Non-members: Click here to review a complimentary excerpt from "Product Factors that Shape a Successful Cardiovascular Market Entry: Differentiation, Pricing and Therapy Benefits"
As new products enter the highly competitive and crowded cardiovascular market, it is important for biopharmaceutical companies to differentiate their product during launch. Factors that shape a new cardiovascular product's market entry include how well the product is differentiated from existing therapies, product pricing and its benefits - ease of use, fewer side effects, etc.
Best Practices, LLC undertook a benchmarking study to highlight the effectiveness of different launch strategies around differentiation, pricing and product benefits. The study also analyses issues surrounding a product's safety and efficacy profile to establish how much more effective or safe a new cardiovascular product needs to be for a blockbuster launch. Launch leaders can use insights from this research to inform their market entry strategies for new cardiovascular 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 cardiovascular product benefits for differentiation
- Cardiovascular 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.