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The pharmaceutical and biotech industry has undeniably entered a new environment for pharmaceutical and healthcare product launches. Not only are the new innovative products changing, but those inventing and commercializing the products are transitioning as well. According to a recent research study, product commercialization trends through 2028 point to::
75 percent of the brands being launched to be “specialty” drugs, up from 58 percent in 2018
53 percent of the new drugs being classified as “moderate or no differentiation”
Over half of these new drugs coming from companies launching their first brand
Only one out of 10 members of the typical launch team having ever launched a product
Certainly, moving past the patent cliff and entering the world of pharmaceutical medicines and specialty biologics has created more pressure on the industry to produce under an even higher level of scrutiny. Small and emerging biopharmaceutical companies are particularly challenged to succeed within this environment. These companies are working with limited resources and looking to optimize investor cash in every way possible. And although staff from these organizations may have very competently shepherded the company through research and development, many do not have the requisite skill set to fully commercialize the brand.
Faced with this reality, and with so many invested resources at stake, what does an emerging specialty pharmaceutical company do when its product is ready for commercialization? How does the company ensure the best chances for brand acceptance… whether it is introducing a highly differentiated specialty medicine or fighting for market share with a “me too” brand?
For many years, emerging specialty pharma companies have sought partnerships with large pharmaceutical companies to bring their brand to market. Large pharmaceutical companies, looking for drugs to quickly and cost effectively enter their pipelines, are happy to partner. Deals abound, from licensing product to selling commercialization rights outright. For some, these partnerships are the answer but for others, despite assurances to the contrary, their larger partner’s sales team does not meet performance expectations.
Working with a Pharmaceutical CSO also allows emerging pharmaceutical companies to build flexibility into their sales model from the outset, an attribute its larger pharmaceutical counterpart is finding critical to delivering a positive return on investment (ROI). With an experienced CSO partner, emerging companies can easily build an agile, scalable, responsive team to meet customer needs, making sure to address critical market segments with the right type of sales representatives and scaling up and down as the market dictates with no impact on its own operation.