Launch teams understandably have concerns when the launch happens and these concerns are not unfounded given the number of launch failures in recent years. Nearly half all pharmaceutical launches underperform the expectations set internally and by industry analysts. Even meticulously planned launches are failing, but if it is failing, teams that turn this around are prepared to quickly change direction and reprioritize based on results. When planning your next launch, here are a few things to keep in mind.
Detailed launch plans do not always guarantee success but a few key priorities must be focused on. Of course there are other important factors to consider but these are the key ones that show up as done badly for every launch failure case study we have examined. If these are done well, the launch is primed for success.
1. Pricing and Market access strategy.
Poor pricing strategy is the cause of numerous launch failures. Now pricing does not have to be left to chance but can be far more precisely tuned with Machine Learning algorithms similar to the AirBnB pricing algorithms. Data can be collected on competitor brands and patient outcomes and perceived value and create algorithms to identify the pricing sweet spot that will provide maximum perceived value for both payers and physicians, and maximum uptake, and maximum profit to the company. Market access strategy also can be far more precisely tuned with Artificial Intelligence. We can use a combination of Natural Language Processing techniques and Machine Learning for precision sales and marketing strategies as well as visibility into account level contracting strategy to gain faster formulary inclusion.
2. Strong differentiated brand positioning.
Real World Big Data combined with market research data and Artificial Intelligence will allow stronger insights into patient and physician motivations, needs and unmet needs and allow identification of where the brand should play. Eularis utilize a Jobs to be Done approach which has proven to be far more successful than the traditional approaches to identify where the brand should be positioned.
3. Ensuring demand from precision targeting, segmentation and marketing activities.
Physician and patient demand must be created to build a strong case for payers and physicians to shift to your brand. Even in non-DTC markets, this can be achieved with clever use of precision targeting and personalized marketing. Artificial Intelligence allows the ability to utilize real world data in multi-channel marketing to understand how these customers (physicians and patients) prefer to be communicated to, what content is important to them, what channels are optimal and what sequence of messaging works at an individual level allowing mass personalization at scale.
4. Aligned sales force.
The sale force are an expensive component of sales and marketing and must be focused on physicians with the greatest opportunity for the brand. many companies are still relying on historical information to make physician targeting decisions. Up till now, the client had physicians in the call plan that are believed to be valuable, and historically they have been valuable. But the market is not about yesterday, it is about tomorrow. We are fortunate today that the data available allows us to make more precise predictions about tomorrow using Artificial Intelligence. Utilizing predictive physician targeting allows dynamic physician targeting, segmentation, as well as linking to sales force call list prioritization, personalized promotional activities by sales rep, switch prediction (both away from us or away from competitors), custom message recommendations by individual physician, custom detail aids, personalized multichannel promotional response and enhanced payer formulary inclusion.
5. Do not make assumptions.
In addition, no matter how long you have worked in a therapeutic area, a lot is changing constantly, especially with non-traditional pharma players entering the arena. Assume nothing. Many teams we have worked starting with biases on what they believe about the market. These can distort their perception and lead to poorer performance. Even if something was true about a market based on your teams experience, that does not mean it is still true. Data must be examined with an unbiased attitude. Once we were told by a client that the brand would only compete in its’ subclass and they only marketed against other brands in the subclass. The data did not confirm this view as it showed the physicians were not focused on class for that category but on brands. When they changed their focus to the broader category, and customized their messaging, the brand suddenly started to grow. The thing holding the brand back was not bad planning but planning based on inaccurate assumptions.
By getting these key areas as optimized for success as much as is possible using Artificial Intelligence, your launch will have the greatest chance of success. The other benefit of utilizing real world data and artificial intelligence in this endeavor is that the market is dynamic and changing, so despite years of market research and preparation, sometimes unforeseen events in the market will change the market dramatically and the focus must be shifted. Companies that do best in these circumstances are ones that designed their approach to quickly respond to new information and change the approach accordingly. This is something that an approach using real world data and Artificial Intelligence underpinning the analytics is ideal for as changes can be detected as they happen and incorporated into the strategy and tactics being executed.
Launching pharmaceuticals today is the most challenging time in history to do so. To succeed use all the advantages available today, get the key areas listed above right and stay on top of market changes as they happen due to using real world big data to maximize potential and results on their launches. Eularis utilize real world data and Artificial Intelligence strategically for pharma results optimization. For help in using big data and Artificial Intelligence to maximize your launch, contact Eularis at http://www.eularis.com