Non-members: Click here to review a complimentary excerpt from "Product Factors that Shape a Successful Market Entry: Differentiation, Pricing and Therapy Benefits"
New products are constantly entering the biopharmaceutical marketplace; some products are immediate successes while others flounder for months. While there are a myriad of factors that go into preparing a new pharmaceutical product for market entry, one of the key selling points is a product's characteristics.
Thus, how a product differentiates itself from existing therapies, how it is priced in the market and its benefits - ease of use, fewer side effects, etc. - are all important factors that shape a new product's market entry.
Best Practices, LLC conducted this study to highlight the effectiveness of different tactics regarding differentiation, pricing and product benefits. The study also reviews issues surrounding a product's safety and efficacy profile to determine how much more effective or safe a new product needs to be to have a successful market entry. Launch leaders can use this research as part of building their market entry strategy for new products.
- Summary of business issue, key insights, findings and lessons learned
- Winning on differentiated product positioning
- Articulating benefits that shape positive market perception
- New product pricing strategy
- Rating the effectiveness of efficacy dimensions
- Rating different safety dimensions
- Effectiveness rating for different positioning strategies
- Effectiveness rating of various product benefits for differentiation
- Product differentiation factors that best permit superior pricing
- Minimum level of superior efficacy needed to charge more in crowded marketplace
- Best pricing strategy when entering market with generics competition
- Minimum level of superior efficacy required to charge more than generics
- How much more effective than leading treatment does new product need to win physician trial
- How much more effective than leading treatment does new product need to win payer support
- Rating different safety dimensions that compel physician trial
SAMPLE KEY FINDING
- Identify A Differentiated Target Patient Population & Help Physicians Correctly Identify Right Target Patients: A clearly defined target patient population or subpopulation has high impact on successful market entry and potential product differentiation. Moreover, it is a launch factor that is frequently missed or executed poorly. Target patient sub-population is also a marketing-sensitive factor and is a cornerstone of market-entry success.
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.