According to an EvaluatePharma study, two-thirds of all drug launches failed to meet pre-launch expectations in sales their first year on the market.
On top of that, for one-third of drugs that met their year-one target, 65 percent continued market growth in year two, and 53 percent exceed their goals in year three.
Your pharma company could have created a groundbreaking drug; put so much time, money and effort into it, but then what? How do you push that drug to market and to a successful launch?
Then, how can you continue market growth after the initial launch? The goal is to create a long-lasting successful drug, not just a one year wonder. We have put together four major steps that must be executed in order to develop a winning pharma launch strategy for a drug or product that will also result in continuing market growth overtime.
The four steps are:
1. Commercialization of New Drugs
2. Estimating Market Size & Understanding Population
3. Targeting Prescribers
4. Social Engagement