When it comes to the commercial launch of a new medicine, pharma companies face a critical moment filled with complex processes, regulations, and often intense competition. To achieve a successful launch, a well-planned and executed strategy is essential, considering all aspects of the launch process.
CELforPharma faculty member Kurt Arco has analysed both disappointing and successful launches over the years and discovered the 5 key components of commercial launch excellence. The below slide highlights these elements which are discussed in detail in his two-day course, Strategy & Planning for Commercial Launch Success in Pharma:
1. Engage early with key stakeholders: A first important element to a successful pharma launch is building relationships with key stakeholders. By engaging early, creating a compelling communication platform, and having a clear value proposition, launch teams can generate support for their product.
2. Win pre-launch years: It is key to create early awareness and experience, and defining the market while countering competitor attacks during the pre-launch years. This helps generate momentum and anticipation for the new brand.
3. Address competitive insights: The third component to launch excellence involves staying ahead of the competition by gathering all relevant key market events, addressing prompt competitive insights, and preparing and aligning the organisation. This ensures that the product is well-positioned in the market.
4. Invest in Launch Academy/capabilities: The fourth pillar highlights the need to invest in launch academy/capabilities, including engaging with a wider organisation as of mid-phase 2 and investing in the necessary resources.
5. And weaved through this is the never-ending focus on continuous improvement. Companies must continuously monitor and evaluate their launch performance and adjust improve results. This requires a culture of perpetual learning and improvement across the entire organisation.
By mastering these key elements, pharma companies can unlock the secrets to commercial launch success and ensure their new medicine makes a significant impact in the market!