Launching Blockbusters: Investing for Maximum Impact

Apr 12, 2001, 01:00 ET from Best Practices, LLC

    CHAPEL HILL, N.C., April 12 /PRNewswire/ -- In the race to boost market
 uptake to an optimal first-year peak, pharmaceutical executives are ramping up
 investments in pre-launch marketing activities, according to a report from
 pharmaceutical benchmarking leader Best Practices, LLC.  Companies that
 allocate marketing resources early discover and develop new products that are
 better aligned with customer needs, leading to rapid market penetration and
 spectacular sales growth.
     In "Launching Pharmaceutical Megabrands: Best Practices in Marketing
 Blockbusters," available at www.BenchmarkingReports.com, benchmark partners
 reveal that early investment in marketing support has a high pay-off.  For
 example, companies that invest in early marketing activities cash in on
 consumers' unmet medical needs and new market opportunities.  Additionally,
 companies save millions by identifying compounds with high market potential
 early, and avoid investing in low-potential products.
     The leading practices, managerial insights and benchmark metrics in
 "Launching Pharmaceutical Megabrands: Best Practices in Marketing
 Blockbusters" are drawn from lessons learned interviews and benchmarking
 surveys with more than 20 executives at 12 leading pharmaceutical companies.
 BPLLC project analysts identified several additional key actions that fueled
 rapid sales uptake for new products:
 
     * Develop a strong partnership between R&D and marketing to balance
       therapeutic innovation with commercial focus.
     * Coordinate cross-functional teams, structures and processes to optimize
       a new product's speed to market penetration.
     * Employ broad-based market research beginning in the pre-clinical phase
       to drive product development, positioning and market acceptance.
     * Manage thought leader segments to shape commercially focused products
       and ensure optimal market impact.
     * Align marketing resources to provide early, ongoing and consistent
       support throughout the product development and launch cycle.
 
     "During economic downturns, companies tend to cut back on marketing
 budgets," said BPLLC project manager David Wang.  "This spells disaster for
 potential blockbusters.  Maintaining blockbuster spending levels allows
 companies to sustain success with their high-profile launches."
     "Launching Pharmaceutical Megabrands: Best Practices in Marketing
 Blockbusters" is available for purchase at
 http://www.BenchmarkingReports.com/pr/sm124.htm.  For more information about
 this report or other pharmaceutical industry benchmarking studies, contact
 Alison Maguire at (919) 403-0251 extension 250 or amaguire@best-in-class.com.
 
     ABOUT BEST PRACTICES, LLC
     Best Practices, LLC conducts work based on the principle that
 organizations can chart a course to superior economic performance by studying
 top companies' best business practices, operating tactics, and winning
 strategies.  For more information about Best Practices, LLC, call 919-403-0251
 or visit the corporate website at http://www.best-in-class.com/
 
 

SOURCE Best Practices, LLC
    CHAPEL HILL, N.C., April 12 /PRNewswire/ -- In the race to boost market
 uptake to an optimal first-year peak, pharmaceutical executives are ramping up
 investments in pre-launch marketing activities, according to a report from
 pharmaceutical benchmarking leader Best Practices, LLC.  Companies that
 allocate marketing resources early discover and develop new products that are
 better aligned with customer needs, leading to rapid market penetration and
 spectacular sales growth.
     In "Launching Pharmaceutical Megabrands: Best Practices in Marketing
 Blockbusters," available at www.BenchmarkingReports.com, benchmark partners
 reveal that early investment in marketing support has a high pay-off.  For
 example, companies that invest in early marketing activities cash in on
 consumers' unmet medical needs and new market opportunities.  Additionally,
 companies save millions by identifying compounds with high market potential
 early, and avoid investing in low-potential products.
     The leading practices, managerial insights and benchmark metrics in
 "Launching Pharmaceutical Megabrands: Best Practices in Marketing
 Blockbusters" are drawn from lessons learned interviews and benchmarking
 surveys with more than 20 executives at 12 leading pharmaceutical companies.
 BPLLC project analysts identified several additional key actions that fueled
 rapid sales uptake for new products:
 
     * Develop a strong partnership between R&D and marketing to balance
       therapeutic innovation with commercial focus.
     * Coordinate cross-functional teams, structures and processes to optimize
       a new product's speed to market penetration.
     * Employ broad-based market research beginning in the pre-clinical phase
       to drive product development, positioning and market acceptance.
     * Manage thought leader segments to shape commercially focused products
       and ensure optimal market impact.
     * Align marketing resources to provide early, ongoing and consistent
       support throughout the product development and launch cycle.
 
     "During economic downturns, companies tend to cut back on marketing
 budgets," said BPLLC project manager David Wang.  "This spells disaster for
 potential blockbusters.  Maintaining blockbuster spending levels allows
 companies to sustain success with their high-profile launches."
     "Launching Pharmaceutical Megabrands: Best Practices in Marketing
 Blockbusters" is available for purchase at
 http://www.BenchmarkingReports.com/pr/sm124.htm.  For more information about
 this report or other pharmaceutical industry benchmarking studies, contact
 Alison Maguire at (919) 403-0251 extension 250 or amaguire@best-in-class.com.
 
     ABOUT BEST PRACTICES, LLC
     Best Practices, LLC conducts work based on the principle that
 organizations can chart a course to superior economic performance by studying
 top companies' best business practices, operating tactics, and winning
 strategies.  For more information about Best Practices, LLC, call 919-403-0251
 or visit the corporate website at http://www.best-in-class.com/
 
 SOURCE  Best Practices, LLC