Abstract
Abstract
Stories, benchmarks the perspectives of 19 brand leaders from a class of 14
leading pharmaceutical companies. This report will help executives gain the
insights necessary to: set re-launch strategy, re-define brand character,
invigorate sales support and set the optimal investment level. After
identifying areas for improvement, your organization can close performance
gaps in re-launching products and employ changes that will support and sustain
change in your organization.
Product Re-launch! It is the hobgoblin of the pharmaceutical and biotech
sector. Few brand leaders ever aspire to this marketing challenge. Yet many
find they and their companies must confront re-launch scenarios - or sacrifice
hundreds of millions of dollars invested in underperforming products.
A hallmark of great brand and lifecycle management excellence is the ability
to successfully re-launch a product that has not achieved its potential upon
market entry. This business situation occurs notably at two critical moments
in a product' s lifecycle:
- The first appearance is product re-launch due to a miscalculation in the
product launch plan. Pfizer' s Zithromax is a notable example of a product
that misjudged the market, corrected pricing, packaging, sales force support
and positioning - and then re-launched. Zithromax is now a multi-billion
dollar annual brand - and a "hall of fame" candidate for re-launch excellence.
- Another venue for re-launch is during market entry of a product
combination or major line extension. In this instance, two existing products
are combined and must launch a new or complementary positioning in the market.
Advair and Prevacid NapraPac are examples of smart combinations.
This Best Practices, LLC benchmarking study probed best practices and lessons
learned in successful product re-launches. This study also includes two highly
successful re-launch case studies: the history and lessons learned from
Zithromax and Wellbutrin - two blockbuster products that nearly failed in the
marketplace during their initial launches. With interviews and extensive
survey data drawn from executives at leading pharmaceutical and biotech
companies, this report serves as a guide to achieve an excellent product
re-launch.
Following, are some of the higher-level key findings from the study. Insights
include:
- 1. Setting Re-launch Strategy: The pathway to re-launch success is paved
by careful analysis of what went wrong during initial launch.
- 2. Selecting Your Pathway To Success: Assess each re-launch as a unique
market situation that requires customized strategy fitting and tactical
alignment.
- 3. Redefining Product Character & Position: Shape a new core message that
serves as the catalyst for the revised product positioning.
- 4. Winning The Hearts & Minds of The Sales Organization: Sales force
strategy needs to fit the re-launch approach and scope to place resources
where they will make a difference.
- 5. Winning The Marketing Investment Resources To Succeed: Product
re-launch success requires the coordination of multiple factors - first of
which is determining the marketing resources required to carry out the
re-launch strategy.
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