NetBaseQuid is a platform that analyzes and collects market and consumer data to give an understanding of influence to make conscious decisions. The procedure uses AI intelligence technology to plan successful drug launches in the modern world. Launching a drug is a tough task, and it often fails. In a study, only ten percent were able to launch their drug successfully, and 80 percent of the drugs launched failed to improve a company’s sales curve in the first two years.
The pharmaceutical industry is going through changes by introducing new drugs to the market. But before this, the industry has gone through many failures in drug launches. NetBaseQuid has put together methods to ensure that companies don’t fail in their launch of drugs, including,
Understand Patient Needs
Due to the extensive use of social media, patients have become vocal about their experiences and what they wish to improve. People constantly air their demands on the internet. According to research, 87 percent of people share their health information online.
Michael Durwin, Director of Social Intelligence and Communities at ICON, says that social media platforms are essential for monitoring events, recruiting subjects for studies, and discovering patient trends. Despite the advancement in technology, drug manufacturers have yet to fully use these tools because there is no direct communication between pharmaceutical and patients. Hence pharma companies create drugs without understanding the needs of patients.
AI-powered consumer intelligence has made natural language processing that helps brands do market research and ensure social listening.
Target Drug Prescribers
Before a drug launch, it is essential to understand physicians’ concerns and the prescription behavior failure to do this may cause the collapse of a drug launch. The intensifying competition of new drugs in the market has dropped the sustenance of drugs from eight to five years.
The challenge is greater for upcoming drugs that want to compete with existing ones. Companies must strive to ensure their drugs stand out by communicating directly with physicians and conducting thorough research.
Good Customer Care
People have increased their need for a good experience in everything they do, and pharma companies are included. There is a need to ensure good customer service for patients to have an effective recovery process. Listening to patients’ needs is key because most are ready to change the drug rather than complain.
Companies are creating aftercare services for patients to understand their recovery journey and experiences. Through this, a strong bond is created between prescribers and patients.
Track Market Performance
During a launch, a strong sales team is crucial. The increase in drugs in supply has driven the need to have a more targeted approach to clients. In the modern world, people have adopted AI-driven marketing to introduce products to the market.
Monitor Patient Reviews
In the past, patient sentiments were acquired through surveys that entire limited responses from patients. Today patient reviews are gotten from social media, blogs, and review sites. It gives companies unstructured and text information on patient experiences. A solution is the use of sentiment analysis that examines experiences.
For every business, it is essential to compare yourself to your competitors. In the past, the competition was accessed using prices, but now they use technological advantage, customer loyalty, and strong patents. There is no standard price set for drugs; hence it is important to study the market through competition to understand supply and demand.
Time Your Launch
Planning a launch is a gradual process. A thorough study should be conducted before launching, and when ready, have good timing for the launch. Different factors should be checked, like quality standards and compliance tests. After agreeing on the launch date, discuss it with the target audience online.