Nowadays, pharma companies want to maximize their new drug sales, but the companies mentioned struggle with achieving this goal. With the supply chain management issues, current political situation and the pandemic, their resources are tightened, and the market is uncertain. The mission is to decrease the failure risk of new product launches.
In the past, pharma industry development and commercialization of new drugs were connected to strong go-to market strategy. The change needs to be made to guarantee more benefits for the companies and the industry.
There has been a lot of research done on drug launches. Previous drug launches have shown that during the first year on the market, two thirds fail the sales expectations. From those drugs that managed to survive the first year, only 65% continue the market growth. Thinking about the statistics, the main reasons are clearly stated why Pharma Global must plan an effective marketing strategy for new drug launches. Development and launching of the drugs have become risky and it requires higher efficiency than before.
Purpose of the event:
Pharma Global wants to launch their newest product with AVIANET in a hybrid format. This way they want to reach more people from the industry and potential customers. The purpose of the event is to showcase the new drug in detail to stakeholders in the pharmaceutical industry.
Process in details:
The goal of this event is to thoroughly examine and launch the new drug on the market. Pharma Global must increase the percentage of successful launches and their main obstacle is better quality strategies. The critical factor is understanding the patient population and for whom the drug is best targeted.
Objectives to overcome are:
1. Drug commercialization
2. Market size estimation
3. Targeting potential prescribers
4. Market strategy organization
1. Appoint an event organizer/organizer group
A- Set goals and wanted outcomes:
Mrs. Smith is working on Pharma Global new drug release. She recruited AVIANET to help with the launch, but in a hybrid format. She is a pharmacist who has worked extensively on the drug and wants to launch it on a larger global scale. This is her first time working with AVAINET team. She has specified that she wants one customizable booth with a product representative. This product representative will be available for Q&A during the event.
B- Prepare project scope (deadline, start date, budget…)
This event is in a hybrid format, meaning half attendees will be attending online and other half in-person. The event starting date is in 6 weeks. Budget is limited and Mrs. Smith wants to have 3 live speakers from the pharmaceutical industry. They are already identified for the AVIANET team to prepare speaker profiles. The most important event objective is the roundtable which is invite-only. This module is organized for usual major product buyers.
2. Reach AVIANET team to discuss further objectives.
A- Schedule a free demo A free demo by AVIANET is used for first-time clients like Pharma Global. This demo is used as an explanation to client for differences between 2D and 3D versions of the Virtual Event Platform. During the demo Mrs. Smith can visualize her event and ask questions for clarifications.
B- Modules and features This event will have one customizable booth that is used to showcase the product better and as a Q&A place for potential customers. There will be 3 live speakers in total along with live presentations as they speak. There will be 10 roundtable meetings reserved for special Pharma Global clients.
C- Receive an official proposal Mrs. Smith decided for a 2D Virtual Event Platform in a hybrid format. She will receive an official proposal for the event highlighting all modules and features requested. If Pharma Global is satisfied after the event and they wish to continue their collaboration with AVIANET, they can switch to subscription model.
3. Event set-up
A- Provision and upload of materials Mrs. Smith needs to provide AVIANET team all the details of the launch of a new drug. This includes all the materials, videos, logos, PDFs and so on. This is used for visualizing and promoting the company and its products in live presentations, round table, and customizable booth. According to details and instructions, AVAINET team comes up with a customizable solution.
B- Set up representatives Before the actual event, speakers must set up their profiles and provide information used for networking. For example, they can share emails, phone numbers or other contact points. In addition, they can upload content needed for their presentations.
C- Registration After the landing page is uploaded, registrations for attendees are available. Since the event is public, attendees will need to fill out a simple registration form and they will get their log in details via email.
D- Online presence The best approach for marketing since this is a pharmaceutical company is email marketing. Remind your attendees of the event in a timely manner. In those emails you should briefly explain the features of the drug that is launching. Also include a direct link to the event. Since it is a hybrid format, attendees should deice whether they attend online or in-person. Provide a separate link for AVAINET online event where attendees will register themselves.
4. Event trial
A- Participants The most important part is to prepare speakers for their live presentations. Test audio, visuals and all the content. Sometimes IT Support Team will educate speakers on the most optimal computer settings and connection.
B- Trial objective Trial run is done to test everything before attendees join the live event. The trial run is available for Pharma Global organizers, their speakers and AVIANET Team. We make sure that everything will run smoothly during the real virtual event. Last-minute changes are available if hosts want.
5. Live event
AVIANET Support Team is present during the virtual event. They are available for guidance and assistance. All attendees can easily reach the team with multiple features and ask for support if needed. The event schedule is followed accordingly, and instructions and materials are available throughout the event.
6. Post analytics
After the event, all the data recorded during the virtual event is available. This is important for Pharma Global because they will have access to data of how attendees responded to the new drug launch. For example, how many questions were asked from the audience, how many people have attended the presentation and more. Pharma Global can use these analytics to improve the marketing strategy of new products.
7. End of event
The purpose of the event was to successfully launch the new drug into the market. Additionally, to educate industry leaders and initiate the promotion of the new drug. Pharma Global has achieved their goal and gained the insight needed for a successful product launch. AVIANET provided a platform to connect industry leaders and potential customers, with the purpose of serving as a learning platform for everyone.