The pharmaceutical marketplace is undergoing UK International development consultants a huge offer of modify. Companies including Pfizer and Lilly are experiencing sizeable product patent expirations. Moreover, corporation pipelines are insufficient to interchange the revenues shed to patent expirations. Last of all, EU-based and US-based companies and US are shifting their companies towards higher-growth marketplaces in China, India, and various Emerging Markets, building inner organizational turmoil within their household markets.
As a lot of providers recognize, it really is decreasingly feasible to easily “research” your way from these complications. Part of the solution to these worries is establishing and executing what we broadly check with as being a Business Progress and Licensing tactic (BD&L). This tactic would include any and all options for seeking and financing external partnerships, licenses, mergers, and/or acquisitions.
Of course all multinational pharmaceutical and biotechnology firms have an BD&L group, usually led by a member with the senior administration team. Larger companies will have a team of a dozen or more executives, directors, and managers responsible for sourcing, analyzing, and recommending enterprise advancement 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 corporations to assist them? We believe there are 3 motives why this is the case:
Growth of an Overarching Framework - Lots of pharmaceutical and biotechnology organizations should be applauded for having a strategic and focused BD&L framework. Numerous companies know exactly what they are looking for, i.e., asset type, stage of enhancement, 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 a lot of companies which do not take a framework-driven approach. Quite a few 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 easily 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 enterprise, its administration, 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 numerous 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 corporations was to license drugs from Japanese businesses, because numerous innovative Japanese firms lacked the global presence to develop and market their innovations outside their household country.