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Best Practice Database
Product Launch » Influences on Market Entry
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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.
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.