Go-To-Market Strategy for a Novel Therapy
Go-to-market strategy for a surgical consumable in Burns and Diabetic foot ulcer treatment, for a major domestic pharma company
Challenge
An Indian Pharma major was planning to launch a dermal regeneration template and approached Medium to help understand the wound care market, develop the Go-To-Market strategy, along with the initial target list of institutions and physicians.
The wound care market was complicated and multiple stakeholders were involved in the treatment. So, identifying the right physician and institution segments, the drivers and barriers to product adoption, and from them, the right marketing messages, was critical.
Approach
We performed Market Research with 70 physicians across 4 cities, to understand treatment process and stakeholders, and buying decision process in Govt. and private hospitals.
We then analyzed the key drivers and barriers to product adoption and compared the product with the current alternatives on clinical and cost related factors. This helped us articulate the implications for marketing.
Finally, we profiled the appropriate institution and physician personas to target, followed by the creating the sales story relevant for each persona. This helped us identify the right physicians and institutions.
Results
- A list of 200 target physicians across 3 personas and 10 cities was identified
- 10 launch critical drivers and barriers were identified
- The next steps for increasing market access and market creation were mentioned
- The product is due for launch in May 2018, with the first-year revenue targets at Rs. 35 Crores