It’s an exciting time for emerging biopharmaceuticals (EBPs). From 2011 to 2022, 275 EBP assets were brought to market. More than half (65%) launched on their own, and a select few emerged as top sellers. Despite that momentum, EBPs continue to face challenges in optimizing launches and driving promotional effectiveness.
At IQVIA, we apply our Agile Brand Promotion framework to help EBPs tackle these challenges and build the commercial and go-to-market models. The framework covers six core components that we believe are critical to effective customer engagement:
In the context of launch excellence, one of the most consistently asked questions is, “For an EBP, is ‘digital only’ the best way to launch?” There’s no denying that it’s harder than ever to get face time with many healthcare providers (HCPs). It can be especially difficult for newer players. Does that mean you should forego personal promotion in favor of all digital, all the time? Not so fast. Very few, if any, “digital” launches were successful; fewer still were “digital only.”
While the precise mix will vary by therapeutic area and product archetype, most EBPs will benefit from a greater focus on omnichannel engagement. With this approach, you may leverage digital channels for more digitally savvy HCPs who prefer that mode of engagement. For others, you may use lower-cost personal channels, such as an Inside Sales team, to help address customers’ needs and support more effective engagement with reps at the appropriate time. Regardless, you will tailor the personal and non-personal mix to align to the specific needs of the customer, rather than applying a one-size fits all, “digital only” approach.
The key is achieving transparency and coordination across Sales and Marketing. So, rather than trying to stand up a whole collection of resources and new channels, be deliberate about which channels you start with, and expect to make additions and adjustments as you go. Focus your investments around a robust understanding of the customer journey, prioritizing the moments that matter. And don’t be afraid to tap the brakes on channels that aren’t performing well or to redeploy those dollars into channels that are delivering results. With an analytical engine that provides insights into promotion response by cohort, you can better ensure your asset gets up the launch curve quickly and hits forecast.
This is where adopting Agile Brand Promotion can be a huge advantage. This framework requires a strong foundation of customer data about the HCPs you’re trying to reach, their behaviors, and their needs. With this data, you can gain valuable insights about customer journeys:
Use these insights to optimize your commercial model and do more with the limited resources you have. Doing so doesn’t require a complex and costly platform. Get started with something simple that supports your current state. Just make sure it can scale over time as you grow your business with additional products and indications, which likely will require more data sources and commercial infrastructure.
Agile Brand Promotion will look different for every EBP, but here are some of the most intriguing ways you can bring this framework to life:
In many ways, EBPs have an edge when it comes to adopting Agile Brand Promotion. You’re starting fresh rather than facing the need to unravel longstanding organizational complexity or ingrained ways of working. Yet these advantages aren’t automatic, as it’s all too easy for the cultural dynamics of Big Pharma to creep into an EBP organization.
From the beginning, be intentional about doing things differently. If you create the right foundation, hyper-personalized and highly effective engagement will set a new standard for “business as usual.”
Over the past several years, there’s been a marked increase in the volume of emerging biopharma (EBP) companies facilitating their own product launches. In today’s turbulent market, one of the ways that EBP leaders can make a difference in their launch success is focusing on investment optimization – making sure that they’re smart about how their limited resources (digital, field-force, etc.) are deployed.
In this episode of our ongoing podcast series, Agile Brand Promotion for the Emerging Biopharma Market, Susan Kitlas VP, Precommercial Segment, joins our host, Matthew Smith, Sr. Principal, Consulting Services, for an in-depth discussion on new commercial models for the EBP market.
Deploy sales representatives, clinical nurse educators, field reimbursement specialists virtually or in the field to communicate the benefits of your therapy.