Technology Product Releases can be a very profitable revenue stream for pharmaceutical companies. Pharmaceutical reps can use these releases to further market their products, gain more knowledge about new product features, and position their company as an innovator. However, In order to maximize the revenue gained from these releases, pharmaceutical reps must ensure that they follow all legal requirements and guidelines concerning product licensing and release of information.
Coordinate closely with patients, and customers to capture new product needs, and then communicate those needs to the development group responsible for developing the product. Manage clinical study documentation, and submission for new product releases. Work closely with a medical group of contributors, and engineers for timely and on budget product releases.
Describe the new product in great detail to help build excitement in the medical community. Demonstrate how the product will change lives and create a buzz about the new product launch. Communicate any information that may be legally questionable or difficult to interpret.
Launch plans are necessary to ensure the product is effective and that the product will meet or exceed its intended purpose. For example, is the new product for rheumatoid arthritis expected to relieve pain and help with range of motion? If so, what dose of the product will be recommended for use? Communication and distribution plan for these doses is crucial to receiving approval for such product, and could help limit liabilities.
Product launches typically follow standard FDA guidelines; however, you should conduct meetings and teleconferences with key members of the development team to share details. This allows the product’s developers to review the potential risks and difficulties before the release date. It also gives pharmaceutical reps a common platform from which they can communicate with key customers and emphasize the benefits of the new product when it comes out. Lastly, during the launch, it is important to prepare for press releases, sign photos, etc., so that media outlets have something to base their stories on once the product is released.
Technology product launches represent one of the most exciting areas of pharmaceutical marketing. However, with the potential for negative publicity, careful preparations, communication and promotions can help keep the media happy. The key is to avoid a grandiose launch. Rather, release carefully planned and logically sequenced information, which provides a clear overview of the product, how it works, who the target audience is, and why it is a better solution than its competitors. A well-planned and properly executed product launch can increase sales and minimize risk.