Most successful drug launch in history
Sovaldi, a hepatitis C medication from Gilead Sciences, has broke the ceiling of 10 billion USD in sales in it´s first year on the market in 2014.
How did they achieve this?
One of the reasons is the quality of the product.
So far, the medication has worked better then any other drug before it. Higher cure rates, shorter period of treatment and significantly lower side effects, have paved way for the success of this drug. The drug´s efficacy and controversial price tag have been discussed in multiple news articles. However the most critical component of it´s meteoric rise, as important as the quality of the product itself, was the team behind it.
Even the best medication in the world doesn´t sell itself, it is the team behind it.
The success of this wonder drug, lies within the thorough research of the market, precise pre-launch planning as well as perfectly executed post-launch plan.
The sales team of Gilead sciences has been amazing at locating the right segment by prospecting and identifying the customers needs, while able to deliver the message through.
Research from McKinsey found that nearly two-thirds of drug launches fail to meet pre-launch sales expectations and those that fall short usually continue to underperform over the next two years. Since launch is a make or break moment in the lifecycle of a new product, companies need their sales team ready to go the moment they receive FDA approval.
How are these people able to achieve such a success? The secret lies in preparation. Even the most seasoned employees are prone to mistakes. In this fast paced industry, where being late with launch can result in losses of tens of thousands of USD and higher, system´s ensuring the right flow of data, correct responsibility allocation and clear goals, visions and actions, help creating a nearly perfect product launch.
By adopting a thoughtful and structured launch process around sales expansion, companies can ensure faster and less stressful launch to the given market. It is always good to double check every possible step on the way, but it is even better to have an organized approach, within a system that tries to eliminate or at least reduce these common mistakes.
One of the solutions might be a proper Saas, CRM or any other type of project/management software. The key is to find the right one to work with or one that covers all of your needs. The best one, is the one that is tailored exactly to your needs.