Product launch is one of the most significant expenses of any industry – pharma is not an exemption. You need all the intelligence and expertise to ensure that your product stands out and creates long-term revenue growth.
This article will discuss the tactics that will help you get the right outcome for your drug launch. Before then, let’s understand the concept of product launch.
A product launch is a well-planned and coordinated effort to debut new or updated products to the market. The main goal is to ensure that everyone within the company, external stakeholders like partners and target customers, know about the product. Launching products is as important as developing one. Hence, planning is critical to the success of any product launch. Starting your planning 4-6 months before the launch is also not too early.
In the pharmaceutical industry, it is the conclusion of many years of work and a new beginning. It ushers in new development opportunities. Therefore, it’s a daring task. Certain things can disrupt a pharmaceutical product launch, and they include:
Building a solid pharmaceutical launch strategy can help avoid these loopholes. Here are some elements of a good drug launch.
Product unveiling is not an activity for the last minute. Create your pharma launch plan months before the proposed launch date. The plan should indicate timelines and durations to help the timing of activities. Ensure that these plans kick off at the perfect time. You may initiate discussions on a disease your product will be targeting.
Use communication channels that are most effective and available at target locations. Sharing information ahead of time increases its reach and aids the activity of your sales reps.
This should be the centre of every launch meeting and product launch plans. Your sales reps have to exhibit confidence in the product you are launching. Hence, the mandate is to educate, certify and motivate sales reps before the product is approved. Technology advancement has created more straightforward means to customize training virtually. It is also less costly and faster than traditional training. Ensure that designers and the entire brand team are fully aware of the key benefits and landscape of the patient’s journey. This training help to make all stakeholders product ambassadors and gives your company a coordinated front at launch.
Lack of proper market understanding is one common reason many product launches fail. You can get this understanding through market research. Though strict pharma regulations make this difficult, it’s possible. Before launching products, use physicians to investigate what the market needs. This research will give you an idea of what the competitors are doing wrong.
This gives you a clear insight into what physicians and patients think about your messaging and delivery. You can organize a sampling session for your targeted physician and patient to get feedback on the product. This testing will also help you confirm if the target from your advertisements is the correct audience you need to make sales. Put all feedback in an insight management platform for your pharma product launch. Then, take time to analyze these comments with the team and make necessary changes.
As you carry Healthcare Personnel (HCPs) along at every stage, remember the Key Opinion Leaders (KOLs). These are thought leaders, spokespersons, and brand ambassadors whose endorsements have societal relevance. You can engage them with webinars and conferences that are interactive and engaging. With this, you will clearly see their opinion about the targeted diseases and therapeutic areas.
Think of a memorable event that will keep the product on the minds of the target for an extended period. Whether it’s a large-scale in-person event or a virtual launch, be creative in its execution. Ensure that all sectors and departments attached to the product are ready before the launch. Ensure that attendees have an always-on reference like sample products and other incentives.
Above all, keep your ears open. Use insight management technologies to track feedback and concerns before, during and after product launch. With this, you can eliminate concerns and control versions. This platform can also serve as a single product management tool for your pharma launch plan. It can be a resource centre for future launches.
Always include the physicians and patients at all your pharmaceutical product launch strategy stages. They offer key information about the messaging and experience. Asides from these two, there are other stakeholders involved.
These elements are critical to the overall success of your product launch. Smart Work Agency has experts that can provide a successful pharmaceutical launch plan for your new product.
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