The Pharmaceutical industry has undergone significant growth in the past two decades with worldwide revenues in 2020 of $1.27 tr USD. The North American market accounted for 48 percent of total global revenues. Pharmaceuticals is only one part of the North American health care market, but it is an industry that is highly competitive and highly innovative as pharmaceutical companies focus on the research, development, production and distribution of medicines to address health issues and serious diseases.
The Client is a global pharmaceutical organization specializing in the development of breakthrough drugs for serious diseases. They were preparing to introduce a new drug therapy into the North American market and were developing a go to market plan. In particular, the Client wanted to strengthen the company’s market position by understanding the criteria for a successful product introduction so that they could effectively support their sales force for success.
They sought to understand:
The Client engaged The Verde Group to deliver a Performance@Risk analysis that would help them deeply understand what was required of their sales organization and their channels to successfully launch the product.
Revenue@Risk® analysis is a unique, proprietary analytic methodology that quantifies the financial impact of customer problems to answer these key business questions:
The analysis uncovered in detail which moments of truth matter for a successful product launch and where there were current points of friction in the sales experience both at the Client and with key competitors that could impede product success.
The Performance@Risk analysis produced several fresh insights incremental to the client’s go-to-market intelligence and helped them to establish a clearer product positioning and go to market approach.
The Client and The Verde Group conducted an action planning workshop with Client executive. Several go to market initiatives were executed based on specific findings from the study:
Data was so compelling in this area that leadership adjusted both the hiring profile and the training curriculum for sales staff to ensure that they were emphasizing desired skills and attributes most important to the new product target audience.
Given the opportunity to raise awareness of the Client organization, incremental marketing and channel dollars were allocated during the launch to drive brand awareness.
The Verde Group worked with the Client to conduct a follow up study to complement this analysis. The study allowed the Client to better understand their highest value prospects and to look more intensely at the critical loyalty behaviours and attitudinal markers that best characterized each physician. As a result, sales staff were then able to develop individualized sales plans for each high value physician prospect.