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A Product Director�s Guide to Promotional Mix
Cutting Edge Information, Dec 2006, Pages: 181
Uncover real-world brand budgets from the first three years on the market:
Explore marketing budgets for 9 brands throughout their first, second and third years of market availability.
Each easy-to-navigate brand profile walks you through annual spending in three critical areas of product management:
Promotional Mix
-Detail Aids
-Samples
-Speaker programs
-Journal ads
-Medical publications
-Medical education
-Patient education programs
-DTC ads
Decision Support
-Market research
-Competitive intelligence
Market Access
-Pricing strategy and analysis
-Pharmacoeconomics
-Reimbursement
As branded competition grows tighter and generics increasingly threaten market share, companies work within condensed product timelines to recoup their enormous R&D costs and turn a profit. Achieving a drug’s full sales potential requires teams to be finely attuned to brands’ unique strengths and weaknesses – including the realities of markets, clinical profiles and their own companies’ capacity to support effective promotion.
Against this backdrop, the first few years of a drug’s market life are critical in the brand’s long-term success or failure. Companies must not only develop a strategic marketing mix that will be most effective for their brands but also be prepared to back the chosen promotional activities with sufficient resources.
Understanding these resource allocations in terms of both raw dollars and real-world contexts provides a powerful advantage for brand teams, marketing units, market research personnel, reimbursement groups and other parties involved in every brand’s life.
Sample Content
(The following is an introduction to a brand profile. The full profile contains in-depth discussion of spending patters accompanied by three tables of brand resource data and eight data charts.)
Brand 6 faced some unique challenges as it entered a market with virtually no direct competitors. Although this lack of competition was an advantage in some regards, it also meant that the company had to invest significant resources and time to increase market awareness of the product and the condition it treats. To reach the drug’s peak projected annual sales of $250 to $500 million, Brand 6’s developer will have to continue to devote targeted resources to overcome gaps in physician knowledge.
As a specialized pharmaceutical, the drug offers physicians a unique way to treat Brand 6’s intended patients. Although the drug is not a first-line therapy, it is often used in conjunction with other treatments to have the greatest effect.
The brand had to create a market for itself, as specialists were unfamiliar with treating this disease state. The developer relied on its sales force and detail aids to help effectively commercialize the brand. In fact, in the first three years the developer drew on a $x million to develop, manufacture and distribute detailing materials.
In addition to an immature market, Brand 6 also suffered from its developer’s marketing inexperience. With no other competitors to benchmark, Brand 6’s team developed its own forecasts and strategies. Brand 6’s developer was small and relatively inexperienced, and the drug was the company’s flagship product. It received considerable attention and financial support, since the developer knew its future depended on Brand 6’s success. After the brand’s first year on the market, however, the company was acquired by a big pharma company that now runs the smaller company as a subsidiary. This development affected the company’s structure and the resources allocated to Brand 6's marketing efforts.
Commercial Priorities and Challenges
One of the greatest challenges Brand 6’s team had to overcome was the lack of a market for the drug. The product addressed a distinct unmet need, but specialists were not aware of the drug, nor were they used to treating this disease with a prescription pharmaceutical. To address this challenge, the brand team focused its promotion on market awareness and education for both patients and the medical community.
The company, for example, met with several medical schools to help inform students and physicians about this new treatment option. By going to the source of medical education, the company hopes to expand the future market for its product.
The brand team also addressed specialists' unfamiliarity with pharmaceuticals designed for the condition in question. Though Brand 6’s developer had to blaze its own trail in this area, the lack of direct competition allowed the company to establish itself as a leading provider in this marketplace. Fortunately, targeted specialists are not as overwhelmed as other physicians because few sales reps call on them. This fact gives Brand 6’s reps more time with their sales targets...
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