Harvard Case - Amgen: Launching Repatha
"Amgen: Launching Repatha" Harvard business case study is written by Tim Calkins, Mike Harris. It deals with the challenges in the field of Marketing. The case study is 16 page(s) long and it was first published on : Mar 28, 2017
At Fern Fort University, we recommend Amgen adopt a multi-pronged marketing strategy for Repatha, focusing on both healthcare professionals (HCPs) and patients. This strategy should leverage a combination of traditional and digital channels, emphasizing patient education, value proposition communication, and building strong relationships with key stakeholders.
2. Background
Amgen, a leading biotechnology company, faced a significant challenge in launching Repatha, a revolutionary PCSK9 inhibitor for lowering LDL cholesterol. The product presented a disruptive innovation in the market, offering a new treatment option for patients with high cholesterol who were not adequately responding to statins. However, Repatha's high price point and the complex nature of its mechanism of action posed significant hurdles for market penetration.
The main protagonists of the case study are:
- Amgen: The company developing and launching Repatha, facing the challenge of successfully introducing a new, expensive drug into the market.
- Healthcare Professionals (HCPs): Key stakeholders who prescribe Repatha to patients, requiring education and convincing about its value proposition.
- Patients: The target audience for Repatha, needing to understand the benefits and risks of the drug and navigate the complex healthcare system to access it.
3. Analysis of the Case Study
To analyze the case, we will utilize a combination of frameworks:
1. SWOT Analysis:
- Strengths: Amgen's strong brand reputation, established relationships with HCPs, cutting-edge research and development capabilities, and a proven track record in the pharmaceutical industry.
- Weaknesses: High price point of Repatha, complex mechanism of action, potential for side effects, and limited market awareness.
- Opportunities: Growing prevalence of cardiovascular disease, increasing demand for effective cholesterol-lowering therapies, potential for expansion into new markets, and leveraging digital marketing channels.
- Threats: Competition from existing statins and emerging PCSK9 inhibitors, potential for regulatory changes, and challenges in managing patient access and affordability.
2. Porter's Five Forces:
- Threat of New Entrants: Moderate. The high cost of research and development, regulatory hurdles, and established market players create barriers to entry.
- Bargaining Power of Buyers: High. Patients have limited control over pricing due to insurance coverage and limited treatment options.
- Bargaining Power of Suppliers: Low. Amgen has access to a wide range of suppliers for raw materials and manufacturing.
- Threat of Substitutes: Moderate. Statins remain a viable alternative for many patients, and other PCSK9 inhibitors are emerging.
- Rivalry Among Existing Competitors: High. The market is characterized by intense competition from established players and new entrants.
3. Marketing Mix (4Ps):
- Product: Repatha, a PCSK9 inhibitor for lowering LDL cholesterol, offering a new treatment option for patients with high cholesterol who are not adequately responding to statins.
- Price: High price point, requiring careful consideration of value proposition communication and patient access strategies.
- Place: Distribution through pharmacies and hospitals, requiring collaboration with healthcare providers and insurance companies.
- Promotion: Multi-channel marketing approach targeting both HCPs and patients, leveraging traditional and digital channels, emphasizing patient education, and building strong relationships with key stakeholders.
4. Recommendations
1. Targeted Marketing Strategy:
- Segmentation: Divide the target market into distinct segments based on patient needs, risk factors, and treatment preferences. For example, segment patients based on their response to statins, their risk of cardiovascular disease, and their willingness to pay for a new treatment.
- Targeting: Focus marketing efforts on specific segments with the highest potential for Repatha adoption. For example, target patients with high LDL cholesterol who are not adequately responding to statins, have a high risk of cardiovascular disease, and are willing to pay for a new treatment.
- Positioning: Position Repatha as a valuable treatment option for patients with high cholesterol who are not adequately responding to statins, emphasizing its efficacy, safety, and convenience.
2. Multi-Channel Marketing Approach:
- Healthcare Professionals (HCPs):
- Educational Programs: Conduct educational programs for HCPs to provide in-depth information about Repatha's mechanism of action, efficacy, safety, and patient management.
- Clinical Trials: Highlight the results of clinical trials demonstrating Repatha's effectiveness and safety.
- Peer-to-Peer Marketing: Engage key opinion leaders (KOLs) to share their experiences and insights about Repatha with other HCPs.
- Direct Sales Force: Utilize a dedicated sales force to build relationships with HCPs, provide product information, and address their concerns.
- Patients:
- Direct-to-Consumer (DTC) Advertising: Utilize targeted advertising campaigns to raise awareness about Repatha and its benefits.
- Patient Education Materials: Develop educational materials that explain Repatha's mechanism of action, benefits, risks, and how to access the drug.
- Online Resources: Create a dedicated website and social media channels to provide patients with comprehensive information about Repatha, answer their questions, and connect them with healthcare providers.
- Patient Support Programs: Offer patient support programs to address concerns about affordability, access, and adherence to treatment.
3. Value Proposition Communication:
- Highlight Repatha's Unique Benefits: Emphasize Repatha's efficacy in lowering LDL cholesterol, its safety profile, and its convenience compared to other treatment options.
- Address Concerns about Price: Provide transparent information about Repatha's cost and explore options for affordability, such as patient assistance programs and insurance coverage.
- Emphasize Long-Term Value: Communicate the long-term benefits of Repatha in reducing cardiovascular risk and improving patient outcomes.
4. Building Strong Relationships with Stakeholders:
- Patients: Develop a strong customer relationship management (CRM) system to track patient interactions, provide personalized support, and build loyalty.
- HCPs: Foster strong relationships with HCPs by providing them with the information and resources they need to effectively manage patients on Repatha.
- Insurance Companies: Engage with insurance companies to ensure Repatha's coverage and negotiate favorable reimbursement rates.
5. Leverage Digital Marketing Channels:
- Social Media Marketing: Utilize social media platforms to reach target audiences, engage in conversations about Repatha, and build brand awareness.
- Search Engine Optimization (SEO): Optimize Repatha's website and online content for search engines to improve visibility and drive traffic.
- Content Marketing: Create valuable content, such as blog posts, articles, and videos, to educate patients and HCPs about Repatha and its benefits.
6. Monitor and Evaluate Performance:
- Market Research: Conduct ongoing market research to track Repatha's performance, identify opportunities for improvement, and adapt the marketing strategy as needed.
- Analytics: Utilize digital analytics tools to track website traffic, social media engagement, and other key metrics.
- Customer Feedback: Collect feedback from patients and HCPs to understand their needs and preferences and improve the marketing strategy.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core competencies and consistency with mission: Amgen's core competency lies in research and development, and Repatha aligns with its mission of developing innovative therapies to improve human health.
- External customers and internal clients: The recommendations consider the needs of both patients and HCPs, ensuring that the marketing strategy addresses their unique concerns and expectations.
- Competitors: The recommendations acknowledge the competitive landscape and aim to differentiate Repatha from existing and emerging treatment options.
- Attractiveness: The recommendations consider the potential for Repatha to generate significant revenue and contribute to Amgen's long-term growth.
6. Conclusion
By adopting a multi-pronged marketing strategy that focuses on both HCPs and patients, leverages a combination of traditional and digital channels, emphasizes patient education, value proposition communication, and builds strong relationships with key stakeholders, Amgen can successfully launch Repatha and establish it as a leading treatment option for patients with high cholesterol who are not adequately responding to statins.
7. Discussion
Other alternatives not selected include:
- Focusing solely on HCPs: This approach would have been less effective in reaching patients and building brand awareness.
- Adopting a low-price strategy: This approach would have been unsustainable in the long term, given the high cost of developing and manufacturing Repatha.
- Ignoring digital marketing channels: This approach would have limited Amgen's reach and ability to engage with target audiences.
Key assumptions of the recommendations include:
- The market for PCSK9 inhibitors will continue to grow.
- Patients will be willing to pay for a new treatment option that offers significant benefits.
- Amgen will be able to effectively communicate the value proposition of Repatha to both HCPs and patients.
8. Next Steps
To implement the recommended strategy, Amgen should:
- Develop a detailed marketing plan: This plan should outline the specific tactics, timelines, and budgets for each marketing initiative.
- Assemble a dedicated marketing team: This team should have expertise in pharmaceutical marketing, digital marketing, and customer relationship management.
- Launch marketing campaigns: Amgen should launch marketing campaigns targeting both HCPs and patients, using a combination of traditional and digital channels.
- Monitor and evaluate performance: Amgen should regularly monitor the performance of its marketing initiatives and make adjustments as needed.
By taking these steps, Amgen can successfully launch Repatha and establish it as a leading treatment option for patients with high cholesterol who are not adequately responding to statins.
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Case Description
In March 2015, Amgen is preparing for the launch of Repatha, a new molecule that has demonstrated a remarkable ability to treat high cholesterol. Through a series of clinical trials, Amgen has proven that the molecule is both safe and effective for patients with high cholesterol. It also is effective for patients with familial hypercholesterolemia, a difficult-to-treat population that has exceptionally high levels of cholesterol. Amgen expects the FDA to approve the molecule before the end of the year. Now, the Repatha team has to develop a revenue forecast.
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