Which chance for revenue is often missed by pharmaceutical companies?

Pharmaceutical companies spend huge amounts of money conducting clinical

trials. However, the trial results often remain in the shadows. As a result,

companies fail to get a decent return on their investment.

Why don't companies exploit this golden business opportunity?
There are two main ways that this opportunity slips through their fingers.

Some companies fail to recognise clinical trials as part of the value chain.

Other companies are simply untrained in realising the full impact of trials

on revenue.

What is the typical interaction between medical and marketing professionals?
Many medical professionals feel they have accomplished their mission when the

clinical trial is completed on time and on budget. They write their study

report and that's the end of it.

The marketing professionals receive an extensive study report replete with

hundreds of tables - without any further explanations. They do not

have the time and expertise to analyse the marketing prospects of

this bounty of scientific data.

Who should be responsible for marketing clinical trials?
The marketing and medical marketing professionals including

medical advisors hold the keys to unlock the wealth of their

company's under-utilised research data. By assuming leadership

they will soon realise the power and the excitement that comes

with taking responsibility for communicating clinical trial results.

How cost-effective is the marketing of clinical trials?
It is a very cost-effective way to drive product sales because you can

capitalise on the groundwork the medical department has already laid out.

I never understood why some companies balk at the idea of spending

the extra money for an appropriate marketing campaign after having

spent so much money on conducting the trial. Marketing trials should

be an integral part of life cycle management since they yield a very

lucrative return on their investment.

Where can you learn to tap into the full commercial value of trials?
The topic of how to mastermind and implement a winning marketing

strategy for clinical trials is barely covered in most marketing seminars.

So it is mostly learning by doing – an odyssey to acquire the necessary skills.

A workshop providing tools and tips would be useful for kick-starting the

process, thus enabling companies to take full advantage of their medical

research data.

What is your final recommendation?

Start shedding more light onto your scientific data.

Move out of your comfort zone and start to benefit
from your existing trial results: Turn science into sales!

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