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| Tom Lawrence of Meta Pharmaceutical Services LLC, a solution provider company at the marcus evans PharmaMarketing Summit 2012, on marketing mature pharmaceutical brands. |
NEW YORK, Apr 12, 2012 - (ACN Newswire) - The time has come where marketers can look at Loss of Exclusivity (LOE) as a final opportunity instead of a death sentence, says Tom Lawrence, Chief Executive Officer, Meta Pharmaceutical Services LLC. At that late point in a pharmaceutical product's life cycle, development costs will have been recovered, production will be efficient and the brand will be at its most profitable time, he adds.
From a solution provider company at the marcus evans PharmaMarketing Summit 2012, in Wheeling, Illinois, April 30 - May 2, Lawrence shares his insights into marketing mature brands before LOE and managing the post-LOE downslope.
- Meta has a depth of experience with mature brands. What works for brands that are mature or approaching LOE?
It used to be that pharmaceutical marketing teams would wind down sales force support towards the end of a brand's life cycle, then shut down all promotion when LOE hit. Their thinking was that health care providers (HCPs) were set in their ways and there were no cost-effective solutions that would change prescribing habits on a mature brand.
The paradigm has really shifted recently where brands are now ramping up promotion in the one to two years before LOE, in order to maximize their sales and manage that post-LOE downslope from a higher starting point. At that late point in the life cycle, development costs have been covered, production is efficient and the brand is at its most profitable time. Most importantly, HCPs are still receptive to promotional efforts and will start new patients in anticipation of a future generic option. Copy cards, non personal promotion directed by the Rx data, managed care focused communications and patient focused information are all proven drivers of increased sales.
- With budgets increasingly tight and sales support overburdened, it can be tough to justify marketing spends in this arena. What do you tell clients?
Nothing justifies spend like robust ROI results. Since MetaPharm is as adept at data analyses as program execution, we always perform a follow up ROI analysis on every program we administer. Time and time again, we see ROIs in the 5:1 to 10:1 range. Often, responders to the promotions have up to a 30:1 ROI! A five-wave promotion could be only a USD 15 spend per HCP. Get one incremental Rx from every three HCPs and you still have a 3:1 ROI. Show us another promotional arena that has such a track record of great ROI.
Over the next three years, loss of exclusivity threatens USD 55 bn in pharmaceutical sales; these brands can expect their market share to decline by more than 80 per cent within six months of generic intrusion.
We worked on a highly publicized campaign for a major brand in 2011. An aggressive, calculated marketing strategy, just as I mentioned, allowed this brand to maintain over 40 per cent of its market share a month after generic entry. Estimated sales after LOE are still forecasted at over a billion dollars.
- Any final words of advice on LOE marketing support?
The time has come where marketers can look at LOE as a final opportunity instead of a death sentence. Low-cost, effective and quick promotions can drive share among all your HCP populations. Proven ROI results have justified continuing your attention on these brands right up to LOE and even beyond. That new thinking has unleashed an avalanche of innovative strategic campaigns. Remember, as Yogi Berra said, "It ain't over 'till it's over"!
About the PharmaMarketing Summit 2012
This unique forum will take place at the Westin Chicago North Shore, Wheeling, Illinois, April 30 - May 2, 2012. Offering much more than any conference, exhibition or trade show, this exclusive meeting will bring together esteemed industry thought leaders and solution providers to a highly focused and interactive networking event. The Summit includes presentations on digital marketing, measuring marketing ROI, social media and accessing emerging markets.
For more information please send an email to info@marcusevanscy.com or visit the event website at www.pharmamarketingsummit.com/TomLawrenceInterview
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About Meta Pharmaceutical Services
Meta Pharmaceutical Services (MetaPharm) is on the leading edge of the dynamic pharmaceutical industry providing strategic data analyses combined with proven non-personal promotion. As sales forces shrink, the need to distribute impactful messaging among multiple channels is paramount. MetaPharm is the only industry partner who has over a decade of experience in mining your data for the most responsive HCPs, tying that to your local managed care position, working with your agencies on content development, flawlessly distributing the promotional campaigns via digital or direct mail, and finally providing a robust ROI analysis to determine the program's effect on prescribing.
MetaPharm - Information. Insight. Impact.
For more information, please visit www.metapharm.com
Contact:
Sarin Kouyoumdjian-Gurunlian
Press Manager,
marcus evans Summits
Tel: +357-22-849313
Email: press@marcusevanscy.com
Topic: Trade Show or Conference
Source: marcus evans Summits
Sectors: BioTech
https://www.acnnewswire.com
From the Asia Corporate News Network
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