The life sciences industry is realizing unprecedented success in bringing New Science to market, with annual launches and approvals of new medicines at all-time highs. Yet, the marketplace within which we are launching these medicines has changed significantly – from a disrupted customer model accelerated by COVID-19, to slowing pricing and margin growth due to economic constraints, the continuously evolving role of patients and the structure of healthcare systems, and the ongoing possibilities of policy and regulatory forces constantly being explored.
Given this environment, how should biopharma’s realizing the optimal economic success of New Science?
It will require a more modernized commercial model – one that is fit for today and the future.
Pharma faces the need to modernize the commercial model based on these four pressures:
Customer engagement dynamic
COVID-19 has changed the ways customers learn about treatments and the support they need from life science companies.
Regulatory and policy reform
Mounting public pressures to reform drug pricing and are posing greater transparency in the value chain risk to access and reimbursement.
Private sector pressures
Private pressures such as competitive entrants are propelling the decline of net price.
Consumerism of patient care
New customer expectations across industries, the rise in digital therapeutics and non-traditional entrants in healthcare have created new demands.
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A new experience landscape
COVID-19 has disrupted the customer engagement model, but in more ways than just shifting to digital.
60%
of patients want to use technology more for communicating with HCPs and managing their conditions.
#1
regulatory and policy change will pose the greatest impact to margins within the next five years.
1-2%
decline in Net Price Growth in the US over the next five years, significantly below the historical 4.3 percent growth.
84%
Of patient said that the services they used – such as remote monitoring and payment support – were valuable during the pandemic.
Actions to modernize
The modern commercial model requires companies to commit to outcomes, design for impact, reach customers in new ways and digitally power operations. Life sciences companies can get there by:
Aligning evidence and economics to outcomes
Demonstrate outcomes through value-based models and access led transformation.
Bringing outcomes to life through experience
Designing experiences around the changing needs of patients, caregivers, and HCPs across increasingly complex care pathways. Learn more.
Modernizing launch and competitive strategies
Optimizing market entry by empowering brand teams with therapeutic area expertise and executing flawlessly. Learn more.
Reinventing end to end marketing
Moving away from traditional marketing tactics to positioning assets to drive growth.
Reimagining the digitized customer model
Introducing new engagement approaches to better support HCPs and patients. Learn more.
Applying intelligence to commercial
Playing data offense and leaning into artificial intelligence (AI) to streamline operations.
Rewiring operations and capabilities
Strengthening core capabilities to promote and sustain commercial growth.
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"I believe the most overlooked permanent change will be in the relevance of what we engage our customers on more than the channels by which we engage them."
— RAY PRESSBURGER, Accenture Strategy, Commercial, Sales and Marketing, Life Sciences
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