Infographic
4 ways insights management technology solves launch challenges
Your goal is an informed and successful launch. Your challenges are complex and numerous. Here’s how insights management technology can help.
ROUGH ROAD to LAUNCH SUCCESS
From 2009 to 2017, 40% of drug launches failed to meet their two-year sales goals
Overall, 65% of first-time launches fall short of pre-launch sales expectations
Companies have half the time they used to have before a competitor enters the market
OBSTACLES ALONG THE WAY and SOLUTIONS to STAY ON TRACK
Challenge #1: understanding market potential
Drug and device companies can underestimate how challenging it will be to convert customers to new therapies. They have an insight gap between their launch strategy and the HCPs, patients, payers, and other stakeholders they need to reach.
Solution:
Close that insight gap with a better understanding of your target disease community with network analytics and social listening.
Challenge #2: the shift in 1:1 and group communication
MSLs and sales representatives built relationships with HCPs in person or in face-to-face meetings and congresses. Without an effective tool to support better conversations with diverse audiences, they’ll be limited in who they can engage and the volume of data they collect.
Solution:
Be more agile and drive more productive conversations with asynchronous engagement technology and artificial intelligence applications that can identify trending concepts as insights accumulate.
Challenge #3: increased competition
You have less time than ever to get established and gain market share before competitors come calling. Teams need more time to maximize a product’s potential at launch.
Solution:
Differentiate your product by creating content targeting specific customers and prescribers like patient support material, education resources, and advertising.
Challenge #4: market access issues
Products with unfavorable placement, formulary exclusions, or lack health economics support for pricing may struggle in the market if patients and prescribers believe they will be ineffective or hard to obtain.
Solution:
Bring payers on board early in the launch process to thoroughly understand health economic impact and potential market access issues.
