Launch excellence in Pharma through Analytics: Going beyond Business Intelligence
Market launch is one of the most critical points of a drug’s lifecycle that determines the return on investment for the millions of dollars sunk in pharmaceutical research & clinical development. Studies have shown that for almost all drugs, the growth trajectory is set within six months of launch making it the golden period to consolidate an asset’s market position.
In this scenario, we have a counter balancing set of forces at play. While the launch environment is becoming increasingly dynamic, diverse, competitive and demanding, there is also an ever-growing wealth of relevant data that can enhance the Industry’s ability to adapt and respond to this environment. In this scenario, the key characteristic of a successful launch is underscored by an organization’s ability to leverage these diverse sources of data and harness insights across market and customer groups. What we observe is a fundamental shift in the basis of competition for Global Pharma companies launching their drug. The lever has shifted from who has the largest sales force and the largest marketing budget to who has access to superior real-time insights and who can better institutionalize data driven decision making based on these insights.
In this scenario, we see two major areas Global Pharma companies need to invest in to
maximize their chance of launch success
- Granular understanding of market & stakeholder dynamics: To succeed in today’s complex environment, Pharma companies must undertake measures to get a differentiated and in-depth understanding of their stakeholder segments- Payers, Prescribers & Patients as part of their pre-launch planning. These three key stakeholder segments now wield great influence and are critical to a brand’s success. From identifying and targeting favorable physicians, understanding needs and affordability of payers and demystifying the patient journey and unmet needs, Brand leaders must take a multi-prong approach to understand their universe of stakeholders. Accessing and leveraging insights across these key stakeholder groups is not merely sufficient but a necessary requirement for success in today’s launch world.
- Live monitoring to drive adaptive market strategies: Once the launch goes live, Brand teams often grapple to get their hands on the right insights in a timely format. In today’s mixed commercial model, with many physical and non-physical channels of promotion, Pharma marketing & commercial teams will need to monitor stakeholder response and uptake across all these channels. To achieve this, they need a robust data integration and analytics platform that not only reports information but can pick up trends automatically and alert team members to critical metrics. The success of such an approach should be in that it allows brand teams to come up with adaptive strategies and interventions to stay on course by tackling market events before they can cause irreversible impact.
In the next blog, we will see how we can operationalize the strategies laid out above and how an implementation of these recommendations can help companies gain a superior hand and drive an unfair advantage over competition.