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ScriptCAST™ |
ScriptCAST™ There is a plan out there somewhere that will make your new Rx brand much more profitable than it is going to be. How do you find this plan? How does your company fully exploit the fruits of its costly investment in R&D? Successful companies, in other industries, use test markets to launch their brands more profitably while simultaneously reducing risk. Although test markets are extremely expensive and limited in scope, a well controlled test market will produce a reasonably accurate forecast of national sales. Multiple test markets can be used to forecast sales under a few different marketing scenarios. Unfortunately, test marketing is not a practical option for new pharmaceutical brands. In the end, most pharmaceutical companies do a very poor job of forecasting Year I Rx’s and even accept lousy forecasts as unavoidable. Bad forecasting has its consequences. It results in launch plans that under produce. Long-term opportunities are missed. People end up being rewarded or punished based on the magnitude and direction of mis-forecasting. Not all launches have suffered from these problems, however. Some have been supported by an approach that is even better than in-market testing — ScriptCAST Simulation. ScriptCAST Simulation is based on a break-through process for forecasting how doctors will respond in the real world to different messages, different prices and different promotional plans. With ScriptCAST Simulation, a marketer can launch a new brand a limitless number of ways in risk-free virtual reality to see which approach generates the most business, before launching in the real world. The forecasts produced using ScriptCAST Simulation have, on average, fallen within +3% of actual Year I Rx’s — greater accuracy than even test markets could achieve. ScriptCAST Simulation brings creditability to sales forecasting. It will even result in significantly higher profits, if it is used to find the most efficient way to achieve the organization’s feasible financial goals. |
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