Consider this: According to IMS, only one in five pharmaceutical products is able to significantly change the market share trajectory established in the first six months after launch.
Product launch is the lifeblood of the pharmaceutical world. New product launches allow pharma companies to overcome the impact of products losing patent protection and the corresponding loss of market share to competition or generics.
For medical devices and diagnostics, product launches have also been important because introducing innovative new products is a key revenue driver.
In fact, many healthcare industry companies believe, as they embark on a product launch journey, that they have the best roadmap for product launch success. But what happens when they find out mid-journey, that the roadmap they are following is out of date? That the road that used to get them to their destination in the shortest time, was no longer the best?
In essence, that is what is taking place in healthcare today. The importance of the 6-month launch window has not changed, but the skills needed to maximize market share in that window have. Customers now expect representatives to deliver patient-focused, evidence-based solutions that solve critical clinical and/or business issues for their organization.
To align with the changes in today’s market, successful sales reps must blend a higher proficiency in more traditional B2B sales skills with increased clinical selling skills. Today, a representative may be collaborating with a key value clinical influencer of a value analysis committee in the morning and a financial administrator in the afternoon. With this in mind, representatives must be able to identify and map stakeholders of IDNs to understand their impact on the decision-making process. They must also understand each stakeholders’ individual value drivers and how their product meets (or doesn’t meet) that value driver.
The shift in today’s healthcare business model requires that sales leaders understand the proficiency level of their team regarding B2B and clinical selling skills and develop them accordingly to make sure the team is following the updated launch success roadmap.
For a more in-depth discussion of maximizing market share at launch outlined, download the white paper here.
If your organization is ready to align your sales talent with the market and maximize your launch effectiveness, we can help. Contact us for a complimentary consultation at +1 (704) 227-6500, or by email to firstname.lastname@example.org.