Using counter-biosimilar messaging to protect your brand
Biosimilars are an inevitable force in pharma. The introduction of biosimilars may be a major threat to the branded product. One of the challenges for biologics at the end of their patent protection is how to communicate the tangible and/or emotional benefits of the branded product in the face of assumed (and real) price differences with biosimilars. In today’s pharmaceutical industry, this communication has become a more and more important part of brand’s strategy to defend the competition from biosimilars. Even a delay of a few months for the uptake of biosimilar could have significant financial impact. For well-established brands, it also represents an opportunity to leverage brand equity to communicate to key stakeholders including physicians, patients and key influencers such as nurses and physician assistants. Alex and Mike utilized a case study to illustrate how we address this challenge to help brands develop counter-biosimilar messaging strategies. Find out more at http://www.skimgroup.com/pmrg-institute-2014.
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Using counter-biosimilar messaging to protect your brand
- 1. 1 Using counter-biosimilar messaging to protect your brand Mike Mabey & Alex Zhu SKIM: Decision Behavior Specialists
- 2. Branded biologics are facing biosimilar competition. What should you do differently?
- 3. What is counter-biosimilar messaging?
- 4. Does CPG or Telecom face similar challenges? Taste and heritage seekers “for over 40 years Breyers has been bringing families together.”
- 5. However, there are significant differences There is a default option The goal is different Impact of switching decision
- 6. The goal of counter- biosimilar messaging is to increase inertia.
- 7. Two message goals Shift the adoption curve Buy time for next gen replacement
- 8. Two research goals Identify messages that create inertia Measure the impact of inaction
- 9. Our thought process in addressing the challenge.
- 10. The key to success is to isolate the effect of the message Increase the impact messages have on prescribing decisions
- 11. Take into account the structure and format of the message Message platform Tagline Overall brand story Claims Structure
- 12. Are the standard tools still relevant for this messaging research? Conjoint Clickable Qual Iteration MaxDiff
- 13. Our case study based on a message platform
- 14. Three steps Hybrid qual Quantify the message preference Identify key drivers and combo
- 15. Step 1: Hybrid Qual MaxDiff/ Conjoint Ranking & rating Sorting
- 16. Step 2: Trade-off exercise MaxDiff to identify the winning message on the primary metrics Looking into the supporting metrics to evaluate the messages
- 17. Step 3: Identify drivers and message combo Clickable exercise to identify what works and what doesn’t within the message TURF analysis to identify the diminishing point when adding additional message
- 18. How would you measure message success?
- 19. Flip your thinking about the metric end points Not prescribing Waiting longer Risk of switching Increase in hesitation Why didn’t hesitate Credibility & Believability Reducing early adopters Size of non- prescribers
- 20. Impact The size of non-prescribers is doubled The average wait time before adopting biosimilar increases by 25%
- 21. How does this apply to my brand?
- 22. Perspective matters: the conversation changes
- 23. Three key takeaways Understand your goals Change your perspective Get the metrics right
- 24. Contact us Mike Mabey VP Client Solutions Americas Based in Atlanta Alex Xiaogung Zhu Manager Based in New York SKIM: Decision Behavior Specialists skimgroup.com