8NOVEMBER 2024TECH OUTLOOKLAUNCHING AND PROMOTING DRUGS IN THE FIELDS OF CARDIOLOGY, PULMONOLOGY, AND OTCBy Hrvoje Tomic, Group Product Manager Croatia & Slovenia, ServierWorking in the marketing department in the pharmaceutical industry for ten years I have had the privilege of launching eight brands in the field of Cardiology and Pulmonology and promoting strong OTC brands. The pharmaceutical industry is constantly evolving, with new drugs being developed and launched every year. The process of launching a new drug is complex and requires a lot of planning and preparation. In this article, we will discuss the process of launching and promoting drugs in the fields of cardiology, pulmonology, and OTC.The process of launching a new drug involves several stages. The first stage is research and development. This stage involves identifying a need for a new drug, conducting research to develop the drug, and evaluating the drug for safety and efficacy.After regulatory approval has been obtained, the decision about launching the drug in a selected market can be made. Launching a new drug is a complex process that requires a significant amount of time, money, and expertise. According to a report by McKinsey about two-thirds of new drugs fail to meet prelaunch consensus sales expectations for their first year on the market, and those that fall short typically continue to underdeliver for the next two years.Everything starts with effective strategy and planning. Once your drug is ready to get into the market, it may already be too late to plan your sales approach. A victorious launch takes timely planning and the right approach by a skilled marketing team. There are general steps that can vary depending on the specific drug and the regulations of the country where the drug is being launched.Step one in launching a new drug is Market Research. We need to understand the unmet needs, customer preferences, competitive landscape, and regulatory environment of our target market. Various sources of data can be used, such as surveys, interviews, focus groups, patient journeys, and secondary research, to gather insights about our potential customers and competitors.The second step is developing a value proposition and positioning strategy. Defining the unique benefits and advantages of our drug over existing or alternative treatments, communicating IN MY OPINION
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