Market Education Tactics and Strategies to Support Successful Oncology Product Launches

CHAPEL HILL, N.C., Oct. 21, 2011 /PRNewswire/ -- As the pharmaceutical industry continues to win new approvals and indications for cancer therapies, the global oncology market is on track to reach $75 billion by 2013. Faced with an increasingly challenging marketplace, pharmaceutical and biotech companies have come to recognize the value of market education in winning support among key oncology stakeholders.

Like other therapeutic areas, oncology faces a payer-driven environment that pushes organizations to build compelling value equations for their products that will meet the needs of the payer sector. To meet this need, oncology leaders initiate nearly all payer, Medicare, Medicaid and government education activities earlier than other therapeutic areas, according to a new report from Best Practices, LLC. The study found that oncology leaders started seven of 10 payer education and engagement activities by Phase II whereas other therapeutic areas only commenced two of the 10 activities at that phase of clinical development.  

The report, Educating the Market to Support Successful Product Launches in Oncology, also presents education strategies and tactics for other key stakeholder groups such as KOLs, physicians, and patients. The 103-page written report contains more than 40 narratives from oncology launch leaders and more than 450 benchmark metrics on the most effective physician, payer and patient education practices conducted from clinical development through launch.

The research - which includes Oncology and total benchmark class segments - attracted 34 executives and managers from 26 leading pharmaceutical, biotech and medical device companies, including 12 of the Top 20 pharmaceutical companies. Additionally, the research reflects on nine deep-dive interviews with selected participants.

Key Topics of this report include:

• Identification of Key Education Tactics for Thought Leaders, Physicians, Patients, and Payers
• Identification of Key Timing for Educational Activities for KOLs, Physicians, Patients and Payers
• Assessment of Key Market Education Practices, including Thought Leader Activities, CME, Scientific Publication Strategy and Tactics, Patients and Patient Advocacy Education, Clinical Trials & Payer Education
• Description of Critical Market Education Pitfalls and Future Trends

Executives and managers involved in market education efforts for new oncology products can use this research to compare their market education tactics and strategies with those of leading organizations.

To learn more about this report, download a complimentary report excerpt at http://www3.best-in-class.com/rr1129.htm. For related research, visit our Best Practices, LLC Web site at 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.

SOURCE Best Practices, LLC