Success Factors & Future Trends in Oncology-GSM
Successfully marketing a new oncology product can be a daunting endeavor that often falls to the Global Strategic Marketing function within the biopharmaceutical industry. Not only must these groups navigate a tough regulatory environment, but regional differences and the competitive nature of the oncology market can create significant challenges.
In order to cope with the many challenges that Global Strategic Marketing (GSM) organizations are faced with, leaders must constantly evaluate their budgets, investment strategies, staffing, structure and scope of services.
Key areas that marketing professionals from one of our recent benchmarking studies mentioned that will need to be addressed in the next 24-36 months included:
- Global Issues: Leaders must ensure that they have close co-operation between regions and countries. Ensuring that your organization speaks a ‘common language’ and has common targets is essential for proper execution of marketing a product globally.
- New Technology: Gaining KOL interest early in the launch phase is especially important if you have new technology involved. It is important to define the right target audience, including new stakeholders, when utilizing new technologies for marketing purposes.
- Competitive Intelligence: Competitive intelligence is essential to navigate the increasingly difficult regulatory environment. Key pitfalls to avoid that were mentioned by survey respondents included: insufficient competitive intelligence for building solid business cases, earlier stronger positioning against competitors, and not understanding customers and competitors in advance of launch.
Success for Oncology-GSM organizations begins with recognizing fundamental industry and market shifts & rapidly adapting to changing conditions. Key success strategies identified by benchmark participants included:
- Expanding definition & use of competitive intelligence
- Improving access to payers and managed markets
- Developing knowledge of new markets, stakeholders & competitors
Pharma Global Strategic Marketing organizations supporting Oncology products or pipeline are increasingly facing regulatory, regional and competitive challenges in a crowded market. When preparing to bring a new product to market, leaders must fully understand the appropriate investment levels, marketing activities, timing and structures needed to successfully steer products and pipeline programs through the complex Oncology market.