I am kind of struggling on a case of a Go-to-market strategy in pharma, a type of case I am not familiar with: The clients wants to launch an already approved and used drug (in one therapy area) to a new therapy area. They ask us to plan a whole go-to-market strategy project in order to maximize the pricing & market access success.
What we know:
We have some data about the drug, the dosing, the competitors, etc.
The market is EU5.
But we don't know if the drug is approved for the new indication yet.
My questions are:
1) How should I structure my approach? 4Ps? Pricing/Channels/Time to market/...
2) Do i need to chose the scope, to chose a particular country to start? If yes, how should I chose it? Based on my knowledge?
3) What would be the specificities of the pharma industry to take into account here and how? Regulatory aspects/KOLs(GPs,...)/Reimbursement/Health-economic agencies/...
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How to structure a Go-to-market strategy in Pharma and its specificities
Overview of answers
I suggest to you this framework. PLEASE DON’T HESITATE TO TAILOR IT TO YOUR SPECIFIC DRUG.
1- Market attractivity
a- Demand :
Who are the potential clients of this drug in EU5? (segments -> End user, hospitals, clinics, doctors, drug stores…? )
What is the market size of this drug in Europe? What is the potential growth of this market?
Who are the competitors in EU5 who are selling a similar drug/therapy for the same disease? What are their market share?
c- Other factors:
Is it easy to get approval from authorities? What would be the time span to get this approval? Should our client get an approval from each country of the EU5 or only one approval from the European Medicines Agency?
Does the product have a patent in EU?
What are the risks associated to this drug that were encountered in the countries where it was already commercialized?
Is it easy for this drug to be reimbursed from public authorities (Social Security organism in France for instance) and insurance companies?
2- Go-To-Market Strategy
a- Drug and customers
What is the value proposition of this drug?
What is the time-to-market?
Who are the targeted customers from the identified market ? (refine your customers segmentation)
Is this drug profitable ? (Projected volume sold x Price – Costs [don’t forget R&D, marketing costs and insurance costs to cover potential conflicts] -> pricing and profitability mini-case)
b- Marketing plan
How to promote easily and effectively the targeted customers ? (seminars, advertising, sales teams going directly to customers? …)
c- Channels selection
What are the best channels to reach the maximum number of customers? (If B2C then online, drug stores…If B2B then online platform to sell to hospitals/clinics + drug stores + doctors, wholesalers... )