It is a widely known that the development and commercialization of new science and technology products and services in the life-science and healthcare market is a complex and challenging endeavor. To make matters worse, in the past few years, the introduction of a new constellation of stakeholders and decision-makers in the process – empowered consumer/patient, highly scrutinizing regulatory entities, policy-makers, payers and provider groups, to name a few – has made the introduction of new offerings in the marketplace a courageous feat.
Traditionally, clinical development of new medicinal products has been driven by the clinical and medical leads within an organization. This silo approach to product development is usually coupled with the late introduction of commercial input in the development process. On numerous occasions, Marketing is asked to step in only too late in the process to be able to make any significant contribution. That leads to a long and costly development of offerings that may not meet market needs to their fullest extent. According to industry reports, approximately one third of new drug candidates are pulled prior to regulatory submission due to economic and marketing conditions.
Several larger organizations have realized the drawbacks of this approach but successful convergence of clinical and commercial efforts has lagged behind, primarily due to lack of industry best practices, legacy focus on regulatory approval and cross-functional “turf wars”. Other organizations may have opened their clinical development operations to commercial collaboration, albeit only for pricing and reimbursement planning. Other, usually smaller organizations, many times, suffer from the syndrome of “not knowing what they don’t know”. Or, even if they acknowledge the benefits of embedding commercial input into clinical development, they may not have the necessary skill-set and experience to see things through. It is obvious that a major overhaul is required in both the mindset and structure in the life-science and healthcare industry.
In a rapidly changing and highly competitive landscape, success is no longer determined only by meeting clinical and medical milestones, and it does not end with regulatory approval. The growing demands of an increasingly powerful set of stakeholders will have a long-lasting effect on product success. Before embarking on the long and expensive journey of product development, companies nowadays need to understand the market realities and incorporate commercial learning into the early stages of a product’s lifecycle.
Marketing Vision Consulting provides the skill-set and expertise necessary to navigate through the increasingly complex and sophisticated waters and to successfully compete in the brave new world of global healthcare. We offer a deeper understanding of key decision drivers of all stakeholders and an orchestrated approach for a successful convergence of clinical development and commercial efforts, regardless of the size of the company. We provide market insights at every stage of a product’s lifecycle, innovative and differentiated perspective, strategic thinking and clinical and commercial expertise.
Our Marketing Vision Consulting team can step in and provide comprehensive development and commercialization services or complement your existing internal capabilities. We offer flexibility in resource utilization, optimization in resources and processes, and the impartiality of a third party that will safeguard against any turf wars across various functions.
Ultimately, Marketing Vision Consulting can prove to be a driving force behind a more sophisticated joint model and a valuable ally in your efforts for global commercialization excellence.