CHAPEL HILL, N.C., Jan. 8, 2016 /PRNewswire/ -- Pharmaceutical companies can no longer afford to rely solely on past experiences when budgeting for a new product launch in today's fast-changing, highly competitive market.
Similarly, the list of launch activities has grown and priorities have shifted in this new launch landscape, affecting traditional spend and timing models for key launch activities. For instance, medical affairs, digital marketing, health economics, & payer activities are growing in importance while field-based promotional investments such as samples and launch meetings are being reduced, according to a new launch study by research and consulting leader Best Practices, LLC.
The study also demonstrates the impact payers are having on a new product launch: For new drugs launched between 2011 and 2013, companies in the study spent an average of $1.9 million on managed markets/market access activities during launch year. Meanwhile, for new drugs launched 2014-17, companies in the study have spent or will spend $2.7 million on managed markets/market access activities during launch year.
"Winning Necessary Resources for a Successful Product Launch" will help pharmaceutical companies develop effective launch and pre-launch activity budgets to ensure successful U.S. market entry for new products. This comprehensive benchmark study investigates current costs as well as budget and staffing allocations required for a successful drug launch. The data in the study will serve as a reference or comparison point for brand and marketing leaders as they develop budgets and allocate funds for their new brands.
Key insights and metrics in the study include:
- Industry average cost for new pharmaceutical product launch
- Average cost for multiple specialty, single specialty and primary product launches
- Percentage of budget allocated to 12 key marketing, education and market access activities during and prior to launch
- Timing for conducting 50+ activities
- FTE Allocated to key launch activities
- Anticipated budget & activity trends
- Top 3 success factors for launch
This report provides exclusive new data on the cost of launching a pharmaceutical product in today's market. The study identifies current investment levels needed for marketing programs, educational activities and market-access efforts required to bring a new successful drug to market.
For this study, Best Practices, LLC engaged 34 marketing & commercial leaders from 27 leading pharmaceutical, biotech, and life sciences companies.
To access the full 120-page report or to download a complimentary summary: http://www3.best-in-class.com/rr1402.htm.
For related research, visit our Best Practices, LLC website at www.best-in-class.com/.
ABOUT BEST PRACTICES, LLC
Best Practices, LLC is a leading benchmarking and advisory services firm serving pharmaceutical and medical device companies worldwide. Best Practices, LLC's clients include all the top 10 and most of the top 50 pharmaceutical companies. 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