Non-members: Click here to review a complimentary excerpt from "Patient Factors that Shape a Successful Cardiovascular Market Entry: Education and DTC Marketing"
Patients are one of the critical stakeholders in the healthcare marketplace and thus play an important part in a new cardiovascular product's market entry. Patients learn about new cardiovascular products from a number of sources, but the principal source of new product information is the manufacturer. Two important ways that biopharma organizations deliver cardiovascular new product information to patients are education programs and direct-to-consumer marketing.
Best Practices, LLC conducted this research to explore different avenues for informing patients about new cardiovascular products, including education programs and DTC marketing. Biopharmaceutical leaders can use this research to determine effective approaches to educating patients about new cardiovascular products.
- Patient advocacy and education
- Preparing market constituents
- Direct to consumer marketing: When and why
- New technologies for informing patients
- Effectiveness of various forms of patient education, program support, and grants/sponsorships during the Phase III to Launch period
- Importance rating of educating and winning support from different market constituents in order to enter market, win share, and grow market
- Percentage of companies employing DTC campaigns in their most recent launch
- Factors that contribute to using DTC campaigns after launch
- Factors that contribute to not using DTC campaigns after launch
- Most effective new technologies for educating patients when bringing a new product into a crowded market
SAMPLE KEY FINDING
- Key Stakeholder Education Allocations Are Changing With Payers & Patient Advocacy Gaining Influence: Payers and patient advocacy are becoming more important constituents for educating the market. A pitfall to avoid: Generalized marketing allocation models are prone to error. Winning brands allocate resources to reflect TA specific needs and market-entry order.
- DTC Ads Can be a Valuable Tool: DTC ads are favored as a tool to reach large numbers of patients, encouraging patients to engage with their doctors on disease state information and new products. Organizations considering DTC ads – especially television spots – should consider sending out an alert to relevant physicians about the DTC campaign. That way doctors can be prepared when their patients show up with questions.
The research employed a data gathering approach that gleaned quantitative data from 44 executives and managers from 38 leading companies in pharmaceutical, biotechnology and medical device industries. In addition, six executives participated in in-depth interviews.