Studies reveal that new drug sales continue along the same curve as their initial projections. More than 70% of drugs that don’t fulfill launch goals keep going (or don’t) after launch. Yet, above-average performers maintain high standards at 80%.
The pharmaceutical industry is adapting methods to introduce new medications to consumers. There will be many botched drug launches before the industry finally gets it right. Follow these steps to verify that it is not yours.
Recognize Patient Needs
Patients have a more significant role in the healthcare system than ever before, and social media is an excellent resource for recruiting participants, monitoring trends, and identifying patient patterns.
The pharmaceutical business has lagged behind patients in adopting new technologies. The pharmaceutical industry and its patients have a communication problem contributing to the new drug failure rate. Recognize that patients want transparency, pharmaceutical trial findings, and affordable access.
Target Drug Prescribers
A lack of understanding of doctors’ prescription patterns and concerns is a typical cause of drug launch failure. Pharmaceutical companies have a better chance of success if they differentiate themselves from competitors and highlight their products’ clinical and non-clinical benefits to prescribers. This requires extensive research on prescribers in the target markets for new drugs.
With this knowledge, pharmaceutical businesses may better communicate with doctors whose brand choices are influenced by the extent of company support.
Maintain Excellent Customer Service
The pharmaceutical industry must keep up with increased consumer expectations for service quality as they become accustomed to higher standards in other sectors. Patients can optimize their treatment outcomes by taking an active role in their care.
Use information gathered through electronic gadgets, phone calls, and emails (among other sources) to create patient-focused practices. Create and push patients to use formal feedback channels where they can learn, voice new issues, and interact with healthcare providers.
Keep Tabs on Patients’ Sentiments
Structured patient feedback methods like surveys and focus groups have certain limits when determining patient satisfaction. First, by asking leading questions, they limit the drug users’ and the brands’ access to information. Also, they are rarely executed, leading to static depictions of a dynamic environment rather than continuous intelligence simulations of the whole shift.
Today’s patients are vocal about their healthcare experiences on various online platforms. As a result, modern pharmaceutical companies may mine a plethora of unstructured, text-based data on how medications affect patients’ quality of life. Pharmaceutical businesses use sentiment analysis and opinion mining to evaluate patient opinions.
The NetbaseQuid platform employs cutting-edge AI to process billions of indexed resources across all structured and unstructured data, allowing their brand, agency, and consulting service clients to make informed, data-driven decisions in record time. Information such as market size, consumer conversations surrounding your target audience, and the strength of the competitors may all be uncovered with NetBaseQuid and used in your SWOT analysis.
Drug Launch Tools to Use for Marketing a New Drug Launch
Road Mapping Software
Software for creating road maps is an essential tool for all product managers. This program makes it easy to see and keep tabs on where things stand with a drug launch project, helping to keep everyone on the same page. To maximize your software investment, ensure it works well with your current team structure and processes.
Data Analysis Software
Using data analytics software can help you pinpoint problem areas. Analytics reveal what is working (and what isn’t) when the correct indicators are tracked
Communication Tools
The foundation of any collaborative effort must be solid communication. Chat and video apps may not be able to fix all your issues, but they should still be front and center in your stack. While communicating, some things are better said through some channels than others.
Feedback Tools
Customer surveys are an effective strategy for gathering positive and negative comments about your medical product. You may quickly and easily create a survey with the help of a survey tool because many of them now include preformatted questions.