Rethinking the way Pharma launches a new product

Context & Objectives

A leading player in the pharma industry was about to launch a new product and was uncertain about the ideal way to market it to its specialised doctors target audience.

The challenge was to understand what factors influence the prospects in adopting such a product. Various elements can be of importance, some of which are easily measurable and readily available through the sales representative (i.e. specialisation of the physician), some less so (i.e. values and opinions).

Approach

We started by gathering and cleaning the data obtained through physician surveys and from the CRM.  

We analysed the impact of each variable on the likelihood of adopting this new product and extracted the key insights, for example:

  • Do the number of procedures performed by the physician influence their willingness to adopt this product?

  • Which type of hospital is more likely to endorse such a new product?

  • Is the relationship between the sales representative and the physician of importance?

Finally, we built a model to identify the most relevant predictors to estimate the probability of a prospect being an early adopter.  

Results

In a matter of days, we delivered a comprehensive analysis, complete with an easy to use Excel tool for the marketing team to:

  • improve the understanding of the critical success factors for launching the new pharmaceutical product;

  • determine the profiles of physicians with the highest likelihood of adhering;

  • focus the sale representatives’ efforts for a maximal conversion rate.