CHAPEL HILL, N.C., Dec. 4, 2015 /PRNewswire/ -- The biopharmaceutical sector has seen many new product launches in the last few years, including some notable new drugs targeting the cardiovascular therapeutic area. Recent market entries have illustrated that there are a critical core set of factors for cardiovascular products as well as other therapeutic areas.
According to research by Best Practices, LLC, more than half of the Total Benchmark Class – 64 percent - favor spending 101 percent to 150 percent of the market leader's investment level during product launch. Investment requirements are even higher in the competitive Cardiology market, where 83 percent of respondents assessed required resource levels to be 121 percent to 200 percent of Market Leader levels.
The related report, "Success Factors and Failure Points in Cardiovascular Product Launches," explores each aspect of this framework for launch success and provides a cardiovascular segment as well as a data segment representing other therapeutic areas combined. This comprehensive launch study delivers qualitative and quantitative data on differentiation, pricing, physician and thought leader education, payer and formulary access, launch readiness, resource allocation and much more.
Topics covered in this research include:
- Winning on Differentiated Product Positioning
- Winning a Physician's Initial Trial of a New Product
- Articulating Benefits that Shape Positive Market Perception
- New Product Pricing Strategy
- Thought Leader Engagement
- Early Physician Education
- Payer Education
- Patient Advocacy and Education
- Preparing Market Constituents
- Access Insights & Success Factors
- Winning Hospital Formulary Access
- Resource Allocation for Key Stakeholders
- Investment Requirements, Resource Allocation & Timing
- Internal Launch Readiness
- New Technologies for Informing Patients and Physicians
- Pitfalls and Stumbling Blocks
- Demonstrating Efficacy
- Rating Different Safety Dimensions
Best Practices engaged 44 external executives at 38 companies to participate in an extensive online survey to collect quantitative data around product launches. In addition, research analysts conducted deep-dive interviews with 6 external companies.
To access the full report, or to download a complimentary summary containing insights found in this report, click on the following link: http://www.best-in-class.com/rr1398.htm
For more information on other recent primary research studies, contact us at 919.403.0251. For related research, visit our Best Practices, LLC website at http://www.best-in-class.com/.
ABOUT BEST PRACTICES, LLC
Best Practices, LLC is a leading benchmarking, consulting and advisory services firm serving biopharmaceutical and medical device companies worldwide. Best Practices, LLC's clients include all the top 10 and 48 of the top 50 global healthcare companies. The firm conducts primary research and consulting using its comprehensive proprietary benchmarking tools and analysis. The operational insights, findings and analysis form the basis for our Benchmarking Reports, databases and advisory services to support executives in commercial and R&D operations. Best Practices, LLC believes in the profound principle that organizations can chart a course to superior economic performance by studying the best business practices, operating tactics and winning strategies of world-class companies.
SOURCE Best Practices, LLC