CHAPEL HILL, N.C., Jan. 25, 2013 /PRNewswire/ -- In order for a new product to gain market foothold in today's competitive pharmaceutical industry, executives must understand where and when to invest in key launch activities. At the same time, product launch leadership has to balance the goals of containing expenditures and generating a successful launch.
To help launch leaders understand effective spend levels for pre-launch and launch activities, research and benchmark consulting firm Best Practices, LLC has published a new study that sheds light on investment levels and frequency across 12 key marketing, education, and payer activities. The study includes overall investment benchmarks by different product types for launch year and each of the three years prior to launch.
The report, " New Product Launch Spend: What it Takes to Win in the U.S. Market" will help leaders in the pharmaceutical sector develop effective launch and pre-launch activity budgets to support successful U.S market entry for new products. The study provides benchmarks that can serve as a reference for brand and launch leaders as they develop budget strategies and allocate funds for new brands.
Key topics covered in the study include:
- Average Cost: Industry average cost for new pharmaceutical product launch
- Primary/Specialty Comparison: Cost comparison for specialty versus primary products
- Budget Allocation: Percentage of budget allocated to 12 key marketing, education and market access activities during and prior to launch
- Activities Timing: Timing for conducting promotional and educational launch activities
- Future Allocation Trends: Launch activities expected to gain a greater share of the budget in the coming 24-36 months, and activities expected to receive reduced share