Successfully Navigating the New Launch Landscape in the Biopharmaceutical Marketplace
CHAPEL HILL, N.C., Feb. 13, 2015 /PRNewswire/ -- Recent biopharmaceutical product launches have produced both noteworthy failures and successes. As launch landscapes continue to evolve, organizations are constantly rethinking the factors that play the biggest role in the current launch environment.
According to research by benchmarking firm, Best Practices, LLC, pricing is one of the key launch issues organizations struggle with. When asked what minimum level of superior efficacy is required to charge more than a branded competitor, two-thirds of participating launch leaders indicated a new product requires at least 11 percent to 30 percent superior efficacy in order to win a higher price in a competitive market.
The related report, "Success Factors and Failure Points in Biopharmaceutical Product Launches: An Updated Road Map for Strong Market Entry," presents a framework for launch success: the ability to differentiate, a defined target patient population, investment in launch activities, engagement of thought leaders, education of key stakeholders, demonstration of value, utilization of new technologies and avoidance of launch pitfalls.
Key study topics include:
- Winning on Differentiated Product Positioning
- Winning a Physician's Initial Trial of a New Product
- Articulating Benefits that Shape Positive Market Perception
- New Product Pricing Strategy
- Thought Leader Engagement
- Early Physician Education
- Payer Education
- Patient Advocacy and Education
- Preparing Market Constituents
- Access Insights & Success Factors
- Winning Hospital Formulary Access
- Resource Allocation for Key Stakeholders
- Investment Requirements, Resource Allocation & Timing
- Internal Launch Readiness
- New Technologies for Informing Patients and Physicians
- Pitfalls and Stumbling Blocks
- Demonstrating Efficacy
- Rating Different Safety Dimensions
Best Practices, LLC used both field surveys and interviews to complete this 148-page study. In all, 44 managers and executives at 38 leading biopharma companies participated. In-depth interviews were conducted with leaders who have decades of experience with pharma launches. The research report includes 11 of the Top 20 biopharma firms and three of the six interviews were with Top 10 pharma companies.
To access the full report, or to download a complimentary summary containing insights found in this report, click on the following link: http://www3.best-in-class.com/rr1042.htm
For more information on other recent primary research studies, contact us at 919.403.0251. For related research, visit our Best Practices, LLC website at http://www.best-in-class.com/.
ABOUT BEST PRACTICES, LLC
Best Practices, LLC is a leading benchmarking, consulting and advisory services firm serving biopharmaceutical and medical device companies worldwide. Best Practices, LLC's clients include all the top 10 and 48 of the top 50 global healthcare companies. The firm conducts primary research and consulting using its comprehensive proprietary benchmarking tools and analysis. The operational insights, findings and analysis form the basis for our Benchmarking Reports, databases and advisory services to support executives in commercial and R&D operations. Best Practices, LLC believes in the profound principle that organizations can chart a course to superior economic performance by studying the best business practices, operating tactics and winning strategies of world-class companies.