Getting a product to launch on time and with success is harder than ever for today’s life sciences marketers. You must have the right tools to keep up. Problem is, many are using old strategies to win a new game. Using an outdated approach will ensure your launch lacks the speed and flexibility needed to beat the competition.
To make matters worse, launching a product is an expensive venture – you can’t afford to not get it right the first time. According to Forbes, companies can expect to spend $350 million on a single drug release before it even goes on sale. This is partly due to the high rate of failure – only 5% of new drugs make it to launch, which means the survivors have to bear the costs of the ones that don’t make it.
That’s a tough business model in a competitive market. So how can you make it work?
Strengthen the Core
Everyone knows speed is crucial to effective launches. In fact, future success of a product often is determined in the first six months of the launch prep. Along with speed to market, your strategy and team have to be flexible so your approach can be altered mid-stream to accommodate new information. These are core elements of a strong launch.
If you can answer “yes” to these three questions, your launch approach is right on track:
- Flexibility – Are you in a position to revise your strategy quickly if necessary during the launch?
- Speed – Are you able to get your launch message to your audience in an engaging and timely manner?
- Access to Real-Time Data – Do you have the information you need, when you need it, so you can be fast and flexible during launch?
If you answered “no” to any of these questions, you could benefit from a product launch refresh. It’s not as hard as it sounds with today’s new tools designed specifically for life sciences and pharmaceuticals marketers.
At elandas, we make today’s dynamic processes much easier to manage. A host of tools that work on many platforms are available to ease your product launch.
Selecting the right sales and marketing platform helps you:
- Capture, analyze and access data. With online data and intelligence platforms designed just for pharmaceutical and life sciences marketers, it allows you to learn more about your market sooner. Get a jump-start on strategizing or adjust your strategy mid-launch. Technology can make it easy to get data into the right hands efficiently and consistently, resulting in enhanced internal communications. Your entire team can be on the same page!
- Synchronize and speed-up the pull-through process. New platforms mean you have the ability to deliver customized, regulatory compliant materials to market within days, not weeks.
- Get your materials to market faster. This gives you more time to communicate your message, educate physicians, and nurture relationships with ‘innovator physicians.’ We’re talking huge gains on the competition, right?!
- Alter your strategy as needed, with messaging that resonates with physicians.
The key here is using real-time data to gain the intelligence you need to thrive. It’s a whole new ballgame for sure. Make sure you have the latest tools to make you more efficient, more prepared and more skilled than your competitors, remember that 85% of launches establish their product trajectory in the first 6 months*. So getting off to a strong start is critical.
Those who can act fast and plan their strategies sooner will better positioned for success.
Whether you need to gain a better understanding of your formulary position or gain real-time visibility into what is happening in the field, elandas knowledge management systems have you covered.