LONDON--(BUSINESS WIRE)--A well-known market intelligence company, Infiniti Research, has announced the completion of their latest article on attaining new product launch success in the pharma industry. In this article, experts at Infiniti provide comprehensive insights on some tried and tested strategies to improve a new product launch strategy of pharma companies.
One of the biggest expenses incurred by pharma companies worldwide is in the event of a new product launch. The right product launch strategy can help ensure that the drug launched is recognized and accepted by physicians, KOL, and patients alike. Although pharma companies invest considerable time and money into drug development and clinical trials, if 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 a vital 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. The product launch strategy plays a major role in helping pharma companies achieve this.
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
Go beyond clinical trial results
New product launches in the pharma industry are facing 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 extremely challenging for pharma companies to use phase III clinical trial data alone to differentiate their drug to physicians, health insurers, and regulators. Success can be ensured only if they are adept in communicating both the clinical and non-clinical benefits of a new product to physicians and decision-makers.
Pharma companies that repeatedly outperform expectations for a new product launch develop 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.
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 social media.
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 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. Request for more information.
About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit: https://www.infinitiresearch.com/about-us