Success Factors & Lessons Learned in New Product Launches
In today’s competitive & crowded marketplace, biopharmaceutical companies are investing more and more resources to develop and launch new products for cardiovascular therapeutic areas. Consequently, recent industry product launches have produced both noteworthy failures and successes.
It is now, more than ever, becoming absolutely critical for leaders to understand the core set of factors that can make or break a new product’s launch performance. Key points to remember when launching a new cardiovascular product include:
- Utilize New Technologies to Educate & Inform: Websites, whether brand-specific or non-branded, were ranked highest in importance for educating patients on a condition and its treatment. To make effective use of new technologies in educating the marketplace, the technology needs to align well with a therapeutic area or product.
- Educate Key Stakeholders to Inform the Market: Engage payers early and across multiple fronts. Be prepared to speak to their interests on price and reimbursement – and be able to convert price-based conversations into value-based conversations illuminating health outcomes, comparative effectiveness and most valued label attributes.
- Invest in Launch & Support to Win at Entry: Launch leaders stressed the importance of investing appropriately in a new product’s launch. More than ½ of the total benchmark class – 64 percent- favor spending 101 percent to 150 percent of the market leader’s investment level during product launch.
- Avoid Pitfalls & Stumbling Blocks: Potential launch pitfalls span a full spectrum of launch activities and stakeholders. Pitfalls can best be avoided by having detailed launch strategies and processes in place to quickly address any stumbles. Cardiology leaders spotlight high risk regulatory pitfalls in shifting regulatory requirements, high risk groups and safety concerns. Interestingly, up to 2/3 of benchmark participants expect risk to increase further in the next 36 months.
While some products get immediate success in the market others struggle to survive in the long run. In the ever-changing launch environment, launch leaders have to constantly reevaluate the factors that play the biggest role in helping a product successfully navigate the current launch landscape.