Updated on May 28, 2023
Posted on Dec 22, 2022 1:18:07 PM by Andrew DeMarco
As an emerging life science company progresses through the clinical development and regulatory process, it's crucial to have a commercialization strategy in place – the earlier the better.
This strategy should focus on three key areas:
These areas form the backbone of your path to market and are essential for a successful launch and optimal performance in market.
However, it's not always easy to assemble the right level of commercialization strategy and plans. Companies often struggle to understand the priorities, decisions, and investments that will impact their brand, product, and organizational development in the pre-commercial phase.
It can be challenging to align stakeholders on a pragmatic plan that promotes efficient collaboration, and it's not uncommon for companies to invest in the wrong areas too soon and the right areas too late.
One solution to these problems is SVA's Leadership Guided Discovery (LGD) workshop.
The LGD is designed to help companies formulate a commercialization timeline with underlying assumptions, milestones, and decision gates. This process helps leaders understand and plot key decisions and priority activities, with a clear eye on their timing over the next 2-3 years.
The LGD consists of two workshops - the first to diagnose and inform your situation and the second to create your commercialization roadmap and 90-day action plan.
The approach is highly pragmatic with an emphasis on prioritization. The entire process requires less than 10 hours of leadership time, making it a relatively small investment of time with a high yield of information.
The cost of the LGD is $25,000, a small price to pay for the valuable insights it provides.
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One of the most important benefits of the LGD is that it can help leaders ensure current staff and the people they will need to hire are aligned to a common set of assumptions, plans, and priorities.
Many on the team have not had the experience of launching a product and commercial company before. Some people may have experience launching products but in larger companies with well-established systems, processes, and capabilities.
What is for certain is everyone on the team has not experienced working on a launch together.
Another feature of the LGD is a discussion of commercialization scenarios, options, and assumptions – specifically what is known or unknown. The LGD deliverables should be used as learning models where open questions and decisions are identified and the models frequently updated with new information.
It's natural to have objections to investing in commercial planning, especially if you're still in earlier clinical trial phases and funds are tight. However, it's important to remember that the LGD is a relatively small investment with a high yield of information.
It can help you make informed decisions and ensure that you're investing in the right areas at the right time. So, if you're considering commercialization, don't let a lack of time or a lack of full team hold you back.
If you're interested in learning more about SVA's Leadership Guided Discovery and how it can help your company, please contact SVA for a 30-minute information exchange to discuss your situation.
We will be happy to discuss what SVA has learned and experienced with other organizations like yours.
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Andrew is a Principal with SVA Consulting, LLC, a member of the SVA family of companies. With over 20 years of business and consulting experience, Andrew has a well-honed ability to help leaders and their teams make sense of complex problems, identify solutions and drive meaningful change.
