Biotech: The healthcare frontier.
These are the voyages of the new commercial enterprise.
Its mission: To explore exciting new market segments.
To seek out new physicians and change prescribing behavior.
To boldly go where no brand has gone before.
Differentiating your biotech brand's creative imagery from that of the entire category at launch is critical to commercial success.
How many times have you seen a major product being launched with undifferentiated creative? Far too often. Whether brands are using more clichéd metaphors or overused patient imagery, or are just playing it safe, too many are suffering from undifferentiated creative imagery at launch.
According to a recent article by Mike Luby in MM&M, “an analysis of over 300 products by specialty launch curves, covering most major launches between 2002 and 2008, shows that, all things being equal, a product launched today is likely to achieve almost 50% less uptake in terms of market share than a product launched in a similar situation prior to 2006. [italics added]
“The effects are far worse for products that are close cousins of existing products, such as line extensions, isomers, and extended-release versions. This suggests that the opportunity for a line extension to win marketplace acceptance as AstraZeneca's Nexium or Forest's Lexapro did is very remote.” Fact: we are seeing smaller launches across the board.
Because of this marketplace dynamic, it is more critical than ever to have a laser-sharp position in the marketplace, as well as breakthrough creative that delivers a brand message quickly.
Additionally, if we cross-reference the data above with the visual landscape study conducted by Getty Images, the rationale for undifferentiated creative is clear.
Fact:83% of the imagery used in healthcare marketing is overwhelmingly about personal fulfillment:
- Enjoying life
- Living life to the fullest
- Nurturing relationships
Additionally, Getty Images broke down the type of images used by our pharmaceutical clients (the top 10 feature in 83% of the imagery used):
So that explains it: shrinking commercial opportunities combined with safe patient imagery is the status quo. Now that you have the facts and the blueprint on what not to do, go bold, stand out and differentiate your product.
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