How Does a New Biotech Company Successfully Launch Its First Product?
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How Does a New Biotech Company Successfully Launch Its First Product?
After many years with a focus on R&D, how does a biotech company then launch its first product with no track record in the market, no established relationships while essentially launching the company as a commercial operation at the same time?
Frank Dolan, CEO of Arsenal Advisors, has been there and done that three times. In this episode, he talks about the ways you can possibly fail, and based on his experience, what has worked in terms of building trust in the marketplace including patients, providers and payers.
Showing up to start that relationship with a customer when you finally have something to sell, I think is a way to possibly fail because there's no trust. And depending on how competitive that market space is. Do customers have a reason to believe your message? Do they have a reason to believe that if they have a problem with the product, that they can count on you? can they count on your messaging to be truthful?
We covered a range of topics from how to connect with patient communities and the value of listening to measuring (or at least estimating) the ROI of upfront activity before revenue starts flowing.
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