A lot of work goes into getting a new pharma product across the finish line, especially if you’re an emerging manufacturer launching your first product.
Every element of a launch strategy is important, but certain components outweigh others.
When you’re first sitting down to plan your new product launch, these are the top three things you’ll want to focus on first.
1) Organizational Build-Out
Before you can decide on channel strategy, select a 3PL partner, file for state licensing, or take on any other critical commercialization function, you have to do a bit of housekeeping. Or, more accurately, you have to build the house.
A product and a vision aren’t enough to carry you through to launch; you need to build the customer-facing business to bring your launch to life. Especially if you’re new to emerging pharma or launching your first drug after working with a larger company, it’s critical to consider how to tailor the organizational build-out at the appropriate scale.
What should you consider when building your organization?
- Medical Affairs engagement model
- Investment required to resource the launch
- Robust landscape analysis
- And more!
2) Channel Strategy
Without the channel strategy set in place, other elements of your launch can be held hostage. And beyond which kind of channel strategy you select, it’s essential to get specific about whom you’ll partner with on implementation. The partners you bring on to support your launch are integral to getting your product to the end user.
With new opportunities and innovations in the market, we’re seeing more channel strategy options available to manufacturers. But it’s not quite as simple as the more channels, the merrier the launch. Channel selection depends on several interconnected factors, such as patient forecasting, unique aspects of your drug that might need extra support, overall company goals, and some insight into what’s happening in the pipeline.
3) 3PL Partners
Your 3PL selection is another component that needs to start early because of its impact on later pieces of the launch, mainly state licensing. In two-thirds of the states where manufacturers need a license in, it’s required that you declare who your 3PL is, and some states even require that you show them a portion of the completed 3PL contract.
The 3PL is so much more than a logistics partner. A quality one should also serve as a strategic partner and can impact several distribution operations, sometimes serving as the face of your product.
Even if you have launched before and have a great 3PL relationship from a previous project, it’s important to approach every new product with a fresh perspective and to do your due diligence to find the right partner for the launch at hand.
Want to learn more? Download our new product launch ebook.
For more in-depth insights on these foundation pieces, as well as the many other elements that are integral to supporting a launch, download our most recent ebook, “280 Launches Later: Two Labs’ Insights on the Commercialization Journey.”