When launches become increasingly numerous, smaller and more competitive, pressure will only continue to rise as launches in the coming years are expected to increase in more than 100% from 2005.
So what are the magic ingredients to make a perfect drug launch?
We offer 2 must-haves for a successful drug launch in today’s competitive market:
Speed of Action
Time is the most important factor, as the first 6 months of a drug launch are likely to set the tone for the rest of the launch, even as far as 5 years ahead. In pharma, if you don’t work fast on getting physicians to try your drug first, your competition will ‘eat your lunch’. Working fast also gives you the advantage to course correct whenever something goes wrong with the launch plan, making it possible to react quickly.
A truly effective positioning starts with understanding all stakeholders involved and focusing on these 3 main aspects:
1. Targeting the right patient population for the specific treatment
2. Targeting the right physicians most inclined to try your drug
3. Pricing according to the cost of the drug, and the associated healthcare costs
Mastering these 2 vital steps resonates with today’s shift to more focused and highly targeted patient population launches, giving your launch strategy agility, flexibility and strength against competition and the ever-changing market landscape.
Pharma companies that are prepared to monitor trends and react swiftly, whether in their own drug launch or in the entire industry, will be the ones who can overcome high levels of competition and make the most of awaiting opportunities.