How to ensure commercial success through early value definition
Yes, value definition has to start THAT early! Early value definition means developing a clear idea early on how the product will bring value to all stakeholders. Why will the product be paid for, why approved, why prescribed? And finally, why will it be used by patients, and how will it be better than what is already out there?
How to ensure commercial success through early value definition
The development process is long... What will realities look like at the time of launch? A Target Product Profile is used to specify the desired outcome. But often, TPPs are too technical and describe only molecules - not creation of value.
What needs to happen?
Early definition of value for a whole universe of different stakeholders! A three step model how to get there:
- Generate insights
- Define value
- Deliver on promise
Work with stakeholders early on to define value:
- Why approve it?
- Why pay for it?
- Why prescribe it?
- Why use it?
Differentiate the product through beyond-the-pill services to capture more value from the market.
The result?
Products that have a market and stakeholders who get what they really need.
