How to use pharma industry market research to your advantage
A new pharma product is launched every few days around the world, but most launches don’t meet expectations. Meanwhile, other launches are breathtaking, like the 2014 debut of Sovaldi, from Gilead Sciences, which saw $10 billion in sales that year. The drug works well – a fact which obviously helped fuel sales – but that’s not everything.
Drug makers need to be on their game when the drug is launched, and that means having a fully trained sales staff ready to go and being aware of pharmaceutical industry trends.
“To deliver on the high hopes of pharmaceutical brand launches, companies must engage in comprehensive pre-launch planning,” says the consultants at Eularis.
Not that long ago, $500 million in sales within 3-5 years of launch was considered hugely successful. Now, with pipelines drying up and patents expiring, drug makers are seeing where large holes are about to develop in their balance sheets.
“More and more,” according to the Eularis report, “companies are expecting marketers to be instrumental at the key moment of launch, and marketers are under extreme pressure.”
Some upcoming products from the pharmaceutical industry will sell themselves, according to FiercePharma – they are technological breakthroughs, high-powered, or high-performing. But other factors are in play, too – to really succeed, a drug must be cost-effective, easily placed on the market, and mechanisms for reimbursement need to be in place.
According to market research firm McKinsey, nearly 60% of pharma launches are for products which are either moderately similar to what is already on the market or basically the same. “Today’s environment requires such a systematic approach,” the firm said, “pharma companies must establish unmet needs in a disease area, develop deep customer insight as a basis for a truly differentiated positioning, land the products safely in the market, maximize launch uptake, and use early experiences in the market to fine-tune ongoing launch activities.”
That is where the new crop of biotech and pharma databases prove their worth when it comes to market research into the pharmaceutical industry. Databases like the ones offered by myPharma Thinktank support launch teams from beginning to end by detailing patent expirations, drug pipelines, partnering opportunities, and a full spectrum of metrics. Full-service databases would also allow drug makers to determine initial pricing and launching sequence, track competitor prices, improve market access, and assess a variety of business impacts, from price changes to regulatory shifts.
myPharma Thinktank is a decision-making tool developed to help executives in biotech and pharma domains grow their business. An offering of Eli Global, our powerful platform provides real-time insights and information solutions about companies, products, clinical trials, partnerships, licensing opportunities, regulatory tracking, and patents. Sign up for a free demo today at www.mypharmathinktank.com.