Product launch strategy: How to smash your sales targets

The pharmaceutical industry in the wake of the coronavirus pandemic has faced one of the most challenging years globally in terms of operations, scope and budget in all business areas.

One of the vital elements for companies in the healthcare sector is the successful launch of new products, but achieving sales targets is a difficult task. According to a study by McKinsey & Company, approximately 66% of launches fail to meet sales expectations. 

The outbreak of Covid-19 has also had a positive impact on pharmaceutical companies by giving them the opportunity to accelerate their digital transformation processes, adopting the use of digital tools in their processes and creating new channels of communication with HCPs. Now is the time to leverage these channels to prepare for the launch of new drugs that were disrupted by the pandemic.

What elements will keep in mind? Nowadays, product launches cannot be as they used to be, so the main areas to focus on in the “new normal” are:

100% digital product launch, applying a hybrid sales model.
Mobile first strategy to reach stakeholders anytime, anywhere.
Impact through unique, interactive and summarised content.
Increase the frequency of impacts in a non-intrusive way.

At Compettia we have experience working with the TOP 10 most relevant pharmaceutical companies in the world and we have developed together with them different programs to guarantee the success of their product launches. For this reason, we have collected the main considerations to achieve the best results throughout the product life cycle. Let’s get started!