Early-stage Pharmaceutical Marketers Need Commercial Focus
New product marketing teams in pharmaceuticals must add commercial focus earlier in the drug research and development process, according to a new report published by Cutting Edge Information, a pharmaceutical intelligence firm.
Pharma companies spend upwards of $500 million to launch new products -- without knowing the key market demographics and the scope of medical needs, research and development cannot build products that will achieve immediate sales uptake, the study says.
Progressive companies are bridging the gaps between marketing and R&D with integrated project management teams, formal communication processes, and co-governed portfolio management authorities. One top-10 firm has even located a marketing specialist in R&D -- and a research scientist in the marketing organization -- to improve communication and teamwork between the two traditionally discordant functions.
"Traditionally, pharmaceutical marketing and R&D organizations have been separated by political, structural, and even geographical boundaries," said Jason Richardson, Cutting Edge Information's CEO. "This is changing as companies realize the value of intensifying the commercial focus earlier in product development. You can't design therapies if you don't know what ailments patients suffer from and what else is on the market to treat them."
Summary of Report
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