What Are Some Helpful Ways To Ensure A Successful Pharmaceutical Product Launch?

Posted by Michelle Puglielli

Find me on:

Pharma_Image_header-resized-600A great pharmaceutical product starts out as a great idea that will ultimately provide a safe solution to a common problem, where it is beneficial, convenient, and worthwhile for your customer to purchase. Whether it be in a tablet, capsule, semisolid, or non-sterile liquid form, your product must prioritize the needs and demands of your therapeutic area and demographic to achieve a sense of improvement and resolution to your customer’s day-to-day life. Your product must be proven to work, in demand, and most importantly, exhibit the uppermost quality and safety.

However, thinking of the customer doesn’t stop there. Product concepts and marketing strategies are keys to a great idea. Is it easily marketable or attainable? A great product catches the eye of a customer, instantly addresses their needs at first glance, and is within arm’s reach.

Finally, a great product has to be an affordable one for your customer and it must be profitable for your company. A great pharmaceutical product idea must demonstrate a financial win-win scenario on both sides of the spectrum.

How do you achieve all of these sometimes conflicting demands? Take a look at these 3 key considerations that will help you successfully launch your pharmaceutical product:

1. Establish A Budget That Captures Product Launch Activities, From Start To Finish

You can have a great idea, but it can’t break the wallet of the company, nor the customer. You must carefully evaluate the costs of: 

  • Manufacturing materials
  • Packaging components
  • Testing and analysis
  • Research
  • Marketing and distribution spending
  • Potential consulting, legal, and regulatory expenditures

The difference between your production costs and selling price must promise revenue and resulting profit for your shareholders. Most importantly, stay within your foreseeable budget without ever jeopardizing the quality and safety of your product.

2. Assemble A Product Launch Team Of Subject Matter Experts

image-keypeopleA pharmaceutical product launch needs the expertise of key members in your organization; people that have been plugged into the industry and offer valuable experience. These members must be qualified in their respective roles, and fully understand the magnitude of their function.

Your project team must be easily reachable, available, communicative, and strategic. Having a tight knit group of reliable, resourceful subject matter experts that represent every stage of the pharmaceutical development and launch process can make or break your project.

3. Develop A Thorough Project Timeline That Highlights Every Key Action and Undertaking

Set realistic dates and deadlines for every task or stage of the product development and launching process. Remember, be as thorough as possible when developing your timeline. Plug in all tasks whether major or minor, regardless if  they take one month to complete or one day, as all actions are vital in contributing to your launch moving forward. Consider the start dates of each of your tasks, and decide what the acceptable time frame for completion is. Assign key team members to tasks that pertain to their expertise. By setting a timeline, your team will stay proactive and productive.

Remember to consider bumps and delays down the road, and always plan ahead for not-so-best case scenarios. As a team, try to predict which future tasks and stages have higher probability of delays and hiccups, so that you can safely allocate extra time and moderation to them. Most importantly, always follow up on how tasks are progressing to stay on track. Openly discussing and evaluating your timeline activities is the heart of your project's lifeline.

Like What You've Read? Click to Subscribe to This Blog ››

Topics: Quality & Regulatory

Michelle is a Project Manager of Pharma Services in WellSpring’s Business Development Department, with previous roles in Stability and Research Development as a Program Coordinator, and Quality Control positions in the Chemistry and Microbiology laboratories. Michelle has been with WellSpring since graduating from the University of Waterloo, where she earned her Bachelor of Science Undergraduate Degree. She is currently responsible for managing commercial and clinical CMO projects.

Find me on:

About The Author