The day your product launches is the culmination of years of planning and hard work; however, it’s only one chapter of your life science product’s story. The first 18 months after your launch date are critical to your product’s success, determining whether it thrives, survives, or dies in the market. A post-launch plan is not just helpful—it’s essential.
Why the First 18 Months Are Critical
The early days of your product launch are some of the most challenging. During this time, first impressions are set, competitors assess their response tactics, and market conditions shift. Without an agile post-launch strategy, even the most innovative drug and medical products can lose momentum in the market.
The First 6 Months Post-Launch: Establishing Effectiveness Indicators
Effectiveness indicators are necessary for evaluating your product’s performance, and determining which indicators are most relevant is crucial. These metrics provide actionable insights into how well your product is resonating with the market and where adjustments may be necessary. Key potential indicators include:
- Market Uptake: Tracks how effectively the product captures its target market. A steady increase in market share signals growing acceptance, while stagnation may indicate the need for refined strategies. For instance, if your product is expected to be the new standard of care based on its efficacy profile but has struggled with new prescriptions, then a deep dive into the underlying reasons would be appropriate.
- Customer Retention Rates: Measures ability to keep healthcare professionals engaged with your product. High retention rates indicate satisfaction and loyalty, while declines could reveal gaps in product performance or customer support. If physicians begin prescribing your product and then abruptly stop, or if there are lapses in prescribing, it’s important to investigate the reasons and address them head-on.
- Engagement Effectiveness: Assesses how well marketing and communication efforts drive awareness and interaction. Metrics like website visits, in-person sales calls, and event attendance can highlight areas of strength and opportunities for improvement. Marketing is a key component of the launch phase and positive interactions are a leading indicator of success.
By regularly reviewing these indicators, your team can identify trends, address issues early, and ensure your launch strategy remains aligned with market needs. Ignoring effectiveness indicators tends to turn minor issues into major obstacles and may jeopardize your product’s success.
The Second 6 Months Post-Launch: Iterative Competitive Strategy
Rigid launch plans can be the Achilles’ heel of launches. Flexibility to iterate strategies ensures that your team can quickly respond to shifting market conditions. From recalibrating access strategies to adjusting go-to-market efforts, agility is a competitive advantage. After six months, the market will have responded to your product, and you can begin to assess your strategy and its effectiveness.
Navigating Competitive Responses
Competitors will respond to your product launch with a range of defensive strategies, all designed to protect their market share or capitalize on perceived vulnerabilities in your product. These responses can vary widely, from subtle messaging shifts to aggressive marketing campaigns, making it essential for your team to stay vigilant and adaptive.
Adapting to the Competitive Stage
Adaptability is key to navigating competitive responses effectively. When competitors adjust their messaging, you might consider emphasizing unique value propositions or bringing in more data to your own messaging. Additionally, you could counter target competitor campaigns by strengthening customer relationships and addressing objections through focused communication.
Proactively responding to competitors’ strategies not only helps preserve your market share but also demonstrates your ability to thrive in a dynamic landscape. With a well-prepared team and agile tactics, your product can withstand competitive pressure and secure long-term success.
The Third 6 Months Post-Launch – Tactical Maintenance
No launch plan is perfect, and often, real-world performance does not align with forecasts. Stay in touch with market trends; refer to your effectiveness indicators to determine whether your launch strategies are working as expected. Fine-tuning your launch tactics across functional areas ensures that your initiatives stay relevant and effective as you gather insights from the marketplace.
Functional Deep-Dive
Over the first 18 months of your product launch, the overall strategy will likely remain largely unchanged, but there will be some market responses and unexpected shifts that will require action. However, those actions may not be necessary for every functional area within the launch team.
For example, while the marketing team may achieve great success with their tactics, the market access team might need to make adjustments to enhance patient access. On the other hand, the sales team may require restructuring to better meet the needs of patient distribution while the patient services team continually receives excellent feedback on their programs. Diving deep into each functional area will allow you to identify which tactics need refreshing and which are performing well.
Navigate Your Product Launch with CREO
Planning a successful product launch can be difficult, but thriving in the months ahead is possible through an agile post-launch strategy. At CREO, we are dedicated to helping launch teams remain agile with our data-driven post-launch initiatives. Whether this is your first commercial launch or your largest to date, our product launch specialists are available to support your product’s journey every step of the way.
Are you in the clinical trial phase or planning to launch a new drug or medical device in the next few years? Request a consultation with a member of our product launch team to learn more about how we can build you a roadmap to a successful product launch.
