Wednesday Mar 29, 2023

Never Changing Traditional Pharma Sales & Marketing Approaches Will Eventually Destroy Companies

Never Changing Traditional Pharma Sales & Marketing Approaches Will Eventually Destroy Companies

Sales and marketing strategies currently implemented by pharmaceutical companies needs a drastic change. Most of the new drug launches over the past three years have underperformed and have resulted in big losses for pharma companies. It is reported that 62% of drug launches between time period of September 2019 and December 2021 have underperformed according to the latest report by Trinity Life sciences. This report highlighted that these launches have not kept up with the changing trends in scientific innovation over the last decade.

To launch new products, companies should not rely on traditional sales and marketing strategies. There is a need for commercial teams to re-think and revolutionize the current commercial models and be updated with the innovations that are taking place regarding development of new drugs.

There was a failure to implement innovative approaches for patient engagement throughout clinical and marketing process that led to this underperformance. Additionally, COVID-19 pandemic also impacted drug launches and exaggerated problems for companies.

Ingrained conventional wisdom suggests the overall success of a drug is determined in the six months following approval. Therefore, there is a need for companies to develop a go-to-market strategy which recognizes a more sustainable early period of sales growth. Pharma companies should also recognize that certain drugs require greater patience in the initial one to two years after launching.

Building reliable foundations for planning commercial activities should be the ultimate goal for new drug manufacturers. To set real expectations with investors before drug launches and prioritizing customer targets will also help drug companies to be more profitable.

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