Current research shows that about 50% of pharmaceutical product launches are more likely to underperform compared to analyst expectations. About 25% of these product launches fail to reach even 50% of their revenue forecasts. The pain is becoming too much unbearable for pharmaceutical executives. After a long time investing in clinical trials and drug development, a pharmaceutical company launches a new product only to experience sales falling short to their expectations.
Product launch failures are a serious concern for the pharmaceutical industry, which expects to derive 25% to 80% revenue increase from new products. Many pharmaceutical products are launched each year, but few attain the expected revenue as predicted by financial analysts.
Understanding the key factors that contribute to a successful pharmaceutical product launch iscritical to ensure increased sales, satisfied customers, and increased revenue for your company. Findings show that pharmaceutical companies with successful product launches invest in planning and preparation before bringing a new product to the market.
Below are the aspects of a successful product launch:
A pharmaceutical product launch is when a company that deals with pharmaceutical products introduces a new product to the market. The product launch can also be an existing product that has been improved to meet unique customer needs or has been rebranded after product improvement. Product launches involve several steps, which include:
– Making sure the product is available to patients
Marketing and advertisement are the most critical aspects of a product launch as it enables a company to create awareness that increases its customer base and sales. Despite creating awareness, marketing and advertising in pharmaceutical product launches empower a company to build trust with their potential customers. This is achieved by either through free samples, word of mouth, social media, and other promotional ways of overcoming skepticism.
Successful product launch has 4 general aspects, which include market access, advertising, promotion, distribution, ensuring adequate availability of the product, and handling logistics. Depending on the goals a company has set, a successful product launch might vary according to the customer’s purchasing power, and the demand for the product.
A successful launch begins with great timing and creating a sense of urgency. It is also important to temporarily hold the product launch in case of negative reviews. This is why promotions such as offering free products to patients is valuable because it gives companies a chance to get product feedback. A successful product launch, therefore, means that a company has launched a product that is already positively reviewed during the product testing phase.
It is often easy to get ahead of a company’s goals and vision of a new product’s sales, success, and recognition. A successful product requires careful planning and evaluation before the launch. The following are the best ways to evaluate a new product launch:
· Evaluate your Target Audience
Assessing your target audience enables you to target the right type of people to propose your product to. It allows you to connect with potential customers through the right communication channels authentically. Having a clear idea of the right target market will enable you to invest in the right marketing channels and boost the chances of your new product’s success.
· Ensure your Product is Positioned Right
Product positioning means that a product is marketable against competitor products and to ensure adequate market access. To make your product competitive, it is best to ensure your product is solving a problem and that you can identify the people it will help.
These two aspects are critical for a new product launch success as they allow a company to connect with the market they are targeting and potential customers.
A product launch determines the success or failure of a product in the long run. The first impressions that are set during the launch will be hard to break among potential customers. The 6 critical elements of a successful product launch are:
· Focusing on the buyer’s persona
· Ensure your product solves a particular problem
· Ensuring your product is positioned right for efficient market access
· Use pre-launch marketing to build momentum
· Ensuring the use of iterative approach to product development and testing
· Ensure you use the right timing. This means conducting efficient market research to verify there is sufficient market access for your product and to identify the right time to launch.
– After launching, ensure that your product is readily available for patients to buy.
The primary purpose of a product launch in the pharmaceutical industry is to boost business growth. By introducing new products or improving the current ones in the market also benefits the target market. The patients benefit in that they get medicine and medical drugs that have advanced healing capabilities. Successful product launches build revenue through increased sales and expansion of the customer base for pharmaceutical companies.
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