Which chance for additional revenue
is often missed by pharmaceutical companies?
Pharmaceutical companies spend
large amounts of money conducting clinical
trials, approximately 7 billion US-dollars
in the USA alone. 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 reasons why
they let this great opportunity pass.
Some companies fail to recognize clinical
trials as part of the value chain. Other
companies simply lack the specific skills
required for successfully realising the
full impact of trials on revenue.
What is the typical interaction
between medical and marketing people?
Most medical people 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 it. The marketing people 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 huge amount of scientific
data. This means that the data are only
used in the scientific context.
Who should be responsible for
marketing clinical trials?
The marketing professionals 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 marketing
clinical trials.
How cost-effective is the marketing
of clinical trials?
It is a very cost-effective way
to drive sales because you can capitalise
on the groundwork the medical people have
already laid. 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 it yields a very attractive
return on 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 a clinical trial 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
to marketing people?
Start to benefit from your existing trial
results and turn science into sales! |
