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Transcript

This simulation should take you just over two hours, and is divided into the following sections:

  • A preparation task, which should take you up to 15 minutes
  • A 30 minute research task
  • A 30 minute analysis task
  • A 30 minute create task
  • A 10 minute document and presentation activity
  • And finally, a reflection task, which should take you around 10 minutes.

NEXT

Materials Needed

Computer with internet access

Market research tools

Spreadsheet software

Document editing software

(e.g. IBISWorld, PubMed)

(e.g. Microsoft Word, Google Docs)

(e.g. Microsoft Excel, Google Sheets)

Presentation software

(e.g. PowerPoint, Google Slides)

Preparation Task (10 minutes)

Research Task (30 minutes)

Analysis Task (30 minutes)

Create Task (30 minutes)

As a reminder, below are the steps we're going to take in order to complete the simulation. There will be timers on each step, but this is simply there for guidance and there is no pressure to finish before or after the time is up!

If you're ready, click the start button below to get going!

Document and Present (15 minutes)

Reflection Task (15 minutes)

Expected Outcome

Simulation

Simulation

PREPaRAtion task

Gain a foundational understanding of the drug commercialisation process.

Read an Article or Watch a Video: Review the following brief article about the essential steps of drug commercialisation, such as market analysis, regulatory pathways, pricing strategies, and promotional planning in the pharmaceutical industry:

Read article

Search for recent market reports, articles, or statistics related to your chosen market segment. Use sources like Statista, Nielsen, or industry-specific publications.

Simulation

research task

Conduct thorough market research to assess opportunities and challenges for a hypothetical new drug.

Search for recent market reports, articles, or statistics related to your chosen market segment. Use sources like Statista, Nielsen, or industry-specific publications.

Market Reports

Search for recent market reports, articles, or statistics related to your chosen market segment. Use sources like Statista, Nielsen, or industry-specific publications.

Use available market research tools to collect data on the target market for a new drug (e.g. a novel immunotherapy). Investigate competitors, market size, pricing trends, and customer demographics (e.g. healthcare providers, patients).

Market Analysis

Research the regulatory requirements for bringing the drug to market. Focus on guidelines from relevant authorities such as the FDA, EMA, or the MHRA.

Regulatory Landscape

Organise the gathered information into a spreadsheet for easier reference and analysis.

Data Compilation

Simulation

Analysis Task

Search for recent market reports, articles, or statistics related to your chosen market segment. Use sources like Statista, Nielsen, or industry-specific publications.

Analyse the market data to create a viable strategy for commercialising the drug.

Search for recent market reports, articles, or statistics related to your chosen market segment. Use sources like Statista, Nielsen, or industry-specific publications.

Market Reports

Search for recent market reports, articles, or statistics related to your chosen market segment. Use sources like Statista, Nielsen, or industry-specific publications.

Conduct a SWOT (Strengths, Weaknesses, Opportunities, Threats) analysis based on your market research. Consider key factors like regulatory challenges, market needs, and competitive advantages.

SWOT Analysis

Break down the potential market into key segments based on patient needs, healthcare provider preferences, or insurance coverage. Identify the most promising segments for targeting the drug.

Customer Segmentation

Simulation

Create Task

Develop a detailed promotional plan for the drug based on your analysis.

Search for recent market reports, articles, or statistics related to your chosen market segment. Use sources like Statista, Nielsen, or industry-specific publications.

Search for recent market reports, articles, or statistics related to your chosen market segment. Use sources like Statista, Nielsen, or industry-specific publications.

Market Reports

Search for recent market reports, articles, or statistics related to your chosen market segment. Use sources like Statista, Nielsen, or industry-specific publications.

- Target Audience: Define the primary and secondary target audiences. - Marketing Channels: Identify the most effective channels for reaching the target audience (e.g., online advertising, healthcare conferences).

Promotional Strategy:Create a detailed promotional strategy that includes the following elements:

Search for recent market reports, articles, or statistics related to your chosen market segment. Use sources like Statista, Nielsen, or industry-specific publications.

Search for recent market reports, articles, or statistics related to your chosen market segment. Use sources like Statista, Nielsen, or industry-specific publications.

Market Reports

Search for recent market reports, articles, or statistics related to your chosen market segment. Use sources like Statista, Nielsen, or industry-specific publications.

- Budget Allocation: Estimate the budget for each activity. - Mock Promotional Materials: Develop basic mockups of key promotional materials such as brochures, social media posts, or email newsletters.

Promotional Activities:Outline specific promotional activities such as educational webinars, free samples to healthcare providers, and social media campaigns.

Simulation

Document and Present

Summarise your findings and promotional plan in a professional presentation for stakeholders.

Compile Documentation: Use presentation software to create a concise and visually appealing presentation summarising the market research, analysis, and promotional plan.

Simulation

Reflection Task

Reflect

Future Application

Reflect on the entire process and identify key takeaways for future drug commercialisation efforts.

Write a brief reflection on what you learned during the simulation, highlighting the most challenging and rewarding aspects.

Consider how these new skills can be applied to real-world drug commercialisation projects and identify areas for further development.

Simulation

Expected outcome

By the end of this simulation, you will have developed a comprehensive promotional plan for a new drug, based on detailed market research and analysis. This exercise will enhance your understanding of the drug commercialisation process and strengthen your ability to craft effective marketing strategies within the pharmaceutical industry.

Expected Outcome