Identifying Uses and Target Populations Early Builds Efficient, Unique Marketing Strategies for Emerging Pharmaceutical Brands
Market research and medical meetings promotions represent two of the largest marketing spending allocations for pharmaceutical brands, according to a new study by Cutting Edge Information.
The study, “Launching Pharmaceutical Brands: Formulas for Commercialization Success,” found that on average, pharmaceutical brand teams spend 17% of their budgets on market research and 12% on promotional materials for medical meetings. The report also outlines dramatic differences in commercialization spending categories, such as congresses and symposia versus patient education materials, depending on the product's target audience and its relationship to products already on the market. Because not every brand will have the same audience, commercialization efforts must reflect these individualized needs.
The study found that during the pre-launch stages of commercialization, a niche compound spent significant amounts on market research (16% of commercialization budget), competitive intelligence (6%), pricing and reimbursement (19%) and HEOR (19%). During the same timeframe, a medical device brand allocated large portions of its budget to medical meeting promotions (27%), medical publications (21%), and medical education (21%).
“The lesson for companies is that not all marketing activities deliver the same value to every brand,” explains David Richardson, senior research analyst at Cutting Edge Information. “A deep contextual understanding of the product, its usage and its audience is critical, as are the questions that emerge from that knowledge. Altogether this information creates the foundation of a successful marketing strategy.”
“Launching Pharmaceutical Brands: Formulas for Commercialization Success” (http://www.cuttingedgeinfo.com/research/marketing/pharmaceutical-brand-launch/) benchmarks 15 pharmaceutical brands' market resource allocations across the critical periods of commercialization: Phase 3 to regulatory approval; approval to launch; and launch to six months post launch. Use this report to:
- Benchmark comparable brands' budgets and win necessary resources for commercialization.
- Know when and how much to invest in commercialization areas including advertising and promotion, market access, decision support and medical affairs.
- Avoid underfunding key areas during commercialization and overinvesting in less important areas.
For the latest research on global pharmaceutical marketing and brand launch strategy, contact Stephanie Swanson at +1 919-403-6583 or visit http://www.cuttingedgeinfo.com.
Cutting Edge Information
Stephanie Swanson, 919-403-6583