Bringing a novel pharmaceutical or life sciences product to market has always been an arduous undertaking, even before the onset of the coronavirus pandemic. In fact, a study by McKinsey reported that 40% of worldwide drug launches between 2009 and 2017 failed to meet their two-year sales forecasts.
Launching a new product has traditionally been an inside out perspective (i.e., a so-called “PUSH” process to push the brand into the market). Our new, unique model is an outside in perspective (i.e., a so-called “PULL” process) used to assess and understand the market dynamics, and then letting the market come to the brand as the market dynamics dictate the position and potential success of the brand, not the brand team. Commercial professionals must understand the marketplace and the competencies needed to succeed and thus design their go-to-market field optimization plans with the capabilities the market has dictated.
Listen to Baker Tilly’s on-demand presentation that will discuss their new, unique Product Opportunity Evaluation Model (P.O.E.M.) framework for planning the successful launch of a new pharmaceutical product in today’s complex environment. Our team of Value Architects™ discuss: