It's time to redefine Life Sciences commercial models for future success and competitiveness. Recent scientific and medical advancements have led to significant growth and improved patient outcomes; aligning commercial strategies with these industry and economic changes is crucial. Investing in fair, equal, accessible, and affordable commercial strategies and making smart talent and financial decisions are essential to driving positive change.
Although the current approach to commercialization may not look far different from five years ago, challenges like pricing, policies, talent management, health equity, and sustainability will require the adoption of innovative solutions in the next five years.
Modernizing commercial practices has gained top biopharma an added $1 billion in revenue in recent times.
Based on our research, we've developed a pioneering model to modernize commercial success. Read how we're helping clients transition to a more competitive and sustainable future.
The COVID-19 pandemic forced a sudden move to virtual engagement in customer-facing activities. Yet, in less than two years, the industry has mostly returned to in-person interactions, while tentatively exploring omnichannel marketing. Some areas of the industry are quickly advancing with digitalization, some indicators i.e., product launches falling short of expectations, suggest that commercial models are lagging.
This made us ask: What should a modern, impactful, yet sustainable commercial model look like?
To answer this question, Accenture Research conducted a study on the evolution of commercial success. Combining participation from leading biopharma executives with a practical approach to examining commercial performance, we factored in market complexity, product characteristics, and competitive dynamics. From this, we have a solid, clear understanding of what concepts will carry organizations forward. Learn about our Commercial Success Index and methods for transformation.
A new growth era
The commercial model reinvention must be a deliberate strategy with a strong digital core to create sustainable value and drive growth. The most critical areas commercial leaders feel would support and drive their growth are:
ranked advancing the sophistication of pricing and market access as one of their top three priorities to drive future commercial success
ranked stronger adoption of data and analytics capabilities to fuel decisions and operations as one of their top three investment priorities
said product launch capability received the greatest increase in technology investment over the past 12 months
ranked talent as top aspect of operating model critical for growth
of respondents cited sustainability and more equitable access as their top net new priority without being prompted
of executives said they see their organization shifting to be more focused on transformation
Actions to modernize commercialization
Modernizing is an ambitious endeavor—one that needs to be built upon a strong commercial core. Strategies focused on sustainable values will lead to commercial success, but they must benefit all and reach the entire enterprise. Five areas of future sustainability:
Patient and societal sustainability
Build representation and diversity in all operations. Develop customer strategies with underserved communities in mind. Commit to measuring impact being created to drive systematic change.
Customer model and relationship
Reshape digital experiences using human bonds to elevate impact with digital. Unlock the value of digital marketing and customer capabilities with strategies that bring the digital and field together.
Economic sustainability: Systems and manufacturers
Create new models for access that make clear, consistent evidenced-based pricing approaches, sharpen evidence generation focus in earlier development, and pro-actively market shape with stakeholders.
Sustainable operations and cost basis
Streamline, digitize and simplify operations. Revisit commercial operating models through changing approaches to structures, simplifying operations, or digitizing micro components of key processes.
Sustainable workforce model
The shared mission of helping patients in life sciences has supported retention but requires evolution in “doing good” and meeting societal expectations around diversity and representation.
Helping companies deliver better patient outcomes through differentiated platforms, consulting and operations services.
Frequently asked questions
We believe that the next era of reinvention for commercial organizations will be fuelled by a commercial model focused on sustainability and durable value creation will be what characterizes the next era of reinvention for commercial organizations. This sustainability must be for all actors within healthcare —for the outcomes of underserved populations and communities, for the affordability of healthcare systems and patients, and for the operations of manufacturers.
It focuses on 5 key areas of sustainability to create long-term, durable value. This includes patient and societal sustainability, customer model and relationship sustainability, economic sustainability for health systems and manufacturers, sustainable operations and cost basis, and a sustainable workforce model.
The Commercial Success Index sets out to further understand the drivers of differential performance for the top biopharmas. It is a combination of two inputs: primary research data from senior industry leaders across the same 15 major pharmaceutical companies on their commercial model and an outside review of commercial attributes from our global experts.
Almost half of leaders ranked advancing the sophistication of pricing and market access as one of their top priorities to drive future commercial success. One third of leaders also tanked talent as the top aspect of their operating model critical for growth, which will be key to fuel the next era of commercial success.
Over 40% of executives said they see their organization shifting to be more focused on transformation over smaller investments aimed at steady evolution – a sign that the wind is changing. Almost 60% of leaders ranked stronger adoption of data and analytics capabilities to fuel decisions and operations as one of their top three investment priorities for the future, and indicated that over the past year, product launch capabilities represented the largest increase in technology investment.