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 [...]
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.
New Product Launch Strategies for Pharma Companies
Go 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.
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.