Creating a Road Map for Successful Cardiovascular New Product Launch
CHAPEL HILL, N.C. – June 3, 2011. Recent biopharmaceutical product launches have produced both noteworthy failures and successes, especially in the cardiovascular therapeutic area. Faced with a continually evolving launch landscape, organizations are rethinking the factors that play the biggest role in the current launch environment.
In a new wide-ranging research project that explores the pivotal success factors and failure points facing new product launches, Best Practices, LLC established a critical core set of factors that can make or break a market entry for cardiovascular products as well as other types of therapies.
The report, Success Factors and Failure Points in Cardiovascular Product Launches, examines key launch issues and offers launch leaders two perspectives: a cardiovascular segment and a total benchmark class segment. The study 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.
In addition to delivering qualitative and quantitative insights on each aspect of this launch framework, the 182-page report presents launch leaders’ perspectives on the current and future risk levels for an array of pitfall factors that can affect a launch.
Best Practices, LLC used both field surveys and interviews to complete this study. In all, 44 managers and executives at 38 leading bio-pharma companies participated in the survey. In-depth interviews were conducted with six leaders who have decades of experience with pharma launches.
Topics covered in this study 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
Go to http://www.best-in-class.com/re1696.htm to review a complimentary summary of this study with samples of key metrics.
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.