Launching your first medical product in Europe? How not to fail at the first step.
So, you have your first product close to launch or are even on the market in the U.S. You’re planning to take it to Europe and you need to build a team there.
The question is, where do you start?
We often speak of medical marketing in Europe as if it’s on a par with the US or China – one country and one large market. However, in reality, Europe is another level of complexity. When planning to launch your product to major European markets, the cost is significant so it’s vital to get it right first time in each country. For example, while setting pricing and reimbursement strategy is challenging in the US, just consider dealing with five separate and distinctly different markets, different rules, regulators, payors and systems.
Starting with the team
The key to creating and executing a successful plan starts with your first hire. At The RSA Group, we’ve got over 35 years of experience working with businesses across the Life Sciences spectrum with a variety of challenges. We can make recommendations on how to start to build your team. Everyone’s business is unique so there’s no ‘one size fits all’ solution, but it’s certainly true to say that market access and regulatory skills are going to be at the core of your planning. You’ll need to have people on the ground in those markets, who know the local healthcare systems, the language, culture, regulatory environment (and authorities) as well as the approval process and who are the best potential partners.
Partners and local knowledge
Partners are also critical for successful country marketing. Local challenges such as supply chain issues require established relationships and creativity to deal with governments health systems and regulatory authorities. Other considerations include the local approval process (not just regulatory approval from the medical authorities but commercial approval too), market access and where your product is manufactured. In each market, branding, packaging, promotion, where and how the product is displayed and sold are all important issues.
You’ll need people who can make sure that this is all taken into account with knowledge, expertise and skill and that’s where The RSA Group can help.
Matt Vossler, Partner | matthew.vossler@theRSAgroup.com