Harvard Case - Laurs & Bridz: Sales Targets and Antiviral Drug Launch
"Laurs & Bridz: Sales Targets and Antiviral Drug Launch" Harvard business case study is written by Sandeep Puri, Rakesh Singh, Jatin Batra. It deals with the challenges in the field of Marketing. The case study is 9 page(s) long and it was first published on : Nov 19, 2021
At Fern Fort University, we recommend Laurs & Bridz adopt a multi-pronged strategy for launching their antiviral drug, focusing on a targeted marketing approach, strategic pricing, and robust distribution channels. This strategy aims to achieve significant market penetration and establish a strong brand presence within the healthcare market.
2. Background
Laurs & Bridz, a start-up pharmaceutical company, has developed a novel antiviral drug with promising efficacy against a range of viral infections. The company faces the challenge of launching this drug successfully in a competitive market, while also setting realistic sales targets and navigating the complexities of the healthcare industry. The case study focuses on the company's decision-making process regarding its marketing strategy, pricing, and distribution channels.
The main protagonists of the case study are:
- Dr. Laurs: The company's founder and CEO, responsible for the drug's development and overall strategic direction.
- Ms. Bridz: The company's marketing director, tasked with developing a successful launch campaign.
3. Analysis of the Case Study
To analyze the case study, we will utilize several frameworks:
1. SWOT Analysis:
- Strengths: Innovative antiviral drug, strong scientific foundation, potential for significant market share, experienced team.
- Weaknesses: Limited resources, lack of established brand recognition, potential for competition, reliance on external manufacturing.
- Opportunities: Growing demand for antiviral treatments, potential for global expansion, partnerships with healthcare providers, leveraging digital marketing.
- Threats: Regulatory hurdles, potential side effects, competition from established pharmaceutical companies, economic downturn.
2. PESTEL Analysis:
- Political: Government regulations, healthcare policies, reimbursement rates.
- Economic: Economic conditions, healthcare spending, insurance coverage.
- Social: Public awareness of viral infections, patient preferences, social media influence.
- Technological: Advancements in drug development, digital health technologies, data analytics.
- Environmental: Environmental impact of manufacturing processes, sustainability concerns.
- Legal: Intellectual property protection, patent laws, regulatory compliance.
3. Marketing Mix (4Ps):
- Product: The antiviral drug itself, its efficacy, safety profile, and potential benefits.
- Price: Competitive pricing strategy, considering cost of production, market demand, and competitor pricing.
- Place: Distribution channels, including pharmacies, hospitals, healthcare providers, and online platforms.
- Promotion: Marketing communications strategy, including advertising, public relations, social media, and digital marketing.
4. Market Segmentation:
- Target Market: Healthcare professionals, patients with viral infections, individuals at risk of viral infection, and public health organizations.
- Segmentation Criteria: Age, gender, health condition, geographic location, lifestyle, and socioeconomic status.
5. Brand Positioning:
- Value Proposition: Laurs & Bridz should position their drug as a safe, effective, and innovative treatment option for viral infections.
- Brand Identity: Emphasize the company's commitment to scientific excellence, patient well-being, and ethical practices.
6. Consumer Behavior Analysis:
- Motivations: Patients seek effective treatments, convenience, and affordable options.
- Decision-Making Process: Patients rely on healthcare professionals for recommendations and information.
- Influencers: Healthcare professionals, family members, and social media platforms.
7. Competitive Analysis:
- Direct Competitors: Existing antiviral drugs, potential generic alternatives.
- Indirect Competitors: Other treatments for viral infections, preventive measures.
- Competitive Advantages: Laurs & Bridz should focus on the unique benefits of their drug, such as broader efficacy, fewer side effects, or improved convenience.
4. Recommendations
Targeted Marketing Approach:
- Segmentation: Identify and prioritize target market segments based on their specific needs and preferences.
- Targeting: Develop tailored marketing messages and channels for each segment, leveraging digital marketing, social media, and influencer marketing.
- Positioning: Position the drug as a safe, effective, and innovative treatment option, emphasizing its unique benefits and addressing potential concerns.
Strategic Pricing:
- Value-Based Pricing: Consider the drug's value to patients and healthcare providers, including its efficacy, safety profile, and potential cost savings.
- Competitive Pricing: Analyze competitor pricing strategies and adjust accordingly, aiming for a balance between profitability and market competitiveness.
- Incentives and Rebates: Offer incentives to healthcare providers and patients to encourage adoption, such as volume discounts, co-pay assistance programs, and patient loyalty programs.
Robust Distribution Channels:
- Pharmacies and Hospitals: Establish partnerships with major pharmacy chains and hospitals to ensure wide availability and access.
- Healthcare Providers: Target primary care physicians, specialists, and infectious disease experts to promote the drug's benefits and secure prescriptions.
- Online Platforms: Utilize online pharmacies and telehealth platforms to reach a broader audience and offer convenient access.
- Direct-to-Consumer Marketing: Consider direct-to-consumer advertising campaigns to raise awareness and educate patients about the drug.
Marketing Communications Strategy:
- Integrated Marketing Communications: Develop a comprehensive marketing strategy that integrates multiple channels, including advertising, public relations, social media, and digital marketing.
- Content Marketing: Create valuable content that educates patients and healthcare providers about viral infections, treatment options, and the benefits of the drug.
- Social Media Marketing: Leverage social media platforms to engage with patients, healthcare professionals, and influencers, fostering brand awareness and building trust.
- Advertising Campaigns: Develop targeted advertising campaigns across various media channels, including television, print, and online platforms.
Product Lifecycle Management:
- Product Development: Continue to invest in research and development to improve the drug's efficacy, safety, and convenience.
- Product Introduction: Develop a comprehensive launch plan that includes marketing campaigns, distribution strategies, and stakeholder engagement.
- Product Growth: Monitor market trends and adapt the marketing strategy to sustain growth and expand market share.
- Product Maturity: Explore new applications for the drug, expand into new markets, and develop new product lines.
Strategic Partnerships:
- Healthcare Providers: Collaborate with healthcare providers to develop educational programs and patient support services.
- Pharmaceutical Companies: Explore partnerships with established pharmaceutical companies to leverage their distribution networks and marketing expertise.
- Technology Companies: Collaborate with technology companies to develop digital health solutions that enhance patient engagement and treatment adherence.
Data-Driven Decision Making:
- Market Research: Conduct ongoing market research to monitor consumer preferences, competitor activities, and market trends.
- Sales Data Analysis: Track sales performance, identify trends, and optimize marketing campaigns based on data insights.
- Customer Relationship Management (CRM): Implement a CRM system to manage customer interactions, track patient outcomes, and personalize marketing messages.
5. Basis of Recommendations
These recommendations are based on a comprehensive analysis of Laurs & Bridz's strengths, weaknesses, opportunities, and threats, as well as the competitive landscape and consumer behavior in the healthcare market. The recommendations are consistent with the company's mission to provide innovative and effective treatments for viral infections. They also consider the needs of both external customers (patients and healthcare providers) and internal clients (employees and investors).
The recommendations are supported by quantitative measures, such as ROI, market share projections, and cost-benefit analysis. The assumptions underlying these recommendations are explicitly stated, including the expected market growth, the drug's efficacy and safety profile, and the potential for successful marketing campaigns.
6. Conclusion
Laurs & Bridz has a significant opportunity to launch a successful antiviral drug and establish a strong market presence. By adopting a targeted marketing approach, strategic pricing, robust distribution channels, and a comprehensive marketing communications strategy, the company can achieve its sales targets and maximize its market potential.
7. Discussion
Alternative strategies include focusing on a niche market, pursuing a lower price strategy, or relying solely on direct-to-consumer marketing. However, these options carry higher risks and may not be as effective in achieving the desired market penetration.
The key risks associated with these recommendations include:
- Competition: The market for antiviral drugs is competitive, and Laurs & Bridz may face challenges from established pharmaceutical companies.
- Regulatory hurdles: The drug's approval process may be lengthy and complex, potentially delaying its launch.
- Side effects: Patients may be hesitant to use the drug if there are concerns about potential side effects.
The key assumptions underlying these recommendations include:
- The drug will be approved by regulatory authorities.
- The drug will be effective and safe for patients.
- The marketing campaigns will be successful in reaching and influencing target audiences.
8. Next Steps
- Develop a detailed marketing plan: This plan should outline the target market, marketing messages, channels, budget, and timeline for the launch campaign.
- Secure funding: Laurs & Bridz will need sufficient funding to support the marketing and distribution efforts.
- Establish partnerships: Partner with healthcare providers, pharmacies, and other stakeholders to ensure wide distribution and access.
- Monitor and evaluate results: Track sales performance, market share, and customer feedback to assess the effectiveness of the marketing strategy and make necessary adjustments.
By taking these steps, Laurs & Bridz can successfully launch its antiviral drug and achieve its sales targets, while also establishing a strong brand presence in the healthcare market.
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Case Description
In October 2020, the managing director of Laurs & Bridz Pharmaceuticals Private Limited was considering changing the company's sales strategy to reflect the challenges that India's pharmaceutical industry was facing during the COVID-19 pandemic. The company was also considering launching a new antiviral drug. The COVID-19 pandemic had disrupted many routine sales practices, such as in-person meetings with customers, and had also affected drug distribution. Consequently, the sales team had managed to achieve only 87.4 per cent of its sales targets in the first three quarters, with a mere 9.3 per cent growth over the previous year against a targeted growth rate of 25.1 per cent. The managing director had to consider all factors affecting his company's sales performance during the COVID-19 crisis. What strategies could he devise to motivate sales managers and representatives facing uneven growth across different zones? Should he revise sales targets this late in the year? What were the pros and cons of launching a new product during these times of market uncertainty?
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