Critical Tips for Successful Biotech Commercialization

Guidehouse Partner Karla Anderson spoke with Fierce Biotech about the common challenges facing biotech companies as they progress toward market entry. She discussed key preparations and launch choices that are fundamental to developing a go-to-market strategy.

Hurdles first-time launchers must overcome

1. Moving the mindset from development to commercialization focus
   
   Turning toward market entry requires a major development shift and building of a business case. As major decisions must be made in parallel to the unknown outcomes of clinical studies, assembling the right team who can focus on early-stage activities of commercialization is key to a smooth transition.
   
   
2. Finding the right team with the right skills and attitudes
   
   While bringing in people with experience at large companies can be great, first-time launchers need leaders and doers who will role up their sleeves to set the organization up for success. A cross-functional team of purpose driven individuals with leadership qualities will help build a successful product to bring to market.
   
   
3. Staying focused on external market trends while managing internal priorities
   
   In an increasingly complex market, market shaping, building brand, and forming relationships must occur while navigating external market trends. An appropriate balance of resources between the external market and internal activities can prevent missing windows of opportunity in the market.

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Vital strategies for companies aiming to partner or be acquired

1. Build a detailed contingency plan
   
   Regardless of their go-to-market plan, companies need to develop a detailed launch and infrastructure development plan. What is it going to take to make this asset optimally adopted in the market?
   
   
2. Master pricing and value strategy
   
   Thorough pricing and value research are fundamental when entering strategic discussions and strengthening value narrative. Derisk the discussion and prevent discounted value by understanding this research.
   
   
3. Develop a robust market forecast
   
   Prove through evidence that failure to invest in advance of this launch will not produce the same return. Focusing on research and generating evidence helps invest in the future value of your asset, regardless of the commercialization strategy.