Many pharma launch teams fail because they use yesterday’s battle approaches to win today’s brand wars.
Pharm Exec EAB member Stan Bernard* outlines the most perilous product launch pitfalls to avoid.
The pharma world is currently composed of the “haves” and the “have nots.”
- The haves recognize that the industry has transitioned from the Commercialization Stage (“Pharma 1.0”) to the Competitive Stage (“Pharma 2.0”) of its lifecycle and have adopted dramatically new and different ways to win.
- The have nots continue to compete the same old way, effectively using yesterday’s battle plans and approaches to try to win today’s brand wars.
Nowhere is this more evident than in product launches.
In my experience as a competition consultant, I work with companies and brand teams who consistently launch blockbuster products by leveraging Product Launch 2.0 approaches. Unfortunately, I also witness many other companies who repeatedly make the same launch mistakes. Here is what I refer to as the “Seven Deadly Sins of Product Launches.”
- Sin #1: Seeking to win the launch year.
- Sin #2: Trying to win by differentiating your product.
- Sin #3: Using outdated marketing tools and tactics.
- Sin #4: Focusing on traditional customers.
- Sin #5: Not anticipating competitive counter-launches.
- Sin #6: Failure to pressure-test the pre-launch plan.
- Sin #7: Failing with “Launch Excellence Programs.”
(*) Stan Bernard, MD, MBA, a member of Pharm Exec’s Editorial Advisory Board, is President of Bernard Associates LLC, a global pharmaceutical industry competition consulting firm.