Two-thirds of all launches fall short of expectations, according to McKinsey.
It is a fast-changing, dangerous market out there, and as companies can no longer rest under past blockbusters, everybody needs to learn how to adjust to today’s high intensity launch environment.
In order to produce many ‘mini-busters’ as the situation calls for, pharma companies should embrace a few factors that may just make the different between a successful launch, and a failure. Sure, the product itself obviously plays a role; a new, differentiated drug is always ideal, targeting to a market with unmet needs, or educating a new market can also contribute to a product’s success. But the real game-changers lie in the hands of the company’s adjusting its strategies to the emerging trends in the pharma industry.
Let’s consider these 3 pivotal steps in turning your company into a launch factory:
- According to a Bain study, the two most important predictors of a launch’s success are the size of the target population, and how payers perceive product differentiation. Taking each predictor into account creates a unique launch strategy to fit each product’s specific target populations and focus marketing efforts on its specific needs.
- After adapting your launch plan to these crucial elements, it still needs to be developed across a variety of factors: value, product profile, services and mobilization- these may all differ according to the target population’s size and level of product differentiation.
- This comprehensive plan cannot be carried out without a dedicated management team; companies must establish a Chief Launch Officer and a dedicated team, to assist with future launches based on cumulative knowledge and experience.
This systematic, institutional, pre-launch approach is what it takes to making the process reliable, repeatable and continually improving-
Just like in a factory.
Original Article: http://verix.com/launch-factory-ready/