Bringing a product to the launch stage is a critical moment in a product’s lifecycle. With healthcare costs increasing, patients and providers are more aware of product differentiation, especially when there isn’t any.
Commercial teams carry the burden of educating the market, raising awareness and ensuring patient access. At Herspiegel, we have partnered with pre-commercial biotech companies and some of the largest pharma companies in the world, to launch more than 100 treatments. The product and brands that leveraged our model totaled more than $60 billion in sales last year.
Four Elements of a Go-To-Market Strategy
Leveraging the combined experience of our consultants we have created a proven framework for a successful pharmaceutical product launch. In this paper, we walk you through four critical components, the requirements, and timelines to de-risk and accelerate your product launch.
Where to Play
Every Launch strategy needs to start with a thorough understand of the market and where your product fits. The main elements in discovering ‘where to play’ include:
- Market Assessment
- Customer Journey
- Market Map
- Customer Segmentation
How to Win
New product launches can ensure success when they are adept at communication both clinical and non-clinical benefits to physicians and decision-makers. These are the four elements to identify ‘how to win’:
- Target Product Profile (TPP) and Value Profile
- Vision and Positioning
- Brand Strategy
- Forecast (KPIs that will define success)
How to Execute
Today, less time is spent traveling for in person meetings and more time is spent in front of the screen, which means that companies have to adapt how they set up their field force. How can reps engage physicians beyond office visits? Ultimately, this is what the launch teams need to answer when developing the ‘how to execute’ portion of their strategies.
Drug launch programs coupled with the right launch teams give companies an advantage when bringing their product to market. In order to help our clients execute their go-to-market strategies our teams cover the following as part of the launch strategy:
- Market Development
- Tactic and Resource Plan
- Field Force Sizing
- Infrastructure Development
The Launch Plan
With all the time and resources already invested into launching a product, the cost of failing is high. This is why pharmaceutical and biotech companies come to us to make sure that their launch plans are successful.
These are the final and most important components of a prosperous go-to-market strategy:
- The Launch Plan
- Launch Management
- Launch Readiness
- Launch Summit
Four Parts to Building a Pharma & Biotech Go-To-Market Strategy
In this paper, we walk you through these four critical components, the requirements, and timeline for each:
- Where to Play
- How to Win
- How to Execute
- The Launch Plan
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