Successful Re-launching of Pharmaceutical Product

Relaunching refers to the process of introducing a product, service, or brand back into the market after it has been withdrawn or after a significant rebranding or improvement effort.

In Bangladesh Pharmaceutical Market, I can recall few successful re-launch cases as follows:

1.????? Ace (Paracetamol: previous name was Cetamol) of Square

This was done for better market penetration. Currently Ace is enjoying second position with around 15% market share.

2.????? Renova (Paracetamol: previous name was APA) of Opsonin

APA was very much similar with NAPA and there was serious criticism in the market. Ultimately,? Opsonin changed the name and got better feedback. Currently Renova is enjoying Third position with around 7% market share.

?3.????? Lebac (Cephradin: previous name was Cephadin) of Square

Again the purpose was to get the better market share. Now Lebac is enjoying number 1 position with around 45% market share.

?4.????? Antison (Flupentixol+Melitracen : previous name was Frexit) of Asiatic

This was done as per the direction of DGDA as the name was similar with Frenxit of Beximco. However, after re-launching in 2009 (so far I recall), the brand was doing better. Currently it has lost the market share due to overall strategic failure of the company.

?5.????? Clonipres (Clonidine: previous name was Catapres) of Navana

Catapres was the name of Originator company and to overcome the criticism from the physicians, the name was changed. Interestingly, the sales of the brand increased significantly after the re-launch.

Re-launching cases 3, 4, and 5 were done under my supervision while I was working with Square, Asiatic and Navana.

Re-launching is done for various reasons, such as revamping a product to better meet customer needs, addressing previous market failures, updating branding and messaging, or leveraging new marketing strategies to reach a broader audience.

For successful re-launch, one should seriously consider the following issues:

1. Assessment and Strategy:

·??????? Evaluate why the initial launch did not meet expectations or why a relaunch is necessary.

·??????? Develop a comprehensive strategy that addresses previous shortcomings and highlights improvements or changes.

·??????? At this stage, the following factors to be considered:

o?? Life cycle stage of the molecule: If the molecule is in declining phase, better not to re-launch.

o?? Position of the molecule in the Therapeutic Class: Is there any other molecule(s) doing well in the same TC? If yes, then better not to re-launch.

o?? Market size and future growth potentiality: Here we should consider the Life Cycle of the Therapeutic Class as a whole. Again, if the Therapeutic Class is in declining phase, better not to re-launch.

o?? Competitive scenario: If there is a presence of a monopoly giant or few oligopoly giants, then strong promotional campaign is a must and that should be justified.

o?? Emotional attachment of the FFs and marketing team: This is a critical issue for the success of the re-launch.

2. Product Improvement: Every re-launch should be justified with the improved features of the product.

·??????? Make necessary modifications to the product based on customer feedback, market research, and competitive analysis.

·??????? Ensure that the product is ready for the market and meets current industry standards and customer expectations.

3. Rebranding: Without re-branding, re-launch wouldn’t be successful.

·??????? Update the brand's visual identity, including logos, packaging, and marketing materials.

·??????? Revise the brand messaging to better align with the target audience's values and needs.

?4. Marketing and Promotion:

·??????? Create a robust marketing campaign to generate excitement and awareness about the relaunch.

·??????? Complying with the regulatory requirements, utilize various channels such as social media, print media, email marketing, PR campaigns, and KOL certification.

?5. Launch Event:

·??????? Plan and execute a launch event to reintroduce the product to the market. Involving KOLs will give better impact in the re-launch campaign.

?6. Customer (Physician and Chemist/Pharmacist) Engagement:

·??????? Engage with existing customers to inform them about the relaunch and encourage them to try the improved product or service.

·??????? Take effective steps to engage new customers for better market coverage.

·??????? Lucrative incentive for FFs during the re-launch will give additional benefit.

?7. Monitoring and Feedback:

·??????? Track the performance of the relaunch using key performance indicators (KPIs) such as sales figures, Prescription output, customer feedback, and market penetration.

·??????? Continuously gather feedback and make further adjustments if necessary to ensure long-term success.

?Relaunching is a strategic move that requires careful planning and execution to effectively re-engage the market and drive renewed interest and success for the product or brand.

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