3 Explanations Why Pharmaceutical Providers Have to have Specialty Administration Consulting Firms

The pharmaceutical field is undergoing an amazing deal UK International development consultants alter. Organizations such as Pfizer and Lilly are going through considerable product patent expirations. Furthermore, firm pipelines are inadequate to switch the revenues misplaced to patent expirations. And lastly, EU-based and US-based providers and US are shifting their companies toward higher-growth markets in China, India, and other Rising Markets, making inside organizational turmoil inside their home marketplaces.

As quite a few providers comprehend, it is actually decreasingly possible to easily "research" your way out of these problems. Section of the solution to those problems is producing and executing what we broadly make reference to for a Small business Advancement and Licensing method (BD&L). This technique would include any and all options for seeking and financing external partnerships, licenses, mergers, and/or acquisitions.

Of course all multinational pharmaceutical and biotechnology organizations have an BD&L group, usually led by a member from the senior administration team. Larger corporations will have a team of a dozen or more executives, directors, and managers responsible for sourcing, analyzing, and recommending small business growth opportunities. Even smaller corporations will have one or two individuals formally charged with the BD&L process.

So why should pharmaceutical organizations, even large ones with large BD&L teams, use consulting firms to assist them? We believe there are three explanations why this is the case:

Enhancement of an Overarching Framework - A lot of pharmaceutical and biotechnology organizations should be applauded for having a strategic and focused BD&L framework. A lot of corporations know exactly what they are looking for, i.e., asset type, stage of progress, geography, offer structure, and so forth. A framework, even a simple one, makes it easier for the search team to identify and quickly eliminate opportunities that do not fit. This then enables the team to focus more time on those opportunities which might be a good fit. This results in better due diligence and faster deal making.

Unfortunately, there are lots of firms which do not take a framework-driven approach. Several searches are haphazard, where companies look for anything with a certain revenue potential, or anything that can be sold by their existing sales and marketing infrastructure. In our experience, any approach which aims to simply provide the sales organization with products to sell is unsustainable in the long run.

Savvy BD&L executives can leverage consultancies to help them develop this overarching framework, identifying the key variables which are important to the firm, its management, and its shareholders. Pharmaceutical management consultants can bring an objective perspective to an exercise which, if done properly, results in a roadmap that the BD&L team can then use to plan and execute a BD&L tactical plan.

Broaden Skill Set - We have noticed that several smaller BD&L teams have strengths and skills in some areas, but not others. For example, some providers have BD&L teams led by scientists or clinicians or attorneys who lack the experience to quantitatively and financially assess opportunities. Using a consultancy can provide unbiased, rigorous quantitative analysis and financial modeling.

Extend Geographic Breadth and Depth - The traditional model for US and EU providers was to license drugs from Japanese firms, because quite a few innovative Japanese businesses lacked the global presence to develop and market their innovations outside their property country.

Today, this is no longer the case. A lot of Japanese businesses, like Takeda and Eisai, have successfully established a research and commercial presence in the US and EU. Corporations like this no longer want Western pharmaceutical companies to commercialize their internally-developed innovations. So Western pharmaceutical organizations are now traveling to and meeting with companies in China, India, and Eastern Europe...anywhere where a new innovation or opportunity may exist. For larger, global BD&L teams this is less of an issue. IN fact, the largest providers typically have regionally focused BD&L executives who focus on identifying opportunities from their local marketplaces for their local or even global markets.