So you have exciting science, but do you know if it will be a commercial success? Ask the drug development and commercialization experts, who have turned the pharma analytics and consultancy industry on its head! We sat down with Mirador Analytics, to talk about bringing a drug from the clinic to the market. They are changing the way we think about traditional analytics and consultancy firms, by providing combined analytical and consultancy services, which are supported by over 125 years of recent collective experience within the biopharma sector.
Biotech is one of the most exciting fields to be a part of these days, and it has made some major advancements recently. Immuno-oncology could bring us a cancer cure, and CRISPR has been hailed as the discoveries of the century. But even if you successfully develop the next potential breakthrough drug, will it be successful on the market?
Mirador Analytics, a biopharma analytics and consultancy company, highlights the importance of a robust development and commercialization strategy: “this is a critical component of bringing a drug to market!” With decades of experience as former clients in biopharma, Mirador Analytics brings industry-specific relevance to the entire drug commercialization and launch planning process, supported with analytical rigor.
So how can you minimize the risk that your company’s therapy will end up as a commercial failure? Mirador Analytics has 7 points to consider as your drug progresses through the development phases towards the market.
1 / Patient Population
Without knowing your audience, how do you plan for the future? Defining your patient population is essential from a regulatory, clinical, payer and commercial perspective. Understanding your patient population guides opportunity and risk trade-offs, and lends valuable insight to strategic decision-making and scenario planning.
With this information in hand, you will also be able to determine the most effective price point. You need to know how much to charge to cover your costs and ensure profit, but also to understand your drug’s value proposition.
2 / Pricing & Market Access
Directly related to defining the patient population, it is essential to find the correct pricing and value from the start, especially for companies pursuing the development of cell and gene therapies. This point can make the difference between high revenue and no revenue at all.
3 / Indication Choice
Have you considered other indications and therapeutic markets for your lead compound? Do you know how commercially attractive these additional areas area? You might consider other potential pathways that represent additional unmet needs.
Treatments are not one-size-fits-all, but don’t fret if you suspect you should focus on additional areas: big pharma companies pursuing lung cancer are demonstrating how to maneuver between indications in response to competition. Examining and prioritizing these additional areas is an important consideration.
4 / Competition
Who are your competitors and what are they up to? Sure, you want to be the first to bring a treatment to market and stake your claim as a pioneer, but your competitors’ products will influence the fortune of yours. It’s important to keep an eye on them to understand your relative asset value and market share, so you can fine tune your product accordingly to ensure its success.
5 / Commercialization Know-How
This point is the most obvious: it is critical to weave all of these points together into a plan of how to cross the bridge between the clinic and the market. Mirador Analytics notes that in high-tech sectors like biotech, which are knowledge-intensive and operate in with a high level of uncertainty, organizations in the space are unlikely to possess all the commercialization know-how.
Therefore, working closely with a company that specializes in asset evaluation, pricing, and development and launch planning, can assist with strategic decision-making and risk management. This is especially important since it can help shape product- and corporate-level strategy.
6 / Investor and Partner Interest
Once you have an idea of how your product will fare on the market, you can make an educated guess at its value. However, is this enough to generate investor and partner interest? A comprehensive forecast could encourage potential investors or partners.
Strong financial and commercial evidence to back up your pitch can attract investors from venture capital and private equity firms whose funds will fuel the development and commercialization of your drug. Understanding your drug value and market share can support strategic partnerships. Moreover, investor and partner interest is a good reflection of how commercially viable your drug will be.
7 / Commercialization Uncertainty
There’s no denying that even with all these considerations, there remains substantial uncertainty surrounding drug commercialization. Some of it can be illuminated with forecasting and consultancy services that define (or create) value propositions for regulators, would-be patients and other paying players in the process.
This point is arguably the most opaque consideration in the commercialization process. Given all of the uncertainty, it’s important to develop a robust and relevant forecast that you can use to mitigate risks to your revenue. Substantial financial capital is often directed towards the drug development process; directing some of it to commercialization considerations can be of tremendous help in effectively delivering your science to the market.
Mirador reminds us that despite your best efforts to check all these boxes, everything is in flux: markets, science and competitors change constantly, and a company attempting to bring a drug to market must stay on top of and roll with the dynamic landscape. This is where Mirador comes in: by offering its proprietary asset evaluation tool and specialized forecasting and consultancy service, the company aims to help you keep a hold on your target marketplace by supporting development and the launch of planning-decisions.
For sure, there are other analytics and consultancy services out there; but if you’re looking for a holistic development and commercialization partner, which has extensive recent industry-side experience in developing, launching and forecasting assets, Mirador Analytics encourages you to reach out.
Do you still have questions about your development and launch planning? Drop Mirador Analytics a line!