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In today’s marketplace, launching multiple products for a common therapeutic area is both resource-intensive and strategically challenging. Managing similar products or an integrated product portfolio is a complex balancing act for bio-pharmaceutical companies — especially those that want to reduce the costliness of launching and promoting multiple products simultaneously. Maximizing the potential of each product requires well-crafted Sales alignment and improved access and reputation.
Best Practices, LLC conducted this benchmarking study to identify evidence-based benchmarks on the pros and cons of managing multiple products via a franchise approach. The study focused on uncovering proven tactics for efficiently deploying Sales and Marketing resources to reduce the costliness of launching and promoting multiple products simultaneously.
Research findings can serve as a reference point for portfolio managers to most efficiently manage multiple products and indications in the same therapeutic area.
Industries Profiled:Consumer Products; Diagnostic; Pharmaceutical; Medical Device; Biopharmaceutical; Health Care; Biotech; Market Research; Utilities; Chemical; Clinical Research; Laboratories
Companies Profiled:Bayer Healthcare; Shionogi Inc.; Roche Diagnostics; Mylan; GlaxoSmithKline ; Drager; CareFusion; B.Braun; Astellas; Entelos; Alcon; Siren Interactive; AstraZeneca; Nonin; Menarini Group; Hikma; Novartis; Nico ; Lupin; Centurion; Covidien; Galpha Laboratories; Catalent Pharma Solutions; Genentech; Almirall; Abbott; Sandoz; Johnson & Johnson; Dr Reddy's Laboratories; Merck; Meda Pharmaceuticals; Sanofi; Amylin; Teva Pharmaceutical Industries Ltd; Glenmark; Boehringer Ingelheim; Wockhardt; Novo Nordisk; Ranbaxy; Daiichi Pharmaceutical Co.; Ltd.; Roche; Baxter Healthcare; Medtronic; Shire; UCB Pharma; Stryker; Gilead Sciences; Biogen Idec; Boston Scientific; Zydus Cadila; Janssen; cipla
Best Practices, LLC engaged 65 Sales, Marketing, and Commercial leaders from 52 leading healthcare companies through a benchmarking survey instrument to collect quantitative data and qualitative insights.
Topics addressed in this report include:
Franchises Are Highly Successful in Driving SFE, Credibility, Access, & Lower Promotional Costs: 62%of companies have been highly successful in increasing SFE, and a majority has had strong success in bolstering rep/company credibility and improved access to physicians. Almost 90% of research partners rated “enhanced sales for all products” and “greater therapeutic area market share” as modest franchise successes.
Multiple Launches within a Six-Month Period Create High Risk for Stumbling: Benchmark partners observe that the risk of launch failures expands exponentially when multiple launches occur within a 3-6 month period. For example, the aggregate high risk of launch stumbling drops from 83% when launching multiple products in the same quarter to 10% when launching multiple products within 12 months of each other.
Franchises Rely Heavily on Centers of Excellences to Distribute Expertise across Products, especially in High-Impact Areas: Overall, more than 75% of franchises currently use Centers of Excellence for some facet of franchise support. The most effective CoE support involves injecting critical expertise into such areas as Med Ed, SFE, Thought Leader Management, Training, and Customer Targeting. Market Research was also deemed particularly effective for Primary Care products. Conversely, as much as 40% of respondents deemed the use of CoEs either ineffective or not in use for supporting franchise Marketing efforts, whether for traditional or digital Marketing. This underscores that CoE’s are not a productivity panacea and require disciplined management.
Table of Contents
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