Social media is a dominating force throughout the entire world. Over 2.3 billion people use social network worldwide — that equals 31% of the global population. In the United States, 78% of the population possesses a social network profile. Now an extremely crucial tool, businesses try to find multiple ways to use social media advantageously. The pharmaceutical industry is no exception. Pharma companies look to use these new tools to help expedite trial timelines especially within Phase 4 studies.
Controlling new product planning development timelines can significantly ease budget pressures and allow companies to bring devices to market much more quickly. To maximize earnings, companies minimize overall development duration where possible. Products that remain in development stages for longer than necessary cost both time and limited resources.
Increasingly competitive markets—combined with the uptake in evaluative measures like comparative effectiveness—require companies to initiate new product planning activities as soon as possible. Often, dedicated new product planning teams are among the earliest-involved in commercial strategy-building. At the preclinical development stage, 80% of surveyed life science teams include new product planning in their brand commercialization committees (Figure 1). By Phase 3, a smaller percentage of companies—63%—report the same (Figure 2).
A common challenge facing life science companies is determining a pharmaceutical brand launch budget. No one size fits all because these budgets depend on a number of different factors, including product type, expected peak revenue and market circumstances. Add to this individual companies’ own resource limitations, and a designing a pharma brand budget becomes a very daunting task.
Launching and commercializing new pharmaceutical products is a complex process. A successful launch requires input from experts across the organization, as well as meticulous timing and coordination of activities. “Just about every function at one point or another is going to be involved in the brand launch,” explained one interviewed associate director of new products. To combine an array of expertise, pharma companies develop commercial boards to support their emerging products. However, these teams must evolve over time to match growing brand needs. Continue reading
As part of its research into life science teams’ digital marketing practices, Cutting Edge Information has studied the development and uptake of mobile platforms. Cutting Edge Information’s previous pharmaceutical digital marketing report delves into how corporate and brand teams alike develop mobile applications—combined with how targeted physician and patient audiences use them. Examples of the types of mobile applications that life science organizations develop range from those that are effectively lifestyle trackers to applications that function as medical devices. Continue reading
Pharma brand budgets vary dramatically from early-stage brand development to pharma brand launch. During pre-clinical to Phase 2 clinical trials, brand teams skew support toward medical affairs activities. However, by late-stage development—and especially as pharma brands prepare to enter the market—brand teams must shift their focus to commercialization efforts. Continue reading
Pharmaceutical brand spending is a key consideration as commercialization groups begin pre-clinical new product planning. Life sciences companies must be able to right-size brand support across many functions. Throughout a product’s lifecycle, brand teams must be able to determine budget allocation across medical affairs, market access and marketing expenditures. In the early stages of new product planning, commercialization groups often focus pharma brand spending on medical affairs activities. Continue reading
When it comes to digital marketing strategies, the life science industry may have been slower than other industries to establish a social media presence. Today, however, many pharmaceutical and device teams are involved with Facebook, YouTube and other social media platforms. According to a Cutting Edge Information study, some surveyed Top 20 teams have had a social media strategy in place for over five years. Continue reading
Pharmaceutical companies have long sought to move their emerging brands to market well ahead of their competitors. This first-to-market status has historically been a key consideration in pharmaceutical brand launch strategies. However, as the market becomes more crowded, fewer firms can claim this status for their new products. Continue reading