How Data Can Enhance or Hurt a Product Launch
In healthcare marketing, analytics are everything. With a wealth of data right at our fingertips, marketing strategies can be easily refined and perfected—or just as easily derailed. When it comes to commercialization, what types of data should biopharma companies be looking at? The answer isn’t always so clear.
Our managing director, Roshawn Blunt, recently participated in a webinar panel discussion on this very topic. The panel spoke about data’s much-needed role early in the commercialization process and touched on several key points.
Know your product
Launching a product in the acne space looks a lot different from launching one in the rare disease category, Blunt shared with the panel. That’s why it’s important to understand exactly how your product fits into the broader landscape of patient and HCP needs. “It’s sitting down and looking at the particular molecule or compound, understanding the application, where it can be used, and the disease state across which it can be applied,” Blunt explained. “As we’ve seen many times in a commercialization launch, the first indication is not going to be the last indication.”
Less is more
In healthcare marketing, there’s an often-misguided belief that more data is always the answer. “More data is never better,” Blunt said. Rather, she explained, it’s about finding the right data. Because sometimes more data means more noise, which can cloud crucial insights.
Approach each product differently
“Although we try to get as specific as possible, there isn’t a checklist of what’s necessary,” Blunt explained. “There’s never one model where one size fits all. The most important thing is being able to look at each product individually and not apply a cookie-cutter approach—to make sure that you’re coming up with the right set of information for analysis.”
How early is too early?
“You almost can’t start too early,” said Blunt. Because, she explained, “You can have all the regulatory approval and promotional activity in the world, but that doesn’t mean you’re going to hit your target and that your patients are going to be able to benefit from this really important therapy.”
That’s because drug launches take years, and last-minute setbacks and surprises can add even more time. “The earlier you start to think about the issues,” Blunt shared, “the better equipped you’ll be to handle surprises as you continue down the long pathway in the process.”
Across today’s biopharma landscape, there’s never been a better time to explore groundbreaking science and new opportunities. The possibilities for commercialization are nearly endless‚ which is why it’s so important to make decisions backed by analytics. Having the right data can create a stronger, more meaningful marketing strategy, which in turn can put your product launch on the path to success.
To hear more of Blunt’s insight on analytics refinement in healthcare marketing, watch the full webinar discussion.