Non-members: Click here to review a complimentary excerpt from "Oncology Market Education: Timing and Lessons Learned"
Informing critical stakeholders about new therapies is an important part of any new product launch - and new oncology products are no different. As part of this effort to inform the marketplace, it is important to target the right stakeholder segments at the appropriate time. Timing is especially important for the oncology therapeutic area as launch leaders reach out to inform critical stakeholders such as thought leaders, physicians, patients, payers and advocacy groups about new oncology products.
Best Practices, LLC designed this study to determine appropriate timing for preparing the marketplace for new oncology products – through thought leader, physician, patient, and payer education and communication strategies. This study also includes a chapter with insights from launch leaders regarding lessons learned and future trends for product launches. Executives can use this study to plan and execute their programs for informing the marketplace about new oncology products.
SAMPLE KEY METRICS
- Development phase to start educating thought leaders
- Development phase to start educating physicians
- Development phase to start educating patients and advocacy groups
- Development phase to start educating payer and government agencies
- Percentage estimation of resource allocation for educating major market constituencies
- Targeting the right groups for education at right time
SAMPLE KEY FINDINGS
- Using Public Relations and Technology: New technologies and Public Relations are both “leveraged,” cost-efficient tools for education; both permit less control than companies customarily want. The development and pre-launch cycle offer many opportunities to use new technologies (e.g., social media, Internet, You Tube/video communication channels) to educate physicians, patients, payers and government.
- Winning Payers on Board: Commence work earlier than in past to win payers, who are increasingly important to market entry in Oncology. Focus on cost and health outcomes; understand that payers need and engineer them increasingly into clinical trials.
The benchmark class includes 34 executives and managers at 26 leading pharmaceutical, biotech and medical device companies. In addition, deep-dive executive interviews were conducted with selected participants to provide qualitative insights and emerging trends.