Executing the launch of a new product has become even more difficult over the past few years. In the past, many companies have sought after a one-size-fits-all approach, but the explosive growth in specialty pharmaceutical products has highlighted a need for more unique innovations when it comes to product launches.
Launching a new product has become even more difficult over the past few years. Not only has the ACA changed the game, including who you need to target, but brands are also facing increased competition. In March 2014, McKinsey & Company estimated that pharmaceutical companies will launch approximately 400 new products in the next three years—up 146% from 2005.PM360 asked 10 launch experts for their best tips to overcome the flood of challenges a new brand might face, including:
- How must your strategy change from the days of launching potential blockbusters to much smaller products that serve a more limited patient population?
- How do you deal with the increased competition and make your brand stand out?
For years, many companies have pursued a one-size-fits-all approach for new launches, which worked well in an era of blockbuster products targeting large patient populations. The explosive growth in specialty products has driven new launch innovations creating unique channel, payer and patient support models for very small targeted patient groups.
Today, we see an emerging middle ground for new launches: Products with target populations far smaller than blockbusters, but requiring many of the solutions developed for specialty programs to ensure patients have a positive outcome. With over half of new launches falling well below peak sales forecasts, it’s time to take a fresh look at launch strategies to support these smaller patient populations.
Leverage patient affordability solutions: Eliminating barriers and ensuring patient access are key elements of any launch. Linking this support to ongoing programs that improve patient activation and enroll patients in ongoing support creates more value than financial benefit alone.
Explore new Hub support models: “Hub-Lite®” programs leverage many of the elements of specialty programs and provide new options for patient engagement through flexible program design.
Each launch creates an opportunity for innovation. By eliminating a one-size-fits-all approach, new brands are positioned for success.
Published September 2015 | Reproduced with permission by PM360, The Essential Resource for Pharma Marketers.