Market and product development require an in-depth understanding of market attributes and definition. Market and competitive assessment is essential to an understanding of key market drivers: the way a condition is defined in terms of patient numbers, how it is treated, the issues that determine treatment choice, the companies that have a presence in the area and the strength of that presence in terms of revenues and promotional spend. Understanding how competitors dynamically interact, from the perspective of prescribers, is fundamental to the process. Prior to launch it provides a powerful indication of the way in which doctors perceive current therapies and where they see unmet need, revealing a possible “fit” for a new therapy. Post-launch and throughout the product lifecycle, it reveals brand evolution in a competitive environment where doctors make treatment trade-offs on a daily basis.
With an understanding of the market and competitors, it is possible to size the defined environment. Again, potential sizing or forecasting is essential to create a frame of reference within which to compare a brand. Pre-launch, it allows an understanding of the market opportunity for a differentiated new entrant; once a target product profile has been established, it serves to indicate how much potential could be captured by your brand; post-launch, it allows you to constantly measure and predict where the market is going and the risks and challenges of future competitive entrants, enabling appropriate strategies to be effected.
Market and product development thus means using this knowledge to create an intricate influence pattern by shaping the brand to capture the available space and shaping the market to ensure optimal brand receipt and perception by all key stakeholders in the market.
Defining the Brand Strategy involves solid positioning of the brand and its values, with a strong clinical trial programme to support brand claims. Pre-launch, this will focus on the lead indication; beyond it will involve the entire lifecycle strategy, including line extensions as well as end of life strategies ahead of patent expiry.