The pharmaceutical launch landscape is experiencing a significant shift as emerging companies claim an increasingly larger share of new product launches, according to recent McKinsey data. However, this expanding opportunity comes with substantial challenges, as 67% of products fail to meet launch expectations and sales forecasts, with 70% continuing to underperform three years post-launch.
Critical Timing for Launch Preparation
Launch success determines 81% of a drug's sales performance, making strategic timing crucial for pre-commercial companies. Ian Hale, vice president of commercial content at Veeva, emphasizes that companies should begin their launch preparations approximately 24 months before the planned launch date, during Phase 2 of drug development.
"Pre-commercial companies need to hit the ground running with their launch strategies to be successful," says Hale. "The focus should be on leveraging the right resources at the right time."
Key Opinion Leader Engagement
Early engagement with Key Opinion Leaders (KOLs) has emerged as a critical success factor, particularly for specialty and rare disease therapies. Companies can connect with thought leaders through various channels:
- Medical conferences and symposia
- Advisory board consultations
- Scientific publications
The post-COVID landscape has diversified KOLs' digital channel preferences, creating new opportunities for smaller companies to drive innovative engagement strategies.
Digital Transformation and Content Management
The pharmaceutical industry has witnessed unprecedented digital acceleration, with Veeva Pulse benchmarks indicating:
- 5x increase in Approved Emails
- 6x increase in online meetings
- 4x growth in digital engagement content requirements
"Orchestrating digital engagements has turned into a competitive advantage," Hale notes. "Ad-hoc approaches are not an option anymore. Prescribers require more, not to mention compliance constraints."
Data-Driven Strategy Implementation
Successful launches require robust data foundations, including:
- Comprehensive customer data
- Territory alignment analytics
- Market assessment insights
- Integrated multichannel CRM systems
Companies should establish these elements during Phase 2, enabling informed decision-making and effective customer engagement through personalization.
Content Development and Distribution
Pre-commercial companies can achieve significant efficiencies through streamlined content management:
- Modular content approaches for multi-platform reuse
- Cloud-based applications for rapid digital deployment
- Streamlined review processes, reducing delays by up to 57%
"When your commercial content is reaching the market twice as fast as your competition, your new product gets traction," Hale emphasizes.
Building for Success
For emerging pharma companies, their first launch often represents a critical milestone. Success depends on establishing scalable business processes, developing key capabilities, and embracing digital transformation well in advance of the launch date.
While each product launch presents unique challenges, following established best practices and roadmaps can significantly improve the likelihood of success. The key lies in early preparation, strategic resource allocation, and building strong foundations for commercial operations.
