The post-pandemic BioPharma industry in 2021 - 4 new KPIs
The BioPharma industry is going through a transition period. The traditional commercial launch model is no longer sustainable, and the pandemic made it redundant. As companies continue to move toward a new model, they must answer a key question: what can be done now during this transition period that will set new launches up for success in the future biopharma commercial landscape?
BSV analyzed the performance of drugs approved and launched in 2020 and identified 4 key performance indicators that will have implications for future launches. This analysis of performance and strategy suggest that successful launches were often associated with certain key success factors:
Successful execution of a comprehensive prelaunch market development strategy.
Particular focus on customer engagement and experience.
Differentiated and novel ways of leveraging digital technologies and analytics.
Early discussions with payers to demonstrate the potential value of the treatment, supported by relevant cost benefit and cost-effectiveness analysis.
Preparing for future challenges
While some biopharma companies are adjusting well to this transition period, not all are at the same level.
The impact of COVID-19 on the broader health care ecosystem, as well as on consumers, has clearly accelerated this transition. Innovators have shown us what the future of biopharma commercial activities will look like. It is imperative for biopharmas to rethink and re-evaluate their commercial strategies, invest in the right capabilities and align themselves accordingly to the needs of customers. The capabilities built and strengthened during this transition period will continue to play a significant role as companies bring new products to market. Here are a few recommendations for biopharmas as they navigate this transition period:
Invest in novel capabilities to improve the customer experience from both a physician and patient perspective, due to the difficulties of reduced in-person engagement.
For example, upskill and invest in new digital capabilities to enhance the digital experience.
Use a combination of tech and data-driven insights to ensure optimal understanding of needs and preferences from a pan-customer perspective (i.e., patients, providers, caregivers, payers and all other stakeholders across the ecosystem).
Connect remote engagement to telemedicine. Embed patient and physician engagement through digital technologies into the already existent processes connecting patients and doctors.