Preparing for a Product Launch in Uncertain Times

It's pretty clear we're barreling towards a recession in the US??. It's nerve wracking to be a team preparing for a readout and/or subsequent product launch with limited capital and fewer internal hands than you know you need, but it can be done. We've been watching the investor dollars dry up for the last 12-18 months and survey says it is likely to continue. It's important that companies focused on preparing for product launch are utilizing all avenues to success.?In this article you will find content meant to support your pursuit of #operationalpreparedness with easy to incorporate recommendations.?

Starting with the very basics, you need to make sure the foundation of your company is solid. That means building a strong team made up of experienced professionals with a variety of skills and expertise. Make sure you're hiring people that have diverse backgrounds and experiences with a product launch.?Do your research to make sure you understand the regulatory and the competitive landscape for your chosen area. Create a clear and concise value proposition and go to market (GTM) strategy, which includes a variety of outreach approaches. Making sure you ask every question you can think of - what problem does your product solve for your patient population? Why is your solution better than the competition or is there no competition? What is your messaging? What have these patients already heard? Have discussions around risk tolerance and outreach strategy early - this is going to impact your content and growth strategies as well as your technology roadmap.

One of the more important areas to focus in this virtual world when determining your go to market strategy is having a strong #omnichannel roadmap. Omnichannel uses multiple tools to reach and engage customers. This can include traditional channels, such as in-person sales, as well as digital channels, such as email, social media, and websites. Omnichannel can be a powerful tool for pharma companies, as it allows them to reach a wider audience and build relationships with customers in a more personal way, while collecting oodles of data.?Here is short post on CRM as a cornerstone to your #omnichannelstrategy .

There are a number of things that pharma companies on a path to launch can do to increase their chances of success:

?Partner with other companies with complementary expertise.?

?Outsource or use contracting/consulting support and project staff roles.

?Use technology to your advantage.?

?Be agile and adaptable.?

?Be aggressive in your market.

Taking these actions will help you to attract whatever investors or collaborators are out there focused on your space or even your mission or vision ??think: sustainability or giving back (#shamelessplug check out our company vision on our About Us page). There are a number of new technologies that can help you to develop and launch your product more efficiently in the artificial intelligence and cloud computing areas specifically. However, the human side of your business isn't going to be quite that efficient. It takes time to develop a solid GTM strategy and launch a new drug, so don't expect to have results overnight. While planning it's important to remember that the pharmaceutical industry is constantly changing, so you need to be agile and able to adapt your plans accordingly (and QUICKLY).

I once worked with a company and their agency of record accidentally went live on content being prepared for a product launch but the product was not yet approved by the FDA. It was a terrible mistake which was quickly managed, but it has always stuck with me as a reminder to be prepared for anything at all times. Or that's anxiety, either way it works out well for my employers and clients.

It's hard to know if you're doing the right thing if you've got a room full of inexperienced people that know the activities of the function but have never led the building of a function or never launched a product (see paragraph above about basics ??) saving money on salaries doesn't always save you money.?Having a solid mix of people on and augmenting your team is the key. This allows you to give internal ?? rising stars?? a chance and still have enough expertise on your team to guide your success.

In addition you need to ensure you have a solid foundation for your business practices, especially if running with a lean team. That means a strong communications plan, a governance structure that’s strong enough to guide but not too strong to inhibit growth and scalability of people, processes and technologies, as well as onboarding and training programs that meet regulatory and/or industry requirements but aren't overly time consuming. You're going to need to rely on support staff and project specific staff?to be consultants, rather than full time exempt (FTE) staff members, which are a huge expense that you don't need yet (launch and THEN surprise them with an FTE role when you start recognizing revenue).? Choose your consultants wisely.?

Having been involved in 10 product launches throughout my career, I recognize and am so grateful to have had the privilege of assisting in bringing an under-represented population a life-changing or even, saving drug. There's nothing better than knowing that the work you do can actually help (my own why story can be found on the website's About Us page, if interested). Phoenix BioPharma Group, LLC supports emerging and small to mid-sized pharma/biotech in their pursuit of launch excellence and operational preparedness, specifically in the marketing operations and medical affairs operations functions.?Reach out to learn more!