Turning a new drug into a successful asset remains a hurdle even beyond the coveted FDA approval. With only about 50% of new drugs launched ever hitting their pre-launch forecasts, successful commercialization is the next puzzle pharma companies have to solve.
Part of the challenge is how quickly the commercialization landscape has evolved. As companies develop personalized medications for smaller patient populations, the returns on R&D investment are not as easy to capture. And charging higher prices hasn’t proven to be a solution, as uptake has been sluggish for some gene therapies with multimillion dollar price tags as patients and payers grapple with the higher costs even when the treatments are curative.
As the pharma industry stares down a historic patent cliff, macroeconomic headwinds, and challenging R&D costs for increasingly complex medicines, nailing the launch of new medicines has become increasingly critical.
This two-part article, written by Harris Kaplan, Managing Partner of Spinnaker Life Sciences Strategy Consulting, describes a more holistic approach that will enhance a company’s ability to assess the potential of products in development based on their ability to drive adoption, overcome access barriers, and demonstrate compelling value to stakeholders in an increasingly complex market landscape.
Commercialization 3.0: The Value Era focuses on developing value propositions that go beyond simply having a better product but also prioritize:
Ease of adoption (integration into practice or lifestyle).
Affordable access (innovative payment models like outcomes-based pricing).
Risk mitigation (de-risking trial for stakeholders).
The RAMPx Model, described in the article, represents a new approach to helping companies better understand how their product will be perceived by stakeholders and can provide a more granular and holistic set of metrics than most companies and investors use to assess future new product potential.
Please check out the full article, Part 1 and Part 2, published on Citeline. We hope you enjoy the articles and find them useful in shaping your thinking as to how to increase the success of new products you’ve launched or currently have in development.