The pharma industry is becoming more competitive today because many companies are pursuing the same disease areas. Branding and marketing a drug in a crowded disease treatment landscape is a challenging task.
Defining a brand strategy that accounts for multiple direct competitors and adjusts promotional efforts based on a complex market access landscape helps overcome a crowded landscape.
For example, most major biotech and pharma companies have invested a significant amount of resources to conduct research and develop products in the area of oncology. According to Accenture:
“Oncology is clearly a rapidly growing disease area. Yet as cost containment pressures escalate and pipelines crowd, oncology will likely only be truly attractive to a few major pharmaceutical companies with established positions and existing advantages.”
Develop a Strategy to Differentiate your Product
As more drugs launch in established disease areas, pharma marketers must find creative ways to stand out from their competitors. According to Hemant Ahlawat, an author at McKinsey & Company:
“These launches must find or create an edge that will allow the drug to be positioned effectively for particular patient segments and create clear differentiation from existing competitors. This requires innovative approaches to unveil insights into stakeholder needs and behaviors that competitors do not have.”
Develop a strategy to communicate these differentiators to the appropriate stakeholders so that you can separate your brand from other products and take advantage of opportunity in the market.
Deploy Targeted and Methodical Promotional Efforts
In addition, by focusing promotional efforts and field sales in areas of coverage advantages, your team can optimize prescriber engagements. Here's one strategy, developed by MMIT for making the most of your marketing:MMIT's team of experts keep a close watch on pharmaceutical industry trends. To learn more strategies for managing competition in a crowded landscape, download MMIT’s Playbook: Competitive Strategy in Crowded Market.
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