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SUCCESS STORY: DEVELOPED COSMETIC SKIN CARE PRODUCT FROM A MOLECULE TO LAUNCH & PLASTIC SURGERY
Company Profile: Photocure is a Norwegian pharmaceutical company listed on the Oslo Stock Exchange (PHO). The company develops and sells pharmaceuticals, medical devices and aesthetic products based on proprietary photodynamic technology, targeting key dermatology and oncology markets.
Situation: Photocure wished to develop a cosmetic/aesthetic product to be launched in the U.S dermatology & plastic surgery market. However, this Norwegian company had no knowledge of the U.S. cosmetic/aesthetics space, the U.S. dermatology & plastic surgery market or how to go about navigating them.
Solution: Photocure engaged the Pao Principle to first develop the product and create the business plan to assess its viability in the U.S. Once established, Photocure continued with the Pao Principle to develop a launch plan for the product to be sold through dermatologists and plastic surgeons and carry it out until they were able to establish an U.S. subsidiary of the company.
The Pao Principle worked with Photocure to:
• Establish the product’s viability in the U.S. through the business plan
• Develop formula, packaging, and testing
• Source & manage a lab to conduct a pilot study of the product in the U.S.
• With positive results, source & manage a lab to conduct a full-scale consumer study
• Introduce Photocure to the leading physicians in cosmetic & laser dermatology and plastic surgery
•Guide Photocure’s management team through the top dermatology and plastic surgery conferences to educate them about the space’s marketing and sales practices and develop key relationships for the product’s success
Results:
• The product is on schedule to launch in Q2 of 2011
• Photocure has over 100 relationships with the leading dermatologists and plastic surgeons in the U.S. who are able to serve in an advisory capacity
Copyright 2011