How can you measure the success of a new medical product?

There is no single yardstick that can accurately conform to customer satisfaction. It varies from customer to customer as the tastes, preferences and the filters they apply also varies from customers to customers. However, repeat purchase, WOM (word of mouth), going above and beyond in promoting the product (being an advocate) in the public forum are some of the hallmarks or traits of customer satisfaction.

One of the top metrics to assess the success of a newly launched product is its market share gain vs competition here is how toassess & build KPIs around your market share gain objectives : 1- Set market share objective vs the market leader for the next 3 - 5 years based on historical data of similarly launched products or current existing market trends 2- Focus on your fast access in top 5 to 10 key contributing accounts , territories , cities ... etc 3- Assess your Market Share sustainability and growth over the period of 6 month to 1 year after the launch is it growing and consistent based on market demand generation or sporadic impulsive sales 4- Follow up with customer surveys to assess your value proposition among key customers

A common mistake is to evaluate a new product performance only on value ROI. Precisely this is a myopic focus and a medical sales professional should make efforts to overcome it. There are both tangible and intangible ROIs. Tangible returns reflect in value which intangible returns are equity, perception, long term relationship. In fact tangible ROI may seem to be profitable in the short run but Intangible ROI which will give you more dividends in the long run by opening the doors for cross and up-selling and in return will bring more profitability to the medical sales organisation.

How FAST it can get to the hands of the patient population that are in need of the product. Without access we cannot start measuring the success of a new drug / product in terms of patient satisfaction or clinical satisfaction. Access is the key!

I would add establishing KPIs specific to the product's goals and objectives allows you to track its performance accurately and measure the success of a new medical product. These KPIs may include metrics such as prescription rates, adoption rates, average selling price, and repeat purchases.