Plan a pharmaceutical product launch that’s first to market. Use an LMS to educate marketers, sales reps, and your customers to quickly gain market share.
Drug Companies Use LMS to Gain Market Share for Pharmaceutical Product Launches
Although pharmaceutical product launches can take years to execute, time is still of the essence. The market rewards innovative, fast businesses that are first to market.
Best-in-class companies get a greater market share by becoming first to market. If your pharmaceutical product launches before anyone else’s, you could see a 6 percentage point increase in your market share 10 years down the line.
On the other hand, if you’re second to market, you could see significant disadvantages like reduced market share and increased competition.
After spending countless hours and dollars on your product launch, it’s crucial for your pharmaceutical company to hit doctors’ offices first—order to entry matters.
But how, exactly, do you achieve first to market?
You have to overcome challenges with your pharmaceutical product launch, and they aren’t easy to solve.
The 3 boundaries to a successful pharmaceutical product launch
Have you ever wondered how competitors manage to outpace you? All pharmaceutical companies struggle, but the organizations that overcome these three challenges are not only first to market—they maintain market share in the long term.
1. Unclear USP
Your unique selling proposition (USP) tells patients and doctors why your drug is the best. But without a USP, there’s no clear connection between a patient’s needs and your drug.
If doctors don’t understand how you’re different—and better—they won’t feel the urgent need to prescribe your drug. That’s why successful pharmaceutical product launches rely on clear USPs.
2. Confusing messaging
What does your drug do? Who is it for? What does it not do?
Even if you have a USP, it’s common for drug companies to send mixed or unclear messages. Your messaging filters through a web of regulations and rules, but even then, there’s no guarantee your messaging will be perfect.
Pharmaceutical product launches fail when nobody understands the messaging around the product. That’s essential for arming your internal team with the stories and tools needed to sell the new drug.
3. Lack of education
There’s nothing more challenging than an uneducated marketing or sales force. Whether it’s your back-office marketing department or field representatives, everyone on the pharmaceutical product launch team should understand the drug.
Your team is comprised of marketing and sales experts, though, and not doctors. How do you equip your team to sell to a highly technical audience?
Launch effectively with an LMS
A learning management system, or LMS, solves unclear USPs and confusing messaging and educates your sales force. When you invest in quality online training and an LMS like Dokeos, you can educate three critical stakeholders in the pharmaceutical product launch process.
1. Inform marketing
An LMS isn’t just for your sales team. Marketing benefits from training at any phase of your pharmaceutical product launch.
Use an LMS to coach your marketing team on patient and doctor pain points. What really matters to them? What terms do they respond to?
Give your marketers an accessible, digestible overview of the product with an LMS. That’s essential for solidifying your value proposition in every corner of your product launch.
If you have concerns about regulations or compliance, take this as an opportunity to train the marketing team on standard operating procedures pre-launch. An LMS like Dokeos tests marketers’ knowledge along the way, ensuring they’re actually learning, not just clicking through.
2. Train sales representatives
Unlike their counterparts in marketing, your sales representatives are in the trenches, speaking with potential clients every day. They understand patient and doctor needs, but still need a comprehensive understanding of your drug.
Use your LMS to educate sales representatives on:
- Regulations: It’s always a good idea to refresh your representatives’ understanding of industry regulations before a pharmaceutical product launch.
- Mock doctor interactions: The Dokeos LMS integrates with video and interactive tools, allowing your sales team to practice sales calls and refine their skills.
- Pricing and drug information: Your sales team is selling to a highly technical audience of healthcare experts. Ensure your sales force can consistently share accurate product details with LMS training.
Plus, the Dokeos LMS is mobile-friendly. Your sales team can learn from their kitchen table or on the go. Our collaborative tools give your team the benefits of social learning while maintaining social distancing, too.
3. Educate your customers
The final audience you need to educate is your customers. It might sound strange at first, but the same LMS used for internal, pre-launch training can also serve as a tool for customer education.
Use your LMS to educate customers on your product benefits in a convenient, digital platform. Use patient testimonials, share data, and even include 3D animation to communicate your USP.
Dokeos allows you to create an entirely separate portal just for your customers. Customize this portal to doctors’ expectations, giving them the high-end look and feel they expect from your organization.
Dominate the market with an LMS
Education and clarity are essential to a successful pharmaceutical product launch. Launching a new drug is exciting, but the process is far from simple. However, if you manage to achieve first to market, you’ll see amazing returns years down the line.
Overcome the challenges that prevent you from achieving first to market. Use an LMS to educate marketing, sales, and customers to speed up your pharmaceutical product launch. The Dokeos LMS allows healthcare organizations to maximize efficiencies.
