While all phases in new drug development are complex, processes involved in the launch of specialty drugs used for treating rare genetic diseases are particularly so. The global specialty drugs market primarily consists of well-known pharma and biotech companies. However, several small and medium-sized pharma companies are looking to capture a fair share of the market by leveraging advanced technologies and innovative research to develop a successful drug commercialization strategy.
With more than 5,000 rare diseases and only about eight percent having effective treatments, specialty drugs offer new opportunities to expand market growth by catering to the unmet needs of the global population. As such, many pharma and biopharma companies are leveraging targeted R&D to develop new drugs. However, the business development model and commercialization strategy required to succeed in this segment are unique, requiring pharmaceutical companies to build new business models and capabilities. With over 17 years of experience working with leading pharma companies, Infiniti Research’s market research experts suggest that pharma companies looking to excel in this segment must redefine their commercialization strategy to ensure successful drug launches.
Dominating the Market: The Ultimate Drug Commercialization Strategy
Drug commercialization strategy encompasses the comprehensive plan and actions taken by pharmaceutical companies to bring a new drug to market successfully. This process includes securing regulatory approvals, establishing distribution channels, and implementing marketing tactics to ensure the drug reaches healthcare providers and patients effectively.
The strategy involves collaboration among various stakeholders, including healthcare providers, payers, and patients, to enhance market access and optimize patient education. Additionally, it requires a focus on the drug’s unique value proposition and addressing unmet medical needs to differentiate it in a competitive landscape.
Global Market Outlook: Specialty Drugs Market
The rise in the number of pharma manufacturers developing new specialty drugs is poised to increase in the post-pandemic era due to the rise in rare genetic disorders.
The implementation of favorable government policies to inhibit the spread of contagious diseases will also contribute to market growth in 2021 and beyond.
Factors such as improved healthcare infrastructure, advanced healthcare technology, and extensive R&D activities that help detect rare diseases are also expected to drive market growth.
Market segmentation based on the drug type brought to light the fact that the biological orphan drugs market segment will drive the highest pharma market share and is expected to grow at a good pace in 2021.
Infiniti Research recently collaborated with a biopharma company and helped develop a robust strategy to commercialize specialty drugs and enhance launch success.
Client Background
A privately-owned biopharma company based out of North America. The client is a well-known manufacturer of specialty drugs and is globally recognized as a pioneer in developing and providing targeted treatments and therapies for people with rare diseases and health conditions.
Geographic focus areas– US, UK, Germany, and China.
Business Challenge
The client partnered with Infiniti Research to conduct an in-depth market study to analyze the unmet needs of an orphan disease and devise a commercialization strategy for maximizing drug uptake. Realizing that the business development and commercialization model of specialty orphan drugs isn’t identical to other health conditions, the biopharma company approached us to help them devise a commercialization strategy to succeed in this segment. The client wanted to identify the right patient population and devise a strategy to commercialize its products. They also wanted to devise a robust approach to streamline market intelligence and achieve its strategic business goals.
Given the rise in the occurrence of rare diseases, pharma companies often struggle to win rapid market access, launch new drugs, and devise new launch strategies. At Infiniti Research, we enable businesses to tackle many challenges like these using a holistic research-backed approach.
Solutions Offered by Infiniti Research
To gain in-depth market insights and identify the most suitable commercialization route, the pharma company sought an accurate analysis of market trends, market growth potential, and competitive landscape. Our research experts conducted an in-depth market study backed with market intelligence insights to help the company tackle its current business challenges related to product commercialization strategy and business development.
Our Approach
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Market assessment:
Qualitative in-depth assessments and interviews with commercial payers and key opinion leaders within the orphan drugs market segment.
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Benchmarking analysis:
Detailed market study of the orphan drugs segments to analyze price points, patient identification schemes, and product positioning strategies.
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Competitive landscape analysis:
To map business reach and analyze areas specific to the orphan drugs segment that require detailed analysis and in-depth research.
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Strategy development:
To aid in developing a commercialization strategy, we conducted several preliminary assessments that shed light on the need to develop unique, targeted strategies for every market segment.
Business Outcome
- Identified unmet patient needs based on a detailed analysis of rare diseases
- Analyzed pricing benchmarks by mapping the price-prevalence relationship in new orphan drugs
- Weighed the pros and cons of three unique drug commercialization strategies
- Prioritized factors driving decisions related to business strategies, several of which were unique to the client’s situation
- Offered customized solutions and recommended cost-effective pre-commercial tactics
A comprehensive market research report comprising intuitive charts and graphs for quantitative results, scatter plots, correspondence mapping, and qualitative and qualitative summaries were offered as part of the engagement. The insights illuminated the path for a robust commercialization strategy, including recommendations for enhancing market reach in target regions.
Conclusion
Developing a drug commercialization strategy for a specialty drugs manufacturer is essential to navigate the complexities of market entry and patient access. By employing a phased approach that emphasizes early payer engagement and robust market analysis, manufacturers can optimize their resources and enhance product uptake while ensuring compliance with regulatory requirements.
Successful commercialization requires collaboration across multiple departments and stakeholders, focusing on the unique value proposition of the drug. This comprehensive strategy not only addresses marketing and distribution but also prioritizes patient education and adherence, ultimately driving long-term success in a competitive landscape.
