A product launch is not an easy task by any stretch of the imagination as it involves multiple groups working as a team to churn out the desired results. Your company might have launched several drugs before but that would not have a huge say in your new venture going smooth.
Failures can occur but the key here is to not worry about them and instead learn from them. We often talk about the success mantras but rarely do we talk about the mistakes that you need to avoid during a product launch.
So, here we have listed the three mistakes that you need to definitely avoid while preparing a drug launch.
Not thinking about the big picture
One of the biggest mistakes that you can make is to not think about the big picture right from the beginning. When it comes to a drug launch, there are innumerable things to keep in mind, like, licensing, target audience, business campaign, marketing strategy, manufacturing speed, product-pitching, and so on.
One way to go about the whole process is to focus on just the specific aspects that you feel need the most attention and forget about the rest of the things. Yes, this can deliver faster results but it can backfire in a huge way in some cases. Even the smallest of mistakes in neglected areas can jeopardize the whole product launch.
Therefore, the right way to go about it is to first identify all the steps involved in the process of product launch and then go through it one-by-one. This not only enables you to see the big picture clearly but also lets you take one step at a time and that too in an ideal manner. As a result, you will be able to successfully launch the drug on time to the right audience and get back maximum revenue.
Having a silo mentality
One thing you should never forget is that it takes a team to make a product launch successful. The only way to go about it is to coordinate with your team and work as a cohesive unit. Working in silos would not help the cause one bit.
Yes, making different groups and departments in large companies is a common practice and it does help in streamlining the work in a better way but it is also necessary to ensure free-flowing communication between all these groups. A contract research organization can assist you in all your drug development needs, saving you time and resources.
Having various versions of the truth can lead to discrepancies and result in the failure of the end goal. For example, if a team member of the sales team has a problem then he/she should be in a position to freely discuss it with the brand management team. Therefore, working as different parts of the same engine to achieve a single goal is the way to go ahead.
Lack of knowledge about product benefits
The reputation of the pharmaceutical company can help make the sales to some extent but it is important for the salesperson or the medical representative to have thorough knowledge about the product benefits so as to pitch the product the right way. You should be able to paint an accurate picture of the benefits a consumer can enjoy after buying your product.
Furthermore, if a person pitching the product is not able to present it the right way, it shows a lack of preparation on his/her part, which can contribute to creating a bad reputation for the company. Thus, having knowledge of your product’s performance is absolutely important.
Avoiding these three common mistakes will eventually help you carry out a successful drug launch!
