For the pharmaceutical industry, the financial stakes have never been higher. The market for pharmaceutical drug delivery is expected to reach $1.45 trillion by 2028, writes Vicky Levy, the Global Life Sciences Practice Leader at Deloitte. Pricing changes under the Inflation Reduction Act and other U.S. and international laws, supply chain concerns, and the rising difficulty of executing a successful product launch all risk undermining pharma organizations’ ability to fully participate in the sector’s overall growth.
By connecting clinical and commercial strategies, organizations can move from clinical trial to product launch more smoothly — and better position themselves for success. Anju’s TA Scan gathers the data and provides the insights necessary to help teams connect their clinical and commercial approaches.
Why You Need a Connected Clinical and Commercial Strategy
Ninety percent of clinical drug development attempts fail even after the drug reaches phase I clinical trials, write Duxin Sun and fellow researchers. Clinical trial development takes 10 to 15 years, estimate Sun et al., and the cost can climb to over $1 billion.
Other research corroborates those findings. “The average cost of bringing a pharmaceutical asset to market has reached $2 billion, yet more than a third (36%) of all new launches in the United States fail to meet expectations,” write Brian Corvino and fellow authors at Deloitte.
Sun et al. identify four reasons so many clinical drug development attempts fail. Three are related to the drug under development: its failure to show clinical efficacy, unacceptably high incidence of toxicity or side effects, or “poor drug-like properties.” The fourth is lack of an effective commercial strategy.
Failure of commercial strategy is responsible for about 10 percent of all drug development failures, estimate Sun et al. Yet it is responsible for more than 10 percent of the cost of these failed launches. When commercial strategy fails, it often does so after billions of dollars have been invested in creating a viable pharmaceutical product.
Executing a successful product launch is more important than ever; having the tools to support success is vital.
Choosing the Right Tools for Connecting Clinical and Commercial Strategies
Successfully bringing a new pharmaceutical product from research to market requires a consistent, integrated overview of the entire process. Data from clinical trials, information about key opinion leaders, and other variables must be integrated from the start so they can provide essential insights at relevant points in the process.
Anju’s TA Scan offers an all-in-one “single source of truth” that collects, aggregates, and analyzes data from hundreds of publicly available sources. TA Scan can help clinical trial and Medical Affairs teams:
- Determine whether a clinical trial is feasible — and if not, what may undermine it.
- Decide how to benchmark clinical trial enrollment and choose preferred sites and scheduling dates.
- Identify principal investigators and key opinion leaders who can help your teams create clinical trial protocols, launch educational initiatives, and share essential information.
- Transform unstructured data to provide in-depth insights relevant to the clinical trial and launch processes.
- Get up-to-date perspectives on each physician’s interests in order to personalize content in a commercial strategy.
The pharmaceutical industry faces fast-paced inflation, supply chain precariousness, and other hurdles that threaten to separate clinical trial efforts from successful product launches. By using the right digital tools to connect clinical and commercial strategies, clinical trial and Medical Affairs teams can smooth the path ahead — increasing the chances of success in bringing needed pharmaceuticals to market.
Images used under license by Shutterstock.com.
Authored by Elke Ydens, Associate Director of Business Solutions at Anju’s Data Division
Elke Ydens, Associate Director of Business Solutions at Anju’s Data Division, brings over a decade of life sciences experience and a PhD in Biochemistry and Biotechnology from the University of Antwerp. As a Subject Matter Expert in Data Science, she adeptly addresses customer needs, leveraging her background in neuro-immunology and biochemistry. Elke remains dedicated to professional growth, contributing to industry publications, and staying updated on industry trends, while also finding success in extracurricular pursuits Bee Keeping and coaching. Connect with Elke on LinkedIn to explore her achievements further: https://www.linkedin.com/in/elkeydens