Seven Strategies for Maximizing Future Product Launches

In today’s bio-pharmaceutical landscape, it’s not enough to simply launch a new product. In this post-blockbuster era, a shift towards treating smaller populations and the rise of the “follow on” molecules, or “me-too” drugs, have translated into a decline in peak sales and shrinking windows to achieve them.

STAYING AHEAD OF THE TREND

The changes in the bio-pharmaceutical industry have affected every point in the product lifecycle, with a profound impact on new product launches. 

Based on our research, we have identified seven strategies for maximizing future product launches: 

• Create brand positioning that has staying power. A master brand should be created at onset where future indications are mapped out and support the overall positioning.
• Rethink your point of difference. Focus on broad-based programs that demonstrate commitment and success in improving patient outcomes.
• Embrace advanced analytics. Make resource allocation decisions based on a more complete understanding of potential within launch markets, with the ability to actively monitor impact of investments and the agility to quickly change course as needed.
• Understand, work together and manage market influence. Build a robust key opinion leaders’ (KOLs) network that extends to regional and local KOLs.
• Be objective in confronting launch plan gaps. Identify gaps at the start, and hold the correct people accountable for closing those gaps quickly.
• View project management as a competitive advantage. Organizations with project management discipline can consistently deliver on time and on budget launches, in addition, it can serve as the glue across marketing, medical, sales, public affairs, etc.
• Recognize the launch doesn’t end at the party. Continue to monitor and adjust for months to come with launch dashboards, primary market research and social monitoring, for example.

The bottom line: bio-pharmaceutical companies need to take a significantly different launch approach in this environment. By doing so, launch brands can gain by: making better use of existing data, developing more meaningful relationships with a broader set of stakeholders and rigorously monitoring brand performance long after the official launch date has past.

(Slightly abridged from the source:  “How to launch a successful pharma product in a post-blockbuster world ” by Craig Robertson │ Published on December 18, 2012)