Bringing a product to the launch stage is a critical moment in a product’s lifecycle. With healthcare costs increasing, patients and providers are more aware of product differentiation, especially when there isn’t any.
Commercial teams carry the burden of educating the market, raising awareness and ensuring patient access. At Herspiegel Consulting, we have partnered with pre-commercial biotech companies and some of the largest pharma companies in the world, to launch more than 100 treatments. The product and brands that leveraged our model totaled more than $60 billion in sales last year.
Every Launch strategy needs to start with a thorough understand of the market and where your product fits. The main elements in discovering ‘where to play’ include:
New product launches can ensure success when they are adept at communication both clinical and non-clinical benefits to physicians and decision-makers. These are the four elements to identify ‘how to win’:
Today, less time is spent traveling for in person meetings and more time is spent in front of the screen, which means that companies have to adapt how they set up their field force. How can reps engage physicians beyond office visits? Ultimately, this is what the launch teams need to answer when developing the ‘how to execute’ portion of their strategies.
Drug launch programs coupled with the right launch teams give companies an advantage when bringing their product to market. In order to help our clients execute their go-to-market strategies our teams cover the following as part of the launch strategy:
With all the time and resources already invested into launching a product, the cost of failing is high. This is why pharmaceutical and biotech companies come to us to make sure that their launch plans are successful.
These are the final and most important components of a prosperous go-to-market strategy:
In this paper, we walk you through these four critical components, the requirements, and timeline for each:
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