Over the years, there have been plenty of drug launches that have fallen short of expectations. That’s in line with current data, with about 72 percent of product launches fail to meet revenue targets, says Pharma Times. Don’t want to end up with the same poor results? Read on for tips:
Change your pricing strategy
One way to ensure better results is to improve your pharma pricing strategy. Don’t know where to start looking? Engage the services of a market research firm. Market insights give you a useful overview of the market. That’s going to provide you with the basics you’ll need to work on your pricing strategy. Given the many shifts in the health care space in the next few months, a solid overview of the market can help you better position your product prices.
Start on the research
Syndicated research is often an affordable way to get the research started on a particular issue. It provides you with pointers to steer you in the right direction. If you want to jump-start the research process, then paying for the services of a reputable market intelligence company is the first step to getting this done.
Make confident decisions
Make a confident decision when it comes to your pharma pricing strategy. Hire a reputable market research company that’s focused on issues in the health care industry. By providing you with the information you need, you won’t lose sight of the big picture. That’s going to mean prices that up-to-date and spot-on.
You can’t launch products in a vacuum. That’s mean paying close attention to the market as well as to other product launches especially if these are in the same disease categories as your products. By staying on top of any price changes with reliable market research, you can respond as quickly as possible to these changes, allowing you to position your campaigns better.