Last week, I had the privilege of attending an insightful webinar organized by Fierce Pharma and led by IQVIA, focusing on the global perspective of launch excellence in pharma. If you’re involved in pharmaceutical launches, I highly recommend read this article. The speakers shared critical data on the current state of the pharma market, launch challenges, and success factors for achieving excellence in product launches.
1. The Lasting Impact of the Pandemic on Pharma Launches
One of the standout points was the continuing effect of COVID-19 on healthcare systems and pharmaceutical markets. According to the data presented, there has been a 28% reduction in median cumulative sales for innovative product launches post-COVID compared to pre-pandemic launches.
Key trends discussed include:
- Healthcare Capacity: The pandemic exposed difficulties in accessing patient pools and strained healthcare systems.
- Stakeholder Engagement: Reduced face-to-face interactions have made it necessary to expand engagement efforts across broader platforms.
- Value & Evidence: Tighter budgets and tougher access to funding for innovative products pose new challenges.
The report compared product sales performance from 2017 (pre-pandemic) to the second half of 2023, highlighting how the post-pandemic environment is still recovering, with lower growth curves for many innovative products.
2. Uneven Market Performance: A Focus on Tailored Strategies
The post-pandemic market reveals significant disparities in the performance of innovative launches across different regions and even within the same country. For instance:
- In France, 55% of launches surpassed $50 million in sales.
- In the U.S., 84% of launches generated less than $10 million in sales.
This gap stresses the importance of adapting strategies to local market conditions. Leaders must focus on regions with the highest potential, tackling issues like healthcare capacity, stakeholder engagement, and budgetary constraints to maximize the impact of innovation.
3. Healthcare System Readiness for Post-Pandemic Innovation
Another key challenge discussed was the healthcare system’s readiness to adopt innovative products post-pandemic. There’s increasing demand for resource-intensive medical innovations, but many health systems are financially and operationally stretched.
Key stressors include:
- Staffing shortages
- Patient backlogs
- Budget constraints
Pharma companies can play a pivotal role in easing these challenges by aligning care pathways, reducing operational burdens, and enhancing patient support to minimize hospitalizations.
4. The Role of Medical Education and HCP Engagement
An often-overlooked factor in launch excellence is effective engagement with healthcare professionals (HCPs). Independent third-party medical education platforms can bridge the gap, especially in an era where in-person interactions are limited. Spreading scientific data quickly and efficiently is critical for any launch to succeed.
To facilitate this:
- Medical Affairs Teams should create non-promotional, evidence-based content to inform HCPs on the safety and efficacy of new products.
- Involving Key Opinion Leaders (KOLs), especially early adopters, can help boost credibility and demonstrate practical use cases for the new product.
The content should be shared not just during visits and conferences but also through trusted digital channels to maximize reach. An accredited program lends additional authority and reinforces the scientific integrity of the launch.
5. Digital Strategy: A Key to Accelerate Pharma Launches
A strong digital strategy is crucial for any pharmaceutical launch in today’s landscape. Here’s what you can do to excel in your next tactical launch plan:
Create Powerful KOL-Videos: Use videos from trusted opinion leaders to enhance your message.
- Accredit Your Content: Accreditation brings authority and helps boost trust in your launch.
- Leverage Multi-Channel Dissemination: Don’t just rely on your owned channels—distribute content through the platforms your audience uses most.
- Innovate Formats & Strategy: Align your brand with innovation by delivering your message in creative ways.
- Measure Engagement: Look beyond clicks and CRM data. Track time spent by HCPs engaging with your message.
- Reinforce the Message: Change takes time. Repeating your message through multiple touchpoints is critical for adoption.
Conclusion: Overcoming Challenges for Launch Excellence in Pharma
Successfully launching a new product in today’s pharma landscape has never been more competitive or challenging. As the IQVIA webinar highlighted, post-COVID challenges have reshaped the pharmaceutical market, requiring companies to adopt innovative, customer-centric strategies. Leaders who focus on personalized approaches, leverage digital tools, and engage with HCPs through scientific and accredited content will stand out in an increasingly crowded market.
By following these key steps, you can position your next launch for success, ensuring that your innovative product reaches the right audience at the right time.
Daniela Clape
CEO & Founder – Xpeer Medical Education