One of the most successful sectors in this century is the pharmaceutical industry. However, there have been multiple challenges for the industry with the introduction of new drugs to the market as there have been a number of failed attempts. Netbased Quid revolutionizes this aspect acting as a technology-based developer of consumer and market intelligence.
Research shows that less than 10% of drug launches were successful and close to 80% of these launches have no notable effect on the market curves established within the past two years for the company. For a majority of the drugs whose launch failed the established revenue often sets a trajectory for the future. On the other hand close to 80% of drug launches that meet the set expectations continue to follow that curve.
Steps to take to Achieve a Successful Drug Launch
To ensure that a company successfully launches a new drug it must first ensure it engages is some vital steps which include;
Understand its Patients Needs
Aspects such as patient centered care, improved knowledge, and better access to technology have made today’s patients more concerned about their health especially with concern to their wishes and the experiences.
Through research, it is evident that at least 87% of people on social media share information with concern to their health online. Therefore, the social media platforms provide a vast pool of people viable for studies, to monitor events and identify the needs of patients. This presents a disparity as patients are highly adopted to the technological advancement while pharmaceutical companies are lagging behind. Patient will engage with drugs if the manufacturers commit to providing affordable prices, transparency, and demonstrations from results of drug trails. Understanding this is a step closer to ensuring a successful drug launch.
Providing Good Customer Services
The modern patient is better equipped for decision making. As such, any action to improve the patient’s journey has its benefits this includes improved customer services. Conducting research especially and leveraging data collected digitally provides a network of information that influences the aspects that patients and prescribers appreciate in a product. Communication between all stakeholders fosters the feedback provided which influences the launching of drugs.
Tracking Marketing Performance
One common mistake the manufacturing companies make is to hire sales team to put their products on the market which often fails as consumers do not take to products they cannot relate to. However, Netbased Quid suggests the use of AI technology to actualize the marketing for drug launches. The method is more personalized as it can be personalized to meet the needs of more patients who are the market pool for drug launches. By engaging with AI marketing, it is easier to keep track of marketing performance which influences how consumers view your brand and in return the revenue generated.
The Company: Netbased Quid
Netbased Quid specializes in the collection of data from consumers and the market which is available through various digital platforms. This guides companies on their decision making on the best course of action often in relation to the launching of new products. The company also helps company’s to identify opportunities in the market such as possible mergers and acquisitions.
The pharmaceutical companies have to keep up with the patients who are well invested in social media. The platform offers a wide range of information that guide drug launching exercises to ensure that the product is well received in the market. Netbased Quid proposes the use of social media to identify the consumers need and the best time to launch products with respect to the patients journey for better reception.