Part 3: Leveraging a Proven Framework in the Drug Launch Process (Video)

Laura

I think sometimes it can be very challenging when you are a new in a commercial role, especially an organization that may be a biotech, first commercialization, and you can walk in the door and there’s suddenly a lot of pressure on you from leadership or outside investment to have everything planned out. But it’s important to start at the beginning, and wherever possible, leverage a proven framework, gather your strategic planning and do so in an organized way. 

Herspiegel uses a four-step process with each stage of that process building onto the next that will take you all the way through to launch. I always like to start out with the key business questions. What do you need to understand about the market today?

What do you need to understand about your brand? And then you start gathering the necessary information to be able to answer those questions: your market assessment, market map, customer journey development, and competitive analysis. These will help start to frame your thinking and also identify the gaps. Where don’t you have the information to answer the questions?

Where do you need to go out, and gather more primary data or market insights, just like in the case of the forecast, it’s critically important to do that work in an organized way. 

Santosh

The importance of leveraging that strategic, proven framework that’s really based on the key business. The framework that Herspiegel uses provides the opportunity to leverage both primary and secondary research to build out that cohesive cross-functional commercial strategy for an asset. We recommend leveraging strategic partners that have the experience and expertise to build a successful strategy, regardless of either being at a large mid-size or a small organization collaboration. Having an experienced partner will help you build out a cohesive go-to-market strategy that will ultimately enable you to launch a successful product.

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At Herspiegel we’ve advised over 100 biotech companies in the past 6-7 years, and the majority have relied on external partners to augment their strategic thinking as they prepare for launch. With biotech company budgets and resources being very tight, having the expertise and flexibility and the ability to bounce ideas off those partners, build business cases, and inform decisions with credible benchmarking and best practices across the industry is important. 

At Herspiegel we believe that with a company that is launching their first asset, you have to build the plane as you’re flying it. As part of that, you need to rely on strategic thinking and external partners to support you as you build out a best-in-class strategy. 

If you are a small or a growing biotech company, please reach out and we’d be happy to discuss your situation and how we can help support you to ensure commercial success for your asset.