The Tipping Point
In our 4th instalment about the "Network Effect", we explore the concept of the "Tipping Point" in medical practice, revealing strategies to accelerate self-sustaining growth. Learn why understanding the dynamics of product adoption in Communities of Practice is crucial for optimizing promotional efforts and achieving lasting market impact in the ever-evolving world of healthcare.
Influencers in Medicine – „Hubs“
Part 2 of our discussion of the “Network Multiplier Effect” focuses on the role that “Hubs” – health care practitioners who are highly connected to other HCPs – play in accelerating new product adoption into medical practice.
Hubs – not to be equated with Key Opinion Leaders (KOLs) – and their networks represent a natural extension of traditional KOL Management, Hubs are critical priority targets for promotional and educational initiatives as they drive changes in medical practice at the local level through both their own rapid adoption behaviors as well as the influence they have on their peers.
Read more about how to find and utilize Hubs and their networks to fast-track your product launch here.
Identifying and Leveraging Existing HCP-Networks
“The Network Multiplier Effect”
50% of Pharmaceutical Launches do not meet their first year sales expectations. It is also widely accepted that the long term trajectory of a newly launched pharmaceutical product is pretty much determined in the first 6 months.
We studied how healthcare professionals’ peer networks impact the uptake of a newly launched product. The findings are astonishing: Using claims data that most pharma companies already own, we can identify those Communities of Practice (CoP) and local influencers (“Hubs”) that are going to be the leaders in adoption of the new product. They may have double the product adoption vs the national average by month 6 … and they never relinquish that lead, even after 6 years in our case study. When combining faster adoption x deeper penetration (i.e., more adopters) x higher utilization (i.e., more patients per adopter), we see a multiplier effect that can reasonably result in 4 times the market share in those CoPs compared to the rest of the market … sooner!
Read more about our study of the “Network Multiplier Effect” and some of the implications for how pharma companies could adapt their go-to-market strategies to drive long term success in the first months of a product launch.
The Power of the Communities of Practice (CoP)
Part 3 of the “Network Multiplier Effect” series takes a closer look at the Communities of Practice. Going beyond high value prescribers and Hubs, we analyze how to leverage medical Communities of Practice (CoPs) to accelerate adoption of a new therapy. The underlying dynamic of communities establishing certain behavioral norms means that members adopt these norms even without direct peer-to-peer influence. Identifying and focusing on key CoPs early can generate an advantage that lasts for years after launch. Lagging CoPs will never catch up!
Cogent HC Presentation at the 2024 PMSA Conference
Cogent presented its findings about the importance of leveraging Peer Networks for successful pharmaceutical product launches at the PMSA Conference, 2024. Click here to see the conference presentation “Riding the Adoption Wave to long-term Brand Success”