with paid upgrade opportunities
  • Recurring revenue opportunities through consumables, maintenance, and upgrades

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