A key component of any company is sales. The product or service must be sold in order for the business to continue running their business. Pharmaceutical companies are not immune to this requirement. It is for this reason that they run advertisements online, on the radio, on billboards, and on television. But it is not only individuals with conditions and diseases that they need to expose their product to. Pharmaceutical companies also need to convince doctors that their drugs work and could be beneficial to patients. It is for this reason that pharmaceutical representatives are sent out into the field, to speak with doctors and hospitals, and showcase the newest drug developments.
According to an EvaluatePharma study, two-thirds of all drug launches failed to meet prelaunch expectations in sales their first year on the market. More importantly, of the one-third that did meet their year-one target, 65 percent continued market growth in year two, and 53 percent exceeded goals for year-three. The group that missed their target upon launch continued to lag in years two and three. And you thought getting FDA approval was the tough part.
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