8, February 2023
Written by PeakPharma
The launch of a new pharmaceutical product into the market is a complex and risky endeavor. For a successful launch, the manufacturer must identify the right target population, understand the market dynamics, and develop an effective launch strategy. Factors that can help maximize the success of a first-time pharmaceutical product launch include an appropriate level of launch investment, deep alignment with stakeholders, market agility and advanced pre-launch key role implementation. Let’s explore these factors, among others, and discuss how they can contribute to a successful first-time pharmaceutical product launch
One of the biggest challenges is maximizing drug adoption. Half of the experienced launchers reach analysts’ forecasts, while only 39 percent of first-timers reach forecasts. Therefore, it’s important to develop an effective launch strategy and conduct thorough market research to understand the demand.
If companies do not first understand the market needs and align their product accordingly, they can be met with limited success. In order for a new product to stand out from its competitors, it must have unique features or advantages that set it apart. Companies should conduct a thorough competitive analysis and identify the key aspects of their product that are different from competitors. There has to be a clear understanding regarding how to convert customers away from the existing therapies.
Coverage access can be difficult to navigate, especially for first-time pharma product launchers. Companies should work closely with payers to understand the rules and regulations governing access to their product and develop strategies to maximize coverage. Additionally, companies should ensure the product is priced competitively and the value proposition is clearly communicated to the target population.
For companies entering a new market with a new pharma product for the first time, there are a few things they can do to maximize the impact and success of the launch.
Before anything else, the mindset for investing in the launch of a new product has to be one of complete commitment. Many companies are too conservative with their spending at the launch stage of the product lifecycle when, in fact, the launch is the most critical time to provide appropriate support to selling and marketing activities in order to exceed analyst forecasts.
Understanding the target audience, their needs, and the competitive landscape is essential to success. Companies should conduct thorough market research to deeply understand the dynamics of the market and craft a product positioning strategy that align with the needs of providers, patients, and prescribers.
Tracking and analytics are essential for monitoring the performance of the launch and adjusting quickly as needed. In addition, small teams should be established and empowered to monitor, identify and rapidly resolve stakeholder issues that deviate from expected launch expectations.
Having the right people in place before the launch is essential. Pharma companies should not wait until after launch planning has begun to start building the team. Instead, they should hire a talented core team with identified key roles for launch success as early as 18 months prior to launch. The 5-10 key positions include external facing medical and market access roles with skills to extract insights and generate excitement about the new product with key stakeholders.
Our team of sales and marketing experts has the skills and expertise to remain agile and adjust quickly to changes in the market. Contact us today to learn more about how PEAK Pharma Solutions can help maximize your first-time product launch and put your team in the right position to deliver a successful outcome.
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