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Transcript

Preparation Task (10 minutes)

Research Task (30 minutes)

Analysis Task (30 minutes)

Create Task (30 minutes)

Hear from a professional in this role to see how they might approach this task.The following pages are a detailed model answer for the work simulation on Drug Commercialisation.

Document and Present (15 minutes)

Reflection Task (15 minutes)

Expected Outcome

Model Answer

The process of drug commercialisation is complex and involves several stages, each critical to bringing a new drug to market. The key stages include:Market Research: Identifying the target market, assessing competitors, understanding customer needs, and estimating market size.Regulatory Requirements: Understanding and meeting guidelines from relevant authorities such as the MHRA.Promotional Strategies: Developing and executing marketing and promotional campaigns aimed at healthcare professionals, patients, and regulatory bodies.

Simulation

PREPARAtion task

Simulation

research task

I conducted market research on a hypothetical new anticoagulant medication. My findings are outlined below:

The MHRA: The drug must undergo clinical trials (Phases I–III) and demonstrate safety and efficacy. Post-marketing surveillance will also be necessary.EMA Guidelines: European regulations require a comprehensive marketing authorisation application, including clinical data and safety assessments.I compiled this data into a spreadsheet, noting market trends, key competitors, and regulatory requirements.

Regulatory Landscape

Competitors: Major competitors in the anticoagulant market include Xarelto (Bayer), Eliquis (Pfizer), and Warfarin (generic).Market Size: The global anticoagulant market is expected to reach approx £40 billion by 2028, driven by the ageing population and an increase in conditions like atrial fibrillation and venous thromboembolism.Customer Demographics: Primary consumers are patients aged 65 and above, with higher incidence rates of cardiovascular diseases.

Market Analysis

Click to zoom in

Simulation

Analysis Task

SWOT Analysis:Strengths:Innovative formulation with fewer side effects compared to WarfarinLess monitoring compared to WarfarinStrong efficacy data from clinical trialsWeaknesses:Higher price point compared to generic optionsLimited brand recognition in a crowded marketOpportunities:Growing elderly population requiring long-term anticoagulation therapyIncreased demand for oral anticoagulants with fewer dietary restrictionsThreats:Competition from well-established drugs like Eliquis and XareltoPotential regulatory hurdles, especially in the European market

SWOT Analysis and Customer Segmentation

Primary Segment: Elderly patients (65+) with cardiovascular conditionsSecondary Segment: Healthcare providers (cardiologists, primary care physicians) prescribing anticoagulantsTertiary Segment: Healthcare systems and insurers looking for cost-effective treatments

Customer Segmentation:

I compiled this data into a spreadsheet, noting market trends, key competitors, and regulatory requirements.

Click to zoom in

Simulation

Create Task

Promotional Strategy:

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:Primary: Elderly patients at risk of blood clots and strokesSecondary: Healthcare professionals (cardiologists, general practitioners)Marketing Channels:Digital Advertising: Targeted ads on health-related websitesHealthcare Conferences: Sponsorship and presentations at cardiology conferencesSocial Media: Campaigns highlighting patient stories and benefits of the drugEducational Webinars: Free sessions for healthcare providers on the drug’s benefitsPromotional Activities:Offer free branded samples to healthcare providers such as pens, coffee mugs etc.Launch a patient education campaign through brochures and social media postsBudget Allocation:Digital Advertising: £38,000Healthcare Conferences:£22,500Educational Webinars: £15,000Social Media Campaigns: £7,500

Promotional Strategy:

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.

Brochure: Highlighting the drug’s benefits, dosage, and safety profileSocial Media Post: “Freedom from blood clots – discover the new standard in anticoagulation therapy. Ask your doctor today!”Email Newsletter: Sent to healthcare providers with links to clinical data and webinar sign-up

Mock Promotional Materials:

Click to zoom in

Simulation

Document and Present

I compiled the research, SWOT analysis, and promotional plan into a concise PowerPoint presentation, featuring:

Executive Summary: A quick overview of market analysis and regulatory landscapeSWOT Analysis: Key factors influencing market entryPromotional Plan: Detailing target audiences, marketing channels, and budget allocation

Click to zoom in on the presentaiton.

Simulation

Expected outcome

During this process, I learned how critical comprehensive market research and a detailed promotional strategy are to the success of a new drug. Understanding competitors and regulatory requirements was particularly challenging but rewarding. I also realised the importance of tailoring the promotional plan to both healthcare providers and patients, as both are essential to driving drug adoption.In future drug commercialisation projects, I can apply these skills to gather market insights more efficiently and create targeted promotional campaigns. Moving forward, I would like to improve my skills in digital marketing, as it plays a growing role in healthcare promotions.

Reflection