Value Proposition Development: Differentiating a New Entrant in a Market with Well-Entrenched Competition
Our client, a global pharmaceutical company, had a drug in development for a disease area dominated by high-efficacy drugs that enjoyed favorable access conditions. The client engaged Prescient to develop an evidence-based value proposition for its product that was differentiated from the competitors’ and resonated with the key stakeholders. In addition, the client wanted to understand competitors’ value-added services and identify opportunities to strengthen the product’s offering to ensure optimal access conditions.
Shaping Decisions | Driving Value
Initially, Prescient performed in-depth comparative analyses of the product’s benefits versus those of key competitors in the disease area and identified points of differentiation. We then identified the services and other intangible attributes offered by the manufacturers as part of their value propositions. We collected detailed, systematic data on the client’s product, as well as product and disease reviews, to build supporting peer-reviewed evidence for the drug’s value proposition.
The engagement included two, cross-functional two-day workshops focusing on different indications to develop a value proposition for the client’s product prior to launch. Over the next year, additional market access, medical and competitive workshops helped refine the client’s strategy in response to evolving market dynamics and competitive scenarios.
The Prescient Advantage
The broader brand team acquired a detailed understanding of the competitors’ value propositions and their positioning within the disease area. The in-depth comparative analyses provided the marketing team with the robust insights it needed to identify pertinent differentiators for the product. The team then developed a consensus-driven value proposition for the drug that was differentiated and resonated with the key stakeholders, leading to very rapid uptake of the product. The tactics evolved over the first year of launch to ensure that the strategy remained relevant and the uptake was sustained. Ultimately, the client exceeded its three-year sales forecast, which was significantly higher than the analyst consensus.