Why Internal Alignment is Imperative for Successful Product Launches in Pharma
Launching a new drug in the pharmaceutical industry is no easy feat. It involves multiple departments and stakeholders within a company, each with their own
objectives and priorities. If these departments are not aligned, it can lead to delays and ultimately impact the success of the product launch. In this blog,
we’ll explore the importance of internal alignment and collaboration for successful product launches in the pharmaceutical industry.
Let’s start with the numbers. According to a survey by the Tufts Center for the Study of Drug Development, the average cost of developing a new drug is a whopping $2.6 billion, and the time to market can range from six to 12 years. Any delay in the product launch can add significant costs to this already expensive process. In fact, a one-year delay in the launch of a drug can cost the company over $1 billion in lost revenue!
So, how can pharmaceutical companies avoid these costly delays? It all comes down to internal alignment and collaboration. Strong leadership, communication, and a shared vision for the product launch are all essential for achieving internal alignment. This means ensuring that each department understands the objectives, goals, and priorities of other departments and works together to achieve a common goal.
In a survey conducted by the Economist Intelligence Unit, 85% of respondents agreed that collaboration is necessary for successful product development in the pharmaceutical industry. Moreover, 70% of respondents stated that lack of internal collaboration was a significant factor in product development delays. Effective communication is also critical to ensure that each department is aware of the progress and challenges faced by other departments. This allows for early identification of issues and prompt resolution to prevent delays in the product launch.
A shared vision for the product launch is also critical for internal alignment. All departments must understand the product’s intended use, target market, and unique features and benefits. This allows each department to align its objectives, goals, and priorities with the overall vision, which can lead to a successful product launch.
In a survey by McKinsey & Company, 79% of respondents stated that a shared vision was the most important factor in the success of cross-functional teams in the pharmaceutical industry. Moreover, 85% of respondents stated that having a clear understanding of priorities was essential for the success of cross-functional teams.
Measuring the impact of a product launch is like checking your report card after a big test. It’s important for pharmaceutical companies to understand how their product launch performed in the market, and that’s where BrandLaunchX comes in.
Not only does BrandLaunchX streamline the product launch process, but it also measures the impact using real data. This information helps companies make informed decisions about their launch strategy and optimize their marketing efforts to achieve their business objectives.
BrandLaunchX measures various impact metrics such as how critical tasks are performing, how likely are we to hit our launch date etc. By analyzing these metrics, can gain insights into how successful their launch was and identify areas for improvement. Plus, measuring impact helps companies understand the ROI of their launch and set realistic goals for future launches.
At Conformancex, we believe that measuring impact is just as important as collaboration and communication when it comes to successful product launches. That’s why we developed BrandLaunchX to be an all-in-one platform that helps companies achieve their launch goals.