In recent years, pharmaceutical companies have launched fewer products per year, making it more important than ever to utilise development and marketing tactics to drive product launches and yield continuous success. Below are five key success factors involved in launching a successful biopharma product.
1 Recognize the value of customer feedback during development
According to Betasphere, "While maximizing ROI for a customer feedback program is a primary objective, minimizing the opportunity costs associated with under-executed programs is of equal or greater importance."
2 Put Market Access Front and Center
According to BCG, "In today's world, biopharma companies need to effectively make the case for their product to a host of payers and health technology assessment (HTA) agencies, which are now operating in most markets. In discussions with BCG, industry experts revealed that payers and HTA agencies have the most influence over a product's performance in the market, sometimes being responsible for as much as 70 percent of a product's success."
3 Change the Game with Innovative Pricing
According to BCG, "Innovative pricing is often critical to gaining market access and receiving reimbursement. Increasingly, payers are worried about the size and the predictability of their budgets. They are more likely to approve reimbursement if a therapy can guarantee certain treatment successes or outcomes. Evidence-based pricing agreements, which may offer a payer rebate or a patient refund, are still low in volume but growing"
4 Utilize New Technologies to Educate and Inform
According to Best Practices LLC, "New marketing tactics are rising to help replace "brute force" approaches and thereby Reduce Cost, Expand Reach and Accelerate Launch Speed: Giant sales forces have been reduced and slowly other marketing tactics and technologies are beginning to fill the gap. Increasingly, market-entry plans are including a host of leveraged marketing technologies and tactics as cornerstones of the launch."
5 Safety and Superiority
According to PharmaFuture, "One challenge for leading biopharma companies will be the large amount of fake drugs in these countries as well as established generic competitors. Successful branded biopharma products need a solid reputation for safety and superiority if consumers are to be expected to pay substantially more for them."
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