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Educating, Informing, And Successfully Preparing The Marketplace For New Bio-Pharma Products

CHAPEL HILL, N.C., March 17, 2013 /PRNewswire/ -- Given the rapid rate that the pharmaceutical marketplace is evolving at, it has become more critical than ever for companies with new product launches to effectively educate the marketplace upon market entry. While educating and shaping the market for new bio-pharma products has been critical to the development process for years, how companies are choosing to complete these tasks is quickly changing – resulting in new, strategic marketplace practices.

To analyze and understand these practices, research and consulting firm Best Practices, LLC developed a study that helps to pinpoint effective practices that will benefit thought leaders when preparing for a new product launch. The report, Educating KOLs, Physicians, Patients and Payers to Support Successful Product Launches, identifies and captures scores of market-education benchmarks, key practices, lessons learned, and operational pitfalls to avoid when informing and preparing the marketplace for new products.

The 139-page report contains almost 500 metrics to help inform launch leaders on the most effective type and timing of market education practices during the full development cycle. Executives and managers involved in market education efforts for new products can use this research to compare their market education tactics and strategies with those of leading organizations. Key study objectives included:

  • Identification of Key Education Tactics for Thought Leaders, Physicians, Patients, and Payers
  • Identification of Key Timing for Educational Activities for KOLs, Physicians, Patients and Payers
  • Assessment of Key Market Education Practices, including Thought Leader Activities, CME, Scientific Publication Strategy and Tactics, Patients and Patient Advocacy Education, Clinical Trials & Payer Education
  • Description of Critical Market Education Pitfalls and Future Trends

The research project attracted 34 executives and managers from 26 leading pharmaceutical, biotech and medical device companies including 12 of the Top 20 pharma companies. Additionally, the research reflects on nine deep-dive interviews with selected participants.

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