Tomorrow's World Today! Why the Future of your Brand Starts Now

The answer is two-fold. Firstly, it is simply about strategic planning for your brand. Any change in the market, whether that be two months, two years or five years out, will fundamentally change the opportunity for your business, portfolio or brand. Those changes might be new data, a new guideline, a new competitor, a potential new indication, LOE for a key brand in the market,  (probably multiple of these) and each will drive a different future opportunity, either expanded or restricted. Secondly, pharmaceutical marketing is not like building a consumer brand. Product development cycles are long and, until key phase III clinical trials are complete, you do not know exactly what the product will look like, what it will do, or even how much it will cost. So, it’s incredibly high risk. At the same time, patent law means that the timeframe to leverage your opportunities needs to be optimized. All of this makes for a unique marketing challenge and one where preparation for the future is vital. So now, from this starting point, let’s take a look at the three additional layers of complexity and change we add to the mix: Therapy level What is the ‘market’ going to look like in 1, 2, or 5 years’ time? And how will it even be defined? What will your competition be (which, remember, may not even be other pharmaceutical compounds)? What will baseline treatment consist of? What impact will low cost generic or biosimilar substitution have? What new therapies will be available ...
Source: EyeForPharma - Category: Pharmaceuticals Authors: Source Type: news