Top 5 Tips for Launching a New Product
Launching a product in the pharmaceutical industry takes extensive planning and preparation. We’ve listed 5 tips below to consider for a successful product launch.
Invest To position the drug properly, invest in deep market research in the disease area. KOLs and trial site leaders are great resources, but it’s ideal to expand sources of insight. McKinsey research showed that companies who invested a big portion of their budget into activities before and during the product launch are always able to reach or exceed target sales.
Plan The more time you budget to plan the product launch, the more time you have to execute a seamless and successful launch. You can use this time to begin commercial planning early, or network with physicians online and establish a point of contact to promote comfortability prescribing your product.
Communicate Translate your clinical data and market research into actionable insights to make your product stand out by emphasizing its safety and efficacy. Invest in MSLs and in appropriate resources to ensure your KOLs, who are your prescribers, are your regular advocates.
Track Performance Plan to conduct continuous post-launch studies to monitor performance and ensure relevant data is reliable and of high quality. Results should be available to physicians to reassure them of the product’s continued efficacy.
Forecast Have a multidisciplinary team established specifically for the product to identify the risks and develop risk prevention plans of action. Ensure your sales objective answer to your needs assessment and recognize that delays may manifest in trials and market authorizations. By planning ahead, you have the time to do damage control on delays to the timeline.
By taking these 5 tips into consideration, your launch will have a higher chance of succeeding in the market. Can you think of any additional launch considerations? Comment your thoughts below!
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