Evoke Pharma, Inc. (EVOK): Marketing Mix Analysis [11-2024 Updated]
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Evoke Pharma, Inc. (EVOK) Bundle
In 2024, Evoke Pharma, Inc. (EVOK) continues to carve its niche in the pharmaceutical industry with its innovative product, Gimoti, a nasal spray designed for the treatment of diabetic gastroparesis. This blog post dives into the four P's of marketing—Product, Place, Promotion, and Price—that define Evoke's strategic approach. Discover how the company is enhancing patient compliance, expanding distribution networks, and employing targeted marketing strategies to drive growth and awareness in a competitive landscape.
Evoke Pharma, Inc. (EVOK) - Marketing Mix: Product
Develops and markets Gimoti, a nasal spray formulation of metoclopramide
Evoke Pharma focuses on the development and commercialization of Gimoti, which is the first and only nasal spray formulation of metoclopramide. This product is specifically indicated for the relief of symptoms in adults suffering from acute and recurrent diabetic gastroparesis. Gimoti was launched in the U.S. in October 2020, through a partnership with Eversana Life Science Services, LLC.
Aimed at treating acute and recurrent diabetic gastroparesis
Gimoti is designed to provide an effective treatment option for patients with diabetic gastroparesis, a condition that affects the stomach muscles and prevents proper stomach emptying. The nasal delivery system aims to enhance the absorption of metoclopramide, making it a viable alternative for patients who may have difficulties with oral medications.
Focus on enhancing patient compliance and convenience
One of the key advantages of Gimoti is its formulation as a nasal spray, which is intended to improve patient compliance and convenience. The product allows for rapid absorption and is easier to administer compared to traditional oral medications. This focus on patient experience is reflected in the adoption rates and the feedback received from healthcare providers.
Product sales increased significantly, reflecting higher adoption rates
As of the three months ended September 30, 2024, Evoke Pharma reported net product sales of $2,654,186, representing a 70% increase compared to $1,562,860 during the same period in 2023. For the nine months ended September 30, 2024, net product sales reached $6,941,042, a substantial increase of 98% from $3,504,636 in the prior year.
Ongoing research and development for additional formulations
Evoke Pharma is committed to ongoing research and development efforts to explore additional formulations and improvements to Gimoti. The company reported research and development expenses of $11,677 for the three months ended September 30, 2024, compared to no expenses in the same period in 2023. This indicates a renewed focus on developing new product variations and enhancing existing formulations.
| Financial Metrics | Q3 2024 | Q3 2023 | Change ($) | Change (%) |
|---|---|---|---|---|
| Net Product Sales | $2,654,186 | $1,562,860 | $1,091,326 | 70% |
| Cost of Goods Sold | $104,024 | $34,908 | $69,116 | 198% |
| Research and Development Expenses | $11,677 | $0 | $11,677 | N/A |
| Selling, General and Administrative Expenses | $3,824,142 | $3,131,389 | $692,753 | 22% |
Overall, the product element of Evoke Pharma's marketing mix emphasizes the innovative formulation of Gimoti, targeting a specific medical need while enhancing patient compliance and convenience. The significant sales growth and increased focus on research and development indicate a strong commitment to establishing Gimoti as a leading treatment option for diabetic gastroparesis.
Evoke Pharma, Inc. (EVOK) - Marketing Mix: Place
Primarily distributed through pharmacies and healthcare providers
Evoke Pharma, Inc. primarily distributes its product, Gimoti (metoclopramide nasal spray), through pharmacies and healthcare providers. This strategy ensures that patients can access their medication easily and efficiently.
Collaboration with Eversana for commercialization efforts
Evoke Pharma has a commercial services agreement with Eversana, which manages the marketing, distribution, and sales of Gimoti in the United States. Under this agreement, Evoke retains over 80% of net product profits after reimbursing Eversana for its costs. As of September 30, 2024, unreimbursed commercialization costs to Eversana amounted to approximately $72.8 million.
Expanding pharmacy networks to enhance availability
The company has been actively expanding its pharmacy networks to improve product availability. New pharmacy additions have enhanced insurance coverage options and reduced reliance on single pharmacy partners, which is crucial for better patient access.
Focus on gastroenterology clinics and hospitals
Evoke Pharma specifically targets gastroenterology clinics and hospitals as key distribution points for Gimoti. This focus aligns with the product's therapeutic area, allowing for better patient management and prescription fulfillment.
Utilizes both online and offline channels for product access
The distribution strategy includes both online and offline channels, facilitating greater access for patients. This multi-channel approach allows for improved communication between providers, payors, and patients, thereby enhancing overall service delivery.
| Distribution Channel | Description |
|---|---|
| Pharmacies | Primary distribution channel for Gimoti, ensuring patient access. |
| Healthcare Providers | Direct prescriptions from healthcare providers, particularly in gastroenterology. |
| Eversana | Commercial partner managing marketing and distribution; retains over 80% of net product profits post-cost reimbursement. |
| Online Platforms | Facilitates prescription filling and patient communication through digital channels. |
| Gastroenterology Clinics | Focused outreach to clinics for targeted patient management and prescription fulfillment. |
Evoke Pharma, Inc. (EVOK) - Marketing Mix: Promotion
Engages in targeted marketing campaigns to healthcare professionals
Evoke Pharma, Inc. focuses on targeted marketing campaigns aimed at healthcare professionals, particularly gastroenterologists. The company has strategically aligned its promotional efforts with the needs of these specialists to enhance the adoption of its product, Gimoti, which treats gastroparesis in adults.
Increased marketing spending to boost product awareness
As of September 30, 2024, Evoke Pharma reported approximately $6.5 million spent on marketing and Eversana profit sharing for the nine months ended September 30, 2024, compared to $3.4 million during the same period in 2023, marking an increase of about 91% year-over-year. This increase in marketing expenditure reflects the company's commitment to enhancing product visibility and driving sales growth.
Utilizes digital marketing strategies to reach potential patients
In 2024, Evoke Pharma has leveraged digital marketing strategies to reach a broader patient base. The company has invested in online advertising and social media campaigns aimed at educating potential patients about the benefits of Gimoti, thereby increasing awareness and encouraging prescription fills. This approach has been particularly effective in engaging younger demographics who are more likely to seek health information online.
Participation in industry conferences and medical events
Evoke Pharma actively participates in industry conferences and medical events to promote Gimoti and network with healthcare professionals. For instance, the company attended several gastroenterology conferences in 2024, showcasing its product and sharing clinical data that supports its efficacy. These events are critical for building relationships with healthcare providers and disseminating information about Gimoti's benefits directly to the target audience.
Emphasizes success stories and clinical data in promotional materials
The promotional materials for Gimoti heavily emphasize success stories and clinical data to build credibility and trust among healthcare providers and patients. The company highlights clinical trial results that demonstrate the effectiveness and safety of Gimoti, which are crucial in influencing prescribers' decisions. As of September 2024, the company reported an increase in the number of prescribers by 8% during the quarter ended September 30, 2024, indicating the effectiveness of these promotional strategies.
| Promotional Activity | Details | Financial Impact |
|---|---|---|
| Targeted Campaigns | Focused on gastroenterologists | Increased prescriptions of Gimoti |
| Marketing Spending | $6.5 million for 2024 | 91% increase from 2023 |
| Digital Marketing | Engagement through social media | Enhanced patient awareness |
| Industry Conferences | Participation in gastroenterology events | Strengthened provider relationships |
| Clinical Data Emphasis | Promotional materials highlight success stories | 8% increase in prescribers |
Evoke Pharma, Inc. (EVOK) - Marketing Mix: Price
Pricing strategy reflects premium positioning within the market.
The pricing strategy for Evoke Pharma, particularly for its product Gimoti, is designed to reflect a premium positioning in the market for treatments of diabetic gastroparesis. As of 2024, the public offering price for common stock units was set at $8.16 per unit .
Competitive pricing compared to other treatments for gastroparesis.
When comparing Gimoti's pricing to other treatment options for gastroparesis, the cost of alternative therapies is an essential factor. For instance, standard oral medications typically range from $300 to $600 monthly, while Gimoti's pricing aims to be competitive, reflecting its unique delivery method and formulation .
Adjustments made based on market feedback and sales performance.
Adjustments to pricing strategies have been implemented based on market feedback and sales performance. For the nine months ended September 30, 2024, Evoke Pharma reported $6,941,042 in net product sales, a 98% increase compared to the same period in 2023. This increase is attributed to improved market acceptance and increased adoption by healthcare providers.
Financial reporting indicates rising net product sales year-over-year.
Financial reports show a consistent rise in net product sales year-over-year. For the three months ended September 30, 2024, net product sales were $2,654,186, which is a 70% increase from $1,562,860 during the same period in 2023. This growth indicates successful pricing and marketing strategies that resonate with the target market.
Focus on maintaining affordability while ensuring profitability.
Evoke Pharma strategically maintains affordability for its customers while ensuring overall profitability. The company's net loss for the nine months ended September 30, 2024, was $4,159,428, down from $5,804,894 in 2023, demonstrating improved operational efficiency. The balance between pricing and profitability is crucial as the company navigates the competitive landscape of pharmaceutical pricing.
| Metric | 2024 | 2023 | Change (%) |
|---|---|---|---|
| Net Product Sales | $6,941,042 | $3,504,636 | 98% |
| Q3 Net Product Sales | $2,654,186 | $1,562,860 | 70% |
| Average Monthly Cost of Alternatives | $300 - $600 | N/A | N/A |
| Public Offering Price (Common Stock) | $8.16 | N/A | N/A |
| Net Loss | $4,159,428 | $5,804,894 | -28.3% |
In summary, Evoke Pharma, Inc. (EVOK) demonstrates a robust marketing mix that effectively positions Gimoti as a leading treatment for diabetic gastroparesis. With a strong focus on product innovation, strategic distribution channels, targeted promotional efforts, and a competitive pricing strategy, the company is well-equipped to enhance patient access and drive growth in the pharmaceutical market. As Evoke continues to adapt and expand its offerings, its commitment to improving patient compliance and convenience remains at the forefront of its business strategy.
Updated on 16 Nov 2024
Resources:
- Evoke Pharma, Inc. (EVOK) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Evoke Pharma, Inc. (EVOK)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Evoke Pharma, Inc. (EVOK)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.