For pharmaceutical manufacturers, achieving optimal revenue in a competitive landscape is a multifaceted challenge that requires strategic foresight and meticulous execution. Small and emerging biotech companies often face significant hurdles in reaching maximum commercial success.
In this blog, we explore the critical factors that influence revenue maximization and why companies must adopt a forward-thinking, integrated approach to unlock their full revenue potential. We also delve into why working with a dedicated commercialization partner with proven expertise and comprehensive services can help transform challenges into opportunities.
The Importance of Early Commercial Strategy
One of the primary reasons companies struggle to maximize revenue is the late initiation of strategic commercial planning. Decisions made during the early phases of a product’s development have long-term implications on revenue potential. Companies often detrimentally delay critical commercial activities such as developing pricing strategies, market access planning and payer communication until just a few months before launch when they should be starting these processes 18 to 24 months ahead. If these crucial tasks are executed hastily or too late, it can severely hinder a company’s ability to capture market value effectively and, consequentially, prevent their product from achieving optimum commercial success.
Actionable Insight: Start commercial planning early. Engage in creating strategies for comprehensive market analysis, pricing and payer communication well before your product reaches the market. This proactive approach ensures products are positioned favorably to meet market needs and maximize revenue potential. For instance, engaging payers early in the process and tailoring a value proposition that resonates with patients, providers and other stakeholders helps companies avoid failing to meet market expectations and unrealized revenue potential
Fragmented Execution Is a Recipe for Revenue Leakage
Another common pitfall is the fragmented execution of commercialization efforts. When companies initiate commercial activities, they often lack a holistic view of the market and instead rely on a patchwork of vendors, consultants and in-house teams to manage different facets of a product’s launch. While this approach may seem cost-effective initially, it often results in misaligned objectives, compounded risks and delayed decisions. In some cases, companies work with as many as 30 to 100 vendors, creating a complex ecosystem that stifles efficiency and leads to revenue leakage.
This disjointed model also hinders adaptability as market dynamics can rapidly shift due to competitor actions or regulatory changes. Companies with siloed operations and outdated capabilities struggle to pivot effectively, further exacerbating the challenges of achieving commercial success.
Actionable Insight: Adopt a holistic commercial strategy and execution plan. Successful commercialization requires an integrated approach that considers all market attributes, including patient needs, provider preferences, payer requirements and competitive dynamics. This enables companies to align their product with market demands effectively.
Companies should also build flexibility into their commercialization efforts and work with a partner that can provide agile solutions that allow for rapid adjustments in response to market changes. This flexibility is essential for maintaining momentum and achieving long-term revenue goals.
Pre-launch Inefficiencies Precipitate Post-launch Chaos
The execution phase of commercialization is fraught with challenges, particularly for small biotech companies that rely on a fragmented network of vendors as mentioned above. The consequences of insufficient pre-launch preparation and fragmented execution become glaringly evident post-launch. Manufacturers often find themselves scrambling to address post-launch issues they could have mitigated with better pre-launch planning. From securing payer coverage to managing field team operations, the launch phase becomes an uphill battle. Resources are stretched thin and companies spend more time putting out fires than focusing on strategic growth. The result? Missed opportunities, unmet revenue targets and diminished market impact.
Actionable Insight: Streamline post-launch execution and troubleshooting with integrated, cross-disciplinary capabilities. Partner with a commercialization company that offers a cohesive suite of services, reducing the need for multiple vendors and ensuring a unified approach to pre and post market entry. This integration minimizes execution risks and enhances the efficiency of the commercialization process.
Unlock Full Revenue Potential With a Holistic Commercialization Partner
EVERSANA stands out as a premiere commercialization partner due to our capabilities to combine strategic expertise with executional excellence. By offering a comprehensive suite of services under one roof, EVERSANA eliminates the need for a fragmented vendor network, ensuring a seamless and efficient commercialization process.
Key Benefits of Partnering With EVERSANA:
- Integrated Solutions: EVERSANA provides end-to-end commercialization services, from market access and pricing strategy to patient services, marketing and field operations. This integration ensures all aspects of the commercialization process are aligned and optimized for success.
- Early Engagement for Long-term Success: EVERSANA partners with manufacturers early on, helping shape their commercial strategies at a point when critical decisions can have the most impact. By executing processes early such as robust data generation, payer engagement and market analysis, we help equip companies to obtain insights they need to position their product for success well before launch.
- Expertise and Experience: With deep industry knowledge and a track record of successful product launches, EVERSANA brings unparalleled expertise to the table. Our team of professionals is dedicated to staying ahead of market trends and leveraging innovative approaches to maximize revenue.
- Scalability and Flexibility: EVERSANA’s model is designed to be scalable and adaptable, allowing companies to adjust strategies quickly in response to market dynamics, which is crucial for navigating the complexities of the pharmaceutical market and achieving sustained revenue growth.
EVERSANA COMPLETE Commercialization®: An Integrated Solution for Maximum Market Impact
Manufacturers additionally can benefit from EVERSANA COMPLETE Commercialization, a transformative solution designed to take the complexity out of launching and managing pharmaceutical products. Our unique model combines EVERSANA’s full suite of services into a unified, seamless solution that ensures every aspect of commercialization is optimized for success.
From early market preparation to post-launch management, EVERSANA COMPLETE delivers integrated capabilities that reduce risk and drive efficiency. By leveraging deep industry expertise, cutting-edge technology and proven strategies, our model helps manufacturers achieve faster market access, stronger payer relationships and significantly increase revenue growth. Whether addressing market access challenges, executing field operations or managing patient services, EVERSANA COMPLETE is tailored to meet the unique needs of each product and company.
Maximizing Revenue Begins and Ends With Strategic Commercialization
Maximizing pharmaceutical products’ revenue requires a strategic, integrated approach that begins early in the drug development process and continues through post-launch execution. By partnering with a dedicated commercialization company, manufacturers can leverage comprehensive solutions, expert insights and proven strategies to overcome challenges and achieve revenue goals. Maximum success cannot be found without proactive planning, holistic market understanding, streamlined execution and the ability to adapt swiftly to market changes. With the right commercialization partner, companies can effectively equip themselves to navigate the complexities of commercialization and maximize their revenue potential.
Author
Farah Ahmad is the Executive Vice President of Business Development at EVERSANA, where she leads the business development team targeting the North American market for small to mid-sized pharma and biotech companies. She previously…
Faruk is a life sciences professional with extensive experience addressing a broad range of strategic issues, including corporate development, portfolio planning, and launch excellence.