Commerical Teams in the Life Sciences Need a Gradual, Stepwise Approach to Product Launches to Achieve Success, according to a New White Paper Available Now from Trinity Life Sciences
WALTHAM, Mass., June 29, 2022--(BUSINESS WIRE)--Trinity Life Sciences, a leader in global life sciences commercialization solutions, reports that 62 percent of biopharma products that launched between September 2019 and December 2021 underperformed expectations, including 24 out of 28 non-rare, non-oncology products. According to a new white paper entitled Empowering the Next-Generation Launch Model, commercial teams in life sciences need a more gradual, stepwise approach to product launches to achieve success.
The paper finds that the commercialization of biopharma treatments has not kept up with the dramatic shifts in scientific innovation of those products over the last decade – innovation on the product side requires innovation on the commercial side too.
"No longer can life sciences companies rely on the traditional sales and marketing approaches to launching new products," said Leslie Orne, President and CCO of Trinity Life Sciences. "Commercial teams need to be in lockstep with the innovation that is happening on the development side – it is time to re-think and revolutionize the commercial model."
For years, the ingrained conventional wisdom that the overall success of a new drug launch is determined in the six months following approval has shaped stakeholders’ expectations. The paper suggests that in many circumstances it is prudent to plan for a longer uptake and develop a go-to-market strategy that recognizes an extended (and more sustainable) initial period of sales growth. In fact, companies that make a clear-eyed assessment of the pace at which new drugs will enter markets can plan for long-term success and use the slower uptake to their advantage.
"Optimizing a shift away from this conventional wisdom requires an innovative mindset and new strategies," said Krista Perry, Partner and Head of Launch Excellence at Trinity Life Sciences. "Regulatory approval can no longer be equated with success and launch performance should be measured against long-term profitability, rather than predicated on hitting first-year revenue expectations at any cost."
Empowering the Next-Generation Launch Model offers a suggested model, based on the incremental analyses to minimize confounding variables in clinical research. The paper reveals tomorrow’s commercialization model will consist of three key phases:
Achieving Access: Building evidence and access to ensure product gets to patients seamlessly
Fit-for-Purpose Field Development: Developing a customer engagement model that optimizes demand without breaking the bank
Expand as You Go: Adjusting and expanding as launch progresses – rather than going "all-in" from day one
Life sciences executives are welcome to download the paper by clicking here.
Members of the media can contact Elizabeth Marshall directly for access.
About Trinity Life Sciences
Trinity Life Sciences is a trusted strategic commercialization partner, providing evidence-based solutions for the life sciences. With 25 years of experience, Trinity is committed to revolutionizing the commercial model by providing exceptional levels of service, powerful tools and data-driven insights. Trinity’s range of products and solutions includes industry-leading benchmarking solutions, powered by TGaS Advisors. To learn more about how Trinity is elevating life sciences and driving evidence to action, visit trinitylifesciences.com.
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