How to Launch a New Pharmaceutical Product
A new product launch is one of the biggest expenses that a pharmaceutical company can sustain, but the correct launch strategy can ensure that the product is recognised by physicians, Key Opinion Leaders and other useful contacts. Whilst a considerable amount of time and money may be invested into development, clinical trials and marketing, if a product launch does not give the predicted results, the burden can become too heavy on pharmaceutical companies.
In order to ensure a successful pharmaceutical product launch, the strategy plays a major role. There are several things that your company can take into consideration to receive the best results possible.
Create a Concise Campaign Communication Plan
Consider focusing your communications to potential patients by launching a platform that helps to display your messaging and product details in a clear way. You can easily demonstrate the value of your new product and ease any pricing discussions whilst ensuring that the same messaging is maintained across channels. Whether you are introducing an oral pill that is as effective as chemotherapy, or a product that is specifically designed for children’s health, a communication platform is a key part in launching a new pharmaceutical product.
Conduct Thorough Market Research - and Go Beyond Clinical Trials
One of the most common reasons for a product to fail when launching a new pharmaceutical product is lack of market research. While the lack of a target audience and strict pharmaceutical regulations make it difficult to fully investigate, it is possible to speak to physicians about the current market and discover how the competition market looks.
Properly conducted market research can advise whether you should invest in multi-channel distribution, who is likely to purchase and how medical professionals see your product working within the industry. It is also essential to look beyond clinical trials, as the average window of time that products remain on the market before competing products arrive has fallen to four years. Each product launch should be customised according to this research.
Time your Launch Correctly
In every industry, the timing of a product launch is critical to its success. Pharmaceutical companies need to be prepared to plan months ahead of a new product launch date and as that date draws closer, social media discussions and relevant forum threads can be initiated to gain traction. Even after the product has launched, actionable content should be provided via social media to keep patients interested. Our consultation service can help you to strategise the timing and giving you clear objectives to drive sales and distribution.
Structure your Launch as a Micro-Battle
Pharmaceutical companies that have the most successful product launches structure their campaigns as micro-battles. Essentially, they create a company within their company, giving launch teams the authority to make decisions when launching a new pharmaceutical product. The micro-battle approach allows the leading team to focus on strategy for the success of the launch, working with different scenarios and looking far out past the launch date. This method will help your company move quicker, make bolder decisions and achieve the ultimate launch results.
With over 20 years of experience with pharmaceutical companies and manufacturing a variety of pharmaceutical products, Clarity Pharma can offer more advice on how to launch a new pharmaceutical product or provide you with production solutions. Contact us today or book a consultation session and we will be happy to help.