Abstract
The blockbuster drug model drove the pharmaceutical industry to great heights
for decades. In the current pharmaceutical market, however, blockbusters are
becoming few and far between. In what can sometimes be a search for pharma' s
holy grail, the difference between discovering a blockbuster and the next
me-too product often comes down to experience and expenditure.
Blockbusters are not simply born out of large pharmaceutical companies'
expansive pocketbooks. Instead, it is their past experience commercializing
drugs in varied markets with large patient populations that has taught
blockbuster brand teams how to avoid common pitfalls. The blockbuster brands
profiled in Cutting Edge Information' s latest study have experienced, savvy
promotional infrastructures that support drug launches every step of the way
with expert solutions.
Furthermore, blockbuster drugs rely so heavily on acceptance from the medical
community, that it' s no wonder why they deliver the massive returns that make
them blockbusters. Blockbuster brands are consistently supported by efficient,
streamlined thought leader development programs designed to win the medical
community' s acceptance and propel the drug to rapid peak annual sales.
The following recommendations and conclusions were among Cutting Edge
Information' s top study findings:
Invest in thought leader development to generate widespread market acceptance prior to Launch.
Cutting Edge Information analysts identified thought leader development as a
critical component to blockbuster brand teams' successes. Blockbuster brand
teams tap the medical community early in development and continue to invest in
opinion leaders for a number of purposes, including publications planning,
speaker opportunities and continuing medical education...
Assign marketing resources to overcome unique blockbuster brand challenges
Every brand comes to market under unique marketing circumstances. Not all
drugs are able to benefit from a mature promotional infrastructure or a strong
clinical profile - so blockbuster product teams must work diligently to
provide their brands with comprehensive marketing efforts that underscore
drugs' strong attributes and surmount their downfalls. To accomplish this
feat, companies deliberately and strategically allocate resources to a
marketing mix that best compliments their objectives. Therefore, competitors
can learn much about a drug' s profile by looking at the brand team' s budget
allocations.
Market research dominates early-phase US commercialization spending
Early in a drug' s lifecycle, project and brand teams' primary objectives are
to start outlining the competitive landscape, identify unmet needs and spot
potential problem areas that could inhibit a drug' s US commercial development
in the years ahead. Marketers tackle these challenges with market research,
which is one of the best tools brand teams have at their disposal early on. US
resource allocation analysis shows that market research spending dominates
early marketing budgets...
Negotiate co-promotion agreements to overcome a lack of European promotional infrastructure, extend commercial reach and increase market penetration in Europe
To expand their reach in Europe and to fully penetrate the market, five of the
six European brand developers have either signed co-promotion agreements or
plan to do so. These brands, each with its own unique combination of European
promotions experience and infrastructure, sought co-promotion partners with
the promotional capabilities and European presence that best complements their
situations...
Advertising spending consumes 12% less of European marketing budgets than global spending
One core marketing strategy that brand teams approach differently in Europe is
advertising. The absence of direct-to-consumer (DTC) advertising in Europe
means companies must shift the strategies they use to promote key product
platforms in the US and other markets. Instead of relying so heavily on
advertising to spread the word of their products' clinical merits, European
brand teams instead target influencer and prescriber networks through other
channels, including advisory boards, symposia, congresses, thought leader
relationships and their sales forces...
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