CHAPEL HILL, N.C., April 20, 2012 /PRNewswire/ -- There are some two dozen oncology therapies in Phase III testing and many more are in earlier stages of development. While only some of these therapies will make it to launch, those that do will face yet another hurdle: a competitive marketplace where success revolves around planning as much as science.
In this environment, pharmaceutical organizations in the oncology therapeutic area must constantly evaluate which factors play the biggest role in the current launch landscape. One pharma company with promising products in its development pipeline wanted to know what launch success and failure factors play the biggest role in the current launch environment.
To answer this question, Best Practices, LLC conducted a wide-ranging field research project that explores the pivotal success factors and failure points facing new oncology product launches. The research established a critical core set of factors that can make or break a market entry for cancer products as well as other types of therapies.
The study, Success Factors and Failure Points in Oncology Product Launches, presents a framework for launch success:
- The ability to differentiate
- A defined target patient population
- Investment in launch activities
- Engagement of thought leaders
- Education of key stakeholders
- Demonstration of value
- Utilization of new technologies
- Avoidance of launch pitfalls
In terms of educating and winning support from key stakeholders, the study found that companies need to focus on different constituents during three critical early periods in a product's lifecycle (Market Entry, Win Share and Grow Share).
When entering the market, oncology launch leaders said companies need to focus on educating KOLs and payers; when trying to win share, the focus shifts to KOLs and specialists; and when trying to grow market share, it's important to focus on specialists and policymakers/government.
The 173-page report examines each of the key issues that are part of the framework for launch success and offers launch leaders two perspectives: an oncology segment and a total benchmark class segment that includes other therapeutic areas. In addition to delivering qualitative and quantitative insights on each aspect of this launch framework, the report presents launch leaders' perspectives on the current and future risk levels for an array of pitfall factors that can affect a launch.
To download a complimentary study excerpt, go to: http://www3.best-in-class.com/re1905.htm.
Best Practices, LLC used both field surveys and interviews to complete this study. In all, 44 managers and executives at 38 leading bio-pharma companies participated in the survey. In-depth interviews were conducted with leaders from six organizations.
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.
SOURCE Best Practices, LLC