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The pharmaceutical industry is an incredibly lucrative market, with more than $1 trillion in yearly global sales, delivering some of the most exciting and groundbreaking products, while changing the face of health worldwide.
But it’s not an easy market to conquer, with just 20 percent of approved products reaching profitability. And that’s not to mention the lengthy R&D and regulatory review processes, which can take more than a decade and eat up billions in investment.
The objective of any new product launch is to spark excitement and sales. But pharma is also an incredibly challenging market, as companies face regulatory and insurance changes, high failure rates and a lack of trust and/or awareness from patients and providers that complicate the relationship between company, consumer and doctor as products come to launch.Click To TweetHowever, there are strategies and solutions to meet all of these challenges head-on, and drive product sales and success for your company. A huge part of that is a launch plan that involves several important touchstones:
- pre-launch market/landscape analysis
- insights research and communication strategies with critical audiences well before product approval
- consumer and provider awareness and education
- partnership/ally development and advocacy
- traditional and social media strategies
- tying into corporate branding, value of unbranded activities
- continued outreach beyond the launch timeframe
And while no two product launches are alike, these common elements will put you on the path to a successful product sales life cycle. Our experienced team at Padilla has developed an e-book with important guideposts like these, reminders and best approaches to creating a comprehensive communication plan around new product launches.
With an expanded view of communication that goes beyond the traditional launch timeframe, we hope to provide you with a guide that helps drive market development, sales success past the product launch, and growth and value across your organization.
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