David and Goliath: How Can First-Time Launchers Avoid Failure and Beat Big Pharma Launches with Rohit Sood, Executive Vice President at EVERSANA
Oct 12, 2022
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Rohit Sood, Executive Vice President at EVERSANA discusses the increase in first-time launchers, the reasons behind their failure rates, and lessons to be learned from big pharma launches. They also touch on adapting to circumstances and strategy, ownership incentives for first-timers, emerging markets, and the importance of lifelong learning in pharma marketing.
Adapting to virtual meetings and utilizing digital technology is crucial for efficient pharma launches.
Investing in infrastructure early on contributes to a successful and efficient first-time launch.
Deep dives
Shift in Stakeholder Engagement and Collaboration
One of the biggest changes in pharma launches after COVID was the shift in engagement with stakeholders. Due to quarantine measures, companies had to adapt to virtual meetings via platforms like Zoom and Teams. This required a mindset shift in collaboration and the use of new tools like Miro for online collaboration. The engagement planning strategies had to be reworked to accommodate remote work. While in-person engagements are slowly returning, the use of digital technology and omni-channel approaches have remained, making the commercialization process more efficient.
Importance of Infrastructure in First-Time Launches
Infrastructure plays a vital role in first-time launches. Successful commercialization requires robust processes, SOPs, and data integration. Startups and emerging companies often underestimate the need for a well-defined infrastructure. Engaging with professionals who have commercialization expertise early on can help identify and build the necessary infrastructure components. Infrastructure encompasses systems, data management, market access, customer engagement, and supply chain distribution. Investing in infrastructure early on can contribute to a more successful and efficient first-time launch.
Critical Factors for First-Time Launch Success
First-time launches bring high stakes and challenges. To ensure success, three key factors should be considered. First, leadership should have a willingness to learn about commercialization. Those with previous commercialization experience can provide valuable insights and prevent common mistakes. Second, sufficient investment is crucial. Startups must strike a balance between optimizing cash flow and ensuring enough resources are allocated to the commercialization process. Finally, adopting a long-term view is essential. Commercialization is not a one-time event, but an ongoing process that requires flexibility and agility to adapt to market changes.
Ideal Skills and Background for Commercial Leadership
When assembling a commercial leadership team, a focus on culture, experience, and mindset is critical. Culture must prioritize agile problem-solving and a collaborative approach. Experienced leaders who have previously navigated launch challenges bring a wealth of knowledge and can guide the team effectively. Additionally, skills in strategic thinking, adaptability, and stakeholder engagement are invaluable. Commercial leaders should possess a long-term vision and an inclination towards continuous learning to drive successful first-time launches.
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In this episode, Bozidar is joined by Rohit Sood, Executive Vice President at EVERSANA.
They cover:
Why has the number of 1st-time launchers increased threefold over the last 10 years?
Why do 60%+ of 1st-time launches fail, and how do they compare to big pharma launches?
What can 1st-time launchers learn from Mike Tyson about strategy and adapting to the circumstances?
“Pharma Launch Secrets” is a podcast by Evermed and hosted by CEO Bozidar Jovicevic. We host direct, actionable conversations with world-leading pharma launch experts and help you stay up-to-date with the latest trends and strategies to help you launch your product successfully.