Mastering the global commercial launch of a new pharma brand can be challenging, but as member of a cross-functional brand team, it can also be one of the most rewarding achievements!
Drawing from his extensive experience in pharma product launches, CELforPharma's faculty member Kurt Arco, faculty member of Strategy & Planning for Commercial Launch Success in Pharma and CSFs, Roadmap & KPIs for Medical Affairs when Launching a New Product, shares 10 crucial steps to ensure a successful global launch:
Precisely define the market opportunity
Evaluate the size of the market and identify its segments to target the right audience.
Develop a clear, compelling value proposition
Articulate the unique benefits of your product and why it stands out from competitors.
Establish and maintain profitable, competitive pricing
Strategise pricing throughout the product/brand lifecycle to stay ahead in the market.
Formulate an entry strategy with milestones and KPIs
Set measurable goals and key performance indicators to track progress and make necessary adjustments.
Understand the patient journey and its influencers
Analyse the patient experience and identify the factors & key players that impact their decisions.
Identify key stakeholders and build advocates
Engage early enough with KOLs and secure guideline endorsements to promote your brand early on.
Boost spontaneous awareness of your brand
Utilise the right communication channels and omnichannel strategies to reach all stakeholders, including potential prescribers, payers, and patients.
Re-affirm the customer's positive experiences
Reinforce the value of your brand after trials to maintain customer satisfaction and loyalty.
Ensure alignment within the organisation
Collaborate effectively with all departments to maintain a unified vision and strategy for the launch.
Execute the launch with precision
Understand the steps to generating revenue and develop the necessary tools and programs to achieve success.
By following these expert recommendations, you can significantly increase the likelihood of a triumphant pharma launch. Remember, the key to success lies in meticulous planning, effective communication, and unwavering commitment to your brand's vision. Good luck!
