Redefining a Product’s Identity Key to a Successful Re-Launch
CHAPEL HILL, N.C. – June 4, 2008 – A failed drug launch can cost a pharmaceutical company millions, but not considering a re-launch can end up costing a company more. Leading pharmaceutical companies expect at least a 20 percent increase in annual sales with a re-launch, according to a study by the research and consulting firm Best Practices, LLC.
As best-in-class pharma companies have demonstrated, combining an honest, disciplined reexamination of initial missteps with a new core message that redefines a product’s identity can catapult product uptake on re-launch. The study, Product Re-Launch Excellence: Transforming Lackluster Pharmaceutical Products into Market Success Stories, gathers insights from 14 pharmaceutical and biotech companies, including Abbott Labs, AstraZeneca, GlaxoSmithKline, Merck, Novartis, Pfizer and Sanofi-Aventis.
The report is available online with a complimentary excerpt at http://www.best-in-class.com/rr955.htm .
The study contains almost 500 metrics and 50 best practices that will help executives gain insights into re-launch strategy and practices. Organizations use an assortment of tactics, but 95 percent of all benchmarked companies said topping the list is changing core promotional messages.
The research revealed that in addition to changing core promotional messages, brand managers use an assortment of tactics to redefine their product character for re-launch:
- Developing a position around an unmet medical need
- Articulating product benefits as opposed to product features
- Positioning against competitor products
- Clarifying targeted patient groups
- Revising marketing materials and details
For a deeper exploration of the captured metrics and best practices in the study, visit http://www.best-in-class.com/rr955.htm or for related research visit our Best Practices, LLC Web site at: http://www.best-in-class.com/.