Deliver results to your internal stakeholders. Be aggressive as the new year approaches, senior leadership always appreciates individuals and team that proactively seek and understand the market in which their companies’ brands compete.
LCN suggestion: Fix the Spending Ratio Imbalance
Pharmaceutical companies spend a tremendous amount of resources in understanding how to communicate a brand’s unique value proposition to the market. Although this is necessary, it is not enough to achieve success and of course, the law of diminishing returns should be taken into consideration.
However, our industry seems to devote a fraction of the human and financial resources on understanding the impact of external forces. The top resistance to a brand’s market success: THE COMPETITION!
Market Dynamics Assessment
Understand the marketplace factoring in the elements of the competitive ecosystem:
State of the industry, government agencies, payers, shifting healthcare delivery models, disruptive changes such as precision medicine and AI, scientific breakthroughs
Understand the therapeutic climate in which your brand competes:
They are the single most important impediment to maximizing brand potential.
Understand why they have share. How are they leveraging the elements of the marketing mix to get prescriptions and their strategy to blunt your brands utilization?
Corporate: How are they medically and commercially resourced to build the market and promote their products?
Promotional: How many reps and what are the tactical execution at the field level? Product message, counter-detail, patient retention support activity
Prescription Fulfillment: What strategic and tactical elements are being leveraged to ensure patients are started and retained once a prescription has been filled?
Market Development: What medical/clinical market are being developed thru MSL’s, CME, studies, medical conference activity?
What are stakeholders views of the market moving forward?
What are the changing attributes of the customers?
How will AI, Precision Medicine and patient empowerment thru social/digital access change the current healthcare delivery model?
What other therapeutic specific disruptive change elements on the horizon?
First and foremost, decide to move forward and monitor the external competitive landscape. It is too important to rely strictly on internal knowledge. It needs to be vetted by external agency collecting data objectively.
1. What critical questions require external interviews because the answers are not available in the public domain?
2. Who are your targets? Which competitors? Which other element of the market ecosystem have an impact?
3. Determine the scope of the engagement. Is it a short benchmark or will a monitoring be required with frequents intelligence briefings? Do you need an external agency covering and collecting intelligence at relevant medical conferences?