The bottom line for most pre-commercial life science executives isn’t a question of if you should start commercialization planning, but how do you execute short term developmental responsibilities and simultaneously define and execute a commercialization vision that maximizes the long-term value of you company…on a razor thin budget.
Precommercial consulting and technology solutions for life science companies looking to manage critical short-term regulatory/compliance challenges and build a long-term commercialization roadmap designed to maximize launch sales.
MedMetrx Commercialization Services is a pre-commercial support package that provides access to experienced professionals that identify and manage short-term regulatory/compliance challenges, market research to define your commercialization journey, and an innovative content distribution roadmap designed to assess and plan content delivery preferences of early adapters before PDUFA and expedite delivery of content required for new starts or product evaluation after approval.
Data from McKinsey & Company has demonstrated that 2/3 of launches fail to meet expectations. The primary cause of failure is poor planning. The McKinsey & Company dataset includes big pharma companies with massive budgets and field resources. The success rate of product launches drops dramatically when we focus on pre-commercial companies with limited resources. Missing a 1st quarter launch target generally has minimal impact on the stock of companies with market caps over 75 million. Unfortunately, failure to meet launch expectation can have a catastrophic impact on the market cap of companies launching their first product (yes, we have examples).
Most development stage life science execs have seen the McKinsey & Company data and understand the importance of commercialization planning. Unfortunately, most gated funding available to early stage companies is allocated to development with little left for proactive tactics needed to set the table for a successful launch. What money is spent is often prematurely allocated to big agencies with software and services outside of the scope and/or budget of early stage life science companies.
Ultimately, the cause of commercialization anxiety is resource allocation. Overspending in one area often directly correlates to under-spending on critical launch tactics that set the table for commercialization success. Without a clear understanding of the commercialization resources available and the timelines for implementation, commercialization planning can be rushed, inaccurate and more costly than expected or budgeted. It is often these surprise expenditures that cause the accelerated cash burn on resources that either minimize or replace critical launch tactics.