NetBaseQuid is a consumer and market intelligence firm that has been in the business since 2009 and is headquartered in London. They offer unique strategies and solutions for today’s companies in marketing, analytics, and finance to help brands connect with audiences through data. NetBaseQuid provides companies of all sizes with the tools they need to understand what their customers are talking about and how that affects their bottom line daily. Below are key factors to drug launch success.
1. Targeting Drug Prescribers
For a drug to be successful, it should appeal to the prescribers of different medicines in the same class. For example, a new drug for high blood pressure should appeal to physicians who prescribe other high blood pressure medications. This is important because physicians and pharmacists are among the most influential health decision-makers (HMDs) among consumers with MDD, ARF, and chronic pain syndromes. If a drug is launched without appealing to HMDs, it will fail and be withdrawn from the market.
2. Providing Good Customer Service
Companies can develop strong relationships with their customers by providing good customer service. A strong relationship with customers is important for drug companies. It helps to enhance. Further, consumers’ perception of the company’s products increases loyalty to the brand, making approximately 10% more sales. Furthermore, it will help achieve more sales during the launch of new drugs because there is high customer satisfaction and positive word-of mouth from current customers.
3. Tracking Marketing Performance
Companies use this tool to track marketing performance to adjust their marketing strategies accordingly. A study by NetBaseQuid revealed that companies with high marketing tracking are five times more likely to achieve first-mover market share. Measuring marketing performance is important because it helps the company assess its results and improve on them after a launch. Marketing performance will also help the company adjust its messaging and product development accordingly to meet customers’ needs and increase sales during the launch period.
4. Monitoring Patient Sentiment
It is important to monitor patient sentiment as a company because it gives the company an idea of its customer’s expectations and perceptions. The main benefit of monitoring patient sentiment is that companies can adjust their marketing or product development strategies to ensure they are in line with customer needs.
Another reason why companies should monitor patient sentiment is that this will help them predict what consumers will think about their brand and product after launch. This helps the company to anticipate any issues that may arise and respond ahead of time to mitigate any negative impact on the brand.
5. Comparing Competing Products
Companies can analyze what the competitors are doing and use that to determine where they will place themselves in relation to other products. Analysis of the competitor’s marketing strategies, product development, and positioning will show how companies need to position their product to compete with the existing products in the market.
6. Timing of the launch
Many companies need to pay more attention to the timing of the launch. They need to take into account that the launch of a new drug can be different from company to company and person to person. The time it takes for each individual to get the optimal benefit from a drug depends on factors such as genetics, health history, disease characteristics, physical/mental condition, and factors such as age, gender, and other diseases that may be present.
This study reveals the importance of accurate and complete drug research. Companies should take time to do extensive research before going into the launch stage of a drug. Research should consider how different people are, such as genetics, health history, and susceptibility to side effects. Companies should also monitor patient response to drugs and analyze marketing data to ascertain where people’s perceptions could go wrong to avoid negative consequences.