Product Factors that Shape a Successful Market Entry: Differentiation, Pricing and Therapy Benefits

STUDY OVERVIEW

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.

KEY TOPICS

• 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

• 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.

If you purchase Best Practice Database document(s), you will have 30 days from the date of purchase to apply some or all of the cost of the document(s) toward the cost of a Full Access Individual, Pharma, Group or University Membership. Write us at DatabaseTeam@bestpracticesllc.com or call David Guinn at 919-767-9179 if you have any questions.