CHAPEL HILL, N.C., Oct. 6 /PRNewswire/ -- Pharmaceutical and biotech companies reach much greater and sustained product success when they ensure strong partnerships between R&D and marketing, balancing therapeutic innovation with commercial focus in all stages of product development. It requires companies to break down the walls that have traditionally separated R&D from marketing and instead leverage the strengths of both talented medical researchers and skillful marketers.
Best Practices LLC's benchmarking report, Best Practices in Global Pharmaceutical Launches, outlines just what commercially focused R&D looks like. For example, marketing organizations have now assumed an active role in conducting early and continuous market research and interacting with thought leaders to identity unmet medical needs, assess market opportunities, drive product profile development and positioning, and create customer demand and brand loyalty.
For more information, sample practices and graphics from this report, download a complimentary excerpt at http://www3.best-in-class.com/rr1025.htm.
Analysts harvested survey data and qualitative best practices from informed executives at elite pharmaceutical companies, including Merck, Pfizer, Johnson & Johnson, Bristol-Myers Squibb and Novartis. The report includes over 180 metrics, 100 best practices and 20 company narratives on critical pre and post launch topics, including:
- Marketing Launch Strategy and Structure
- Marketing Investment and Staffing
- Cross-Functional Launch Team Composition and Management
- Thought Leader Development
- Sales Force Support and Compensation Management
- Market Research
- Marketing Activities
- Life Cycle Management
A small sample of the compelling best practices shared include:
- Top-performing benchmark partners invested significant financial and human resources to ensure the initial and on-going success of important new products. For a blockbuster drug with potential annual sales of at least $500 million ~ $1 billion within 3-4 years following launch, these companies spent between $100 million and $500 million in marketing dollars.
- Benchmark partners stressed the importance of managing thought leader development as an integrated, multi-phased process. Companies seek to tailor their efforts, activities and relationship investments to match the value of each thought leader segment and to reflect the roles of each segment at different points in time.
Product and marketing executives seeking to improve their own drug launch process will find this detailed report invaluable for learning how the best in the world do it. By implementing the basic drug launch formulas of best-in-class organizations, companies can fine-tune their products' positioning with added assurances of success.
ABOUT BEST PRACTICES, LLC
Best Practices, LLC serves 48 of the world's 50 top pharmaceutical companies. For 17 years, we have conducted work based on the simple yet 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. For more information about the company, go to www.best-in-class.com.
SOURCE Best Practices, LLC