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Product Relaunch Excellence: Transforming Lackluster Pharmaceutical Products into Market Success Stories
Best Practices LLC, Oct 2004, Pages: 122
Product Re-Launch Excellence: Transforming Lackluster Pharmaceutical Products Into Market Success Stories, benchmarks the perspectives of 19 brand leaders from a class of 14 leading pharmaceutical companies.
This report will help executives gain the insights necessary to: set re-launch strategy, re-define brand character, invigorate sales support and set the optimal investment level.
After identifying areas for improvement, your organization can close performance gaps in re-launching products and employ changes that will support and sustain change in your organization.
More than 65% of benchmarked pharmaceutical and biotech participants in our “Product Re-launch Excellence: Transforming Lackluster Pharmaceutical Products into Market Success Stories” ascribed the success of re-launched products to capturing the hearts and minds of their sales forces.
“Organizations spend large amounts of resources re-branding, re-packaging and re-launching products, but fail to recognize that without actively ‘re-selling’ the revamped product to their sales force re-launch efforts are limited, “ noted Gary Shaw, Vice President of Health Care Research. “In most cases re-launch initiatives are prompted by poor performance of the original product and sales people have to overcome their biases linked to the original product and positioning.”
A common strategy employed by savvy re-launch veterans was to expose sales leaders to every stage of planning to ensure complete understanding of the business case and positioning of the re-launched product. For example: a leading company had to cut the price of its re-launched drug. The sales organization was resistant to the proposed cut due to fears of increased difficulty in meeting the sales quota. To win their support, the brand team communicated regularly to the sales group and articulated the case that increased sales volumes would translate into larger total sales.
In addition to insights into re-launch sales force management, this study also provides a comprehensive overview of field-proven re-launch strategies in the following critical areas:
- Re-defining Product Character – 95% of surveyed companies find adjusting core message adequate to redefine the brand character of the product.
- Re-launch Marketing Investment Metrics: Companies essentially share the same approach to resource allocation for re-launching: the majority of investment– roughly 75% – is shared by sales, various promotional channels, KOLs and advocacy initiatives.
- Case Studies Inclusions: Read about what made the re-launches of Zithromax & Wellbutrin XL so successful.
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Developing Managed Care Pull-Through Excellence
Kose R.E. Co.,Ltd
Odyssey Re Holdings Corp
Montpelier Re Holdings Ltd
Greenlight Capital Re, Limited.
Paris Re Holdings Limited
Nova Re S.P.A.
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