One of the key reasons that many product launches fail is lack of research, says the Harvard Business Review. That is why it’s essential that you conduct ample research before rushing to get those products out your door and into the market. The same idea applies when you’re trying to determine and apply drug policies. In this case, it’s also essential to get as much information as possible.
That’s where a simulated P&T committee meeting comes in. Here’s how it can help your business:
Improve your marketing strategy
Some market intelligence firms can help you improve your marketing strategy through a simulated meeting. Typically offered as a custom solution, this helps you and your staff find out what the potential comments and feedback might turn out to be in a P&T review. Depending on the results you get, you can either move forward with your implementation or you might need to go back to the board and rethink your strategy.
Find the weak spots
Another advantage to a simulated P&T committee meeting is that you get to pinpoint which qualities or portions of your value proposition is failing to resonate with the members of the P&T committee. That’s going to help you improve on your value proposition, tweak problem areas and refine the rest until you get the reactions you want.
Test pricing scenarios
Cost is always a major factor. Using a simulated meeting to test whether the feedback surrounding the price of your products is positive or negative can go a long way to changing your pricing scheme. Since poor pricing can lead to a failed drug launch, you will want to do everything you can to prevent that from happening. That includes going to simulated meetings to help you evaluate the feasibility of your pricing model.
Research matters. The right information can save or make your product launch. That’s the edge that a simulated committee meeting can bring to the table.
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