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Slide 1: Launching a Pharmaceutical Brand in a Bad Economy Part 1 Executing a successful pharmaceutical launch plan is a challenge even in the best of times. Unfortunately, these are not the best of times so the challenges for pharmaceutical marketers are exacerbated. In fact, according to Pharmaceutical Executive, only three out of every ten pharma brands launched over the last five years have recovered their research and development costs. So what can product managers do to increase overall ROI for their newly launched products? The key to success is a strong emphasis on ROI. In today’s healthcare environment there isn't room for excessive spending, especially for specialty pharma products. Every strategy and every tactic need to be ROI driven. Here is part one of a list to think about as you develop your pharmaceutical launch plan: Run a lean and mean operation with a smaller value-added sales force. Physicians are tired of being bombarded by a never-ending onslaught of pharmaceutical representatives. The best way to get in to see physicians is to deliver value on every call. Focus on your brand’s core advantages that differentiate it from the competition. Physicians want and need to know why particular brands are a better choice in specific patients. Deliver messaging that helps the healthcare provider to match your brand’s advantages with specific patient profiles. Revise brand positioning and key messages to dominate a niche. If you’re marketing on a budget don’t be afraid of niches. Often, it can be better to be a big fish in a few smaller ponds than a tiny fish in a large
Slide 2: ocean. Evaluate the market opportunity in niches that match up well with your product’s advantages. If you can dominate a niche or two your overall market share might see a nice bump. Use targeted tactics vs. shotgun advertising. An easy and effective way to market on a budget is to pinpoint target your advertising dollars. For example, if you have a cardiology product, advertising to the entire universe of primary care physicians will be a lot more expensive and wasteful than advertising to the primary care doctor known to write similar cardiovascular products. Choose marketing vehicles that give you the ability to target. Keep an eye out for part two of this blog. Feel free to comment and provide us with your tips on pharmaceutical marketing in a slow economy. For more details about custom pharmaceutical marketing, pharma brand management, pharmaceutical lifecycle management or anything related to pharmaceutical marketing company visit us at Address: 330 Milltown Road East Brunswick, NJ 08816 Ph No: (732) 613-4422