Extend Your Product Life Cycles & Increase Profitability By 10X
September 19, 2022
At PharmaKinnex, we approach pharmaceutical marketing strategy with a clear and optimistic view of what the future holds. However, that same future will offer difficult challenges, new regulations, and require more planning than ever before. Before you sit down for your Q4 planning session (we’ll cover that in our next blog), have you and your team stopped to consider what you could do to improve product life cycles in 2023?
Whether you’re launching something new, reviving a declining medication, or trying to squeeze the last drops out of a dying product, we offer targeted pharmaceutical marketing strategies that will exceed your success metrics (and more). Keep reading to learn more about how PharmaKinnex can help your team extend product life cycles AND increase profitability by 10X!
The Pharma Industry Has Evolved…Have You?
[The pharmaceutical industry needs to be shifting its sales and marketing tactics to fit into this new, blended environment…this includes developing a new sales compensation model for the future…]²
Dan Rizzo, Head of Global Business Consulting – (Veeva Systems)
As mentioned in our recent blog post regarding the current state of the pharmaceutical industry, it is very different from the marketing space that existed just a few years ago. With HCPs regularly refusing in-person office visits, increased trouble accessing vacant territories and whitespace, and a host of other post-pandemic issues, pharma companies are just plain having a more difficult time interacting with prescribers and creating this “blended model,” as described by Mr. Rizzo. That means less knowledge sharing, fewer interactions…basically, fewer chances to talk to the people that need the information that you have. The industry is in desperate need of a multi-channel approach, and we have just the answer…
Instead of just “making do” or reattempting the inefficient and expensive ways of days long past, we want to empower companies with the resources and knowledge they need to create new, better, more cost-effective pharmaceutical marketing strategies…and stick to them! Which kind of strategies? The ones that increase profitability, maximize product reach, and encourage honest communication between prescribers and the companies that supply them with medication.
Why stick to the average field representative’s 8 calls a day when you can have a remote team making thousands of calls to HCPs every week? You simply don’t have to. Let’s talk more about how the product life cycle works and where it breaks down for a lot of companies.
Problems With The Life Cycle
Strict legal requirements and changes to regulatory bodies like the PhRMA Code have made many companies increasingly cautious of increased scrutiny, fines/penalties, and anything else that might complicate the launch, growth, and maintenance of their pharmaceutical products.
Let’s break down the (4) stages of a product’s life cycle¹ and the problems you could be facing in the coming years with your pharmaceutical marketing strategy:
Introduction – Poor targeting/market research, audience receptiveness, low disease awareness, complicated prescribing process, inaccurate contact information, and few cost-effective turnkey solutions available.
Growth – Vacancies, whitespace, no-see or hard-to-see physicians, rep supplementation, or missing out on revenue in territories you should be covering, but can’t.
Maturity – Turnover, rep vacancies, downsizing, increased competition, decreased or depleted budgets, unexpected costs, additional regulations and legal requirements, changing payer landscape, and complications regarding insurance.
Decline – Patent expirations, maximizing the last few months of profitability, dealing with undersold inventory, and competing medications and generic entries.
Without an updated and comprehensive pharmaceutical marketing strategy, your team can only operate off of the assumptions that have worked in the past. When considering how much the industry has changed in such a short period of time, it’s obvious that old predictions and adages regarding life cycles and prescriber behavior are no longer as effective or applicable. In order to lay the groundwork for success, your team must re-evaluate and restructure your approach to marketing your products.
Extend & Improve Your Product Life Cycle
Now let’s explain how PharmaKinnex can improve performance and profitability:
Make A REAL Introduction – Avoid in-person restrictions and recent regulatory concerns with a remote inside sales team that helps you educate prescribers on everything from medical devices to rare disease products. Our agents make hundreds of calls a day compared to the average field representative’s handful of communications. Even better, it’s all ready-to-go when you are—we do the onboarding, training, management, and outreach.
Achieve Unprecedented Growth – Your product reach is expanding, but not fast enough! Instantly increase your company’s ability to contact prescribers from all across the country with a team of experienced agents. Tap into whitespace, vacant territories, and hard-to-reach provider networks from every stage of your product’s life cycle.
Reach Maturity Faster & Stay There – Growth takes time, but with PharmaKinnex, it can happen, fast. Our solutions are a direct replacement for expensive field reps and with our ability to scale up as needed, our agents will take your marketing efforts to the next level. Leverage our experienced staff to make more sales while you focus on hiring and retaining important talent elsewhere in the organization.
Make The Decline More Profitable – Don’t take a product death lying down—your current pharmaceutical marketing strategy isn’t working hard enough for you! We create, kick-off, and manage marketing plans that will help your team make enough money to ease the decline. Too much inventory? Too little interest? Schedule a call with our team and let us help you solve the problem today.
As you can see, no matter the current phase of your life cycle, PharmaKinnex has an out-of-the-box, cost-effective pharmaceutical marketing strategy that can revitalize, support, and grow your business. Instead of putting more boots on the ground that get turned away by HCPs at the door, invest in a money-making resource that your company can rely on far into the future.
Expand Into New Territories & Capture More Whitespace
Exciting, but often-overlooked components of a healthy product life cycle, we suggest cost-effective and constant marketing to vacant territories and whitespace. They are an excellent source of revenue for the right team, with the right resources.
Although not yet realized properly in our industry by all parties, remote communications and inside sales solutions are going to soon be the primary tools of capturing revenue, especially where in-person visits are difficult or unwanted. According to recent estimates, as many as 30% of pharmaceutical sales were conducted virtually in 2020². That’s up from 5% before the pandemic! Don’t lose out on sales that your team should be making.
No matter the stage of your life cycle or which product/device you want to market, our inside sales teams and field force supplementation programs can help you tap into places that currently seem impossible or cost-ineffective to service. Our remote pharmaceutical sales agents are uniquely trained to assist in lead generation, regardless of location or current restrictions. Simply help us understand what exactly you’re trying to get in front of HCPs, and we’ll handle the rest with a targeted multi-channel approach that cuts through the noise of the competition with clarity.
Increase Profitability By 10X, Contact PharmaKinnex Today!
We talk about remote inside sales so much because we believe in it and its power to change your products’ trajectory in the coming years. The industry is primed for a sea change, prescribers are ready for new, more comfortable interactions, and pharmaceutical companies like yours are in desperate need of new tools and resources to reach these HCPs in today’s more restrictive world.
PharmaKinnex is uniquely positioned to grow inside medical sales programs in any environment, regardless of industry challenges. The cost-effective and comprehensive pharmaceutical marketing and product life cycle strategies that our experts provide can help you increase profitability by 10X, all without sending a single rep into the field. With our dedicated remote inside sales team and a deep understanding of the evolving pharmaceutical landscape, we’re well-suited to assist your team with product life cycles, profit maximization, and territory expansion.
Click here to schedule a call with one of our digital marketing experts and learn more about how to extend your product life cycles and increase profitability by 10X today.
Our primary markets of service for pharmaceutical marketing strategies are:
- Hospitals, Pharmacy Programs, & Physician Practices
- Medical Devices
- Rare Diseases
We service additional markets including, but not limited to:
- Animal Health
- & More!