Pharmaceutical and healthcare companies need more transparent, collaborative, and cost-effective launch strategies and go-to-market plans in place for their product launches.
The pandemic has been a driving force for changes across many areas of the pharmaceutical and healthcare industries over the last year, but there have been other factors at play, including:
As we’ve seen with the development of COVID vaccines, the FDA’s timelines are condensing to ensure life-saving treatments are made available faster. But this isn’t a new phenomenon, in 2018 alone a record 43 drugs were approved via various fast-track programs, representing 73% of new drugs approved by the FDA that year1.
There has also been a focus on fit-for-purpose launches based on a product’s indication trajectory, which help to ensure more efficient and effective use of resources. These launches have also enabled stronger cross-functional strategic and tactical alignment across functions such as medical, development, market access and commercial2.
The continued drive to get drugs to market faster has inevitably led to an increasingly competitive marketplace. In 2020, worldwide pharmaceutical revenues totaled $1.27 trillion U.S. dollars3, and this growth is set to continue rising.
As clinical trial pipelines continue to grow into niche higher-value therapeutics4 we can expect more startup innovators to enter this increasingly competitive space.
Another driving force behind these changes is the increasing cost of drug development. Currently, it costs around $2.6 billion USD to develop each FDA approved drug5, with this cost escalating by roughly 3% year over year. Research and development areas contribute the highest to these costs, with 17% of revenue spent on R&D efforts6.
These heightened costs lead to uncertain returns on investment, meaning that stakeholders may be more likely to invest in drugs within established markets.
The pandemic catalyzed a wholesale shift in preference away from physical to virtual engagement. Before COVID-19, the majority of meetings with pharma sales reps were held in person. During the pandemic, we saw virtual engagements begin to dominate HCP-rep interactions.
Physical access remains limited and it’s highly likely that physicians will restrict who can enter their office for professional reasons in the long-term. As such, the relationship between HCPs and pharma sales reps will require ongoing innovation and investment in digital approaches to create meaningful connections.
There are many factors at play that will see the evolution of future pharma product launches, including:
While there are challenges to overcome, new opportunities are already opening up and regulators are proactively searching for new ways to get therapies to patients in need in a timelier manner.
Within Oncology, the FDA has launched Project Orbis8, a collaboration among international regulators to help cancer patients receive earlier access to products in other countries where there may be significant delays in regulatory submissions – regardless of whether the product has received FDA approval.
In an effort to expand R&D pipelines, pharma companies are evolving how and who they bring therapies to market with. For example, companies now manage risk and costs by co-promoting products with other pharma companies. Some pharma companies are also exploring combo therapy clinical trials to reach new patient populations, with one recent example being the use of combo therapies to treat ovarian cancers9.
The evolution of data-driven marketing is reshaping how pharmaceutical companies reach patient populations – such as AI to help drive market segmentation for healthcare providers and patients and gain a greater understanding of a disease.
Vynamic and the Inizio Advisory ecosystem are experts in helping businesses navigate many of these challenges, unlocking new opportunities in the market, and realizing the immense potential of their therapies – from the past, present and future.
To explore how Vynamic can help your organization achieve its goals, please contact Product Launch Service Leads Ashley Stanley and Brian Stamm.
End notes
Vynamic, an Inizio Advisory company, is a leading management consulting partner to global health organizations across Life Sciences, Health Services, and Health Technology. Founded and headquartered in Philadelphia, Vynamic has offices in Boston, Durham NC, New York, and London. Our purpose is simple: We believe there is a better way. We are passionate about shaping the future of health, and for more than 20 years we’ve helped clients transform by connecting strategy to action.
Through a structured, yet flexible delivery model, our accomplished leaders work as an extension of client teams, enabling growth, performance, and culture. Vynamic has been recognized by organizations like Great Place to Work and Business Culture Awards for being leaders and innovators in consulting, company culture, and health. Visit Vynamic.com to discover how we can help transform your
organization or your career.
Colleen Lawlor
Bring clarity to complexity and ensure a successful Alliance Launch with a cohesive culture, streamlined processes, and efficient asset management.
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Tamaron Bertelli
This structured approach guides Med Affairs leaders in executing micro-transformations to drive meaningful impact for your organization and patients.
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Jess Werle
Embrace MedTech's future by blending field and digital strategies to boost sales effectiveness, unleash the power of data, and stand out in the market
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