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Success Principles: Making Pharmaceutical Business Development Fit for Purpose
Decision Resources, Inc., Dec 2007, Pages: 30
Introduction:
In today’s competitive and evolving pharmaceutical landscape, Business Development is a strategic lifeline for all companies. The more successful Business Development departments share factors that clearly distinguish them from the pack. These success principles can be used by other companies to reinvent the role, direction, and operation of their Business Development functions so they, too, can be 'Fit for Purpose.'
Get the Answers You Need to Shape Your Strategy:
-Corporate management in successful pharmaceutical companies invariably recognizes and taps into Business Development’s understanding of the future and integrates Business Development’s thinking into strategy-formulation processes. What aspects of the pharmaceutical environment does pharmaceutical Business Development particularly need to understand in order to be successful?
-Most pharmaceutical companies have not seen Business Development as the future lifeblood of the company, and their Business Development groups are poorly equipped to take on this new strategic role. What are the most common shortcomings of Business Development departments? How are these shortcomings affecting pharmaceutical companies’ ability to succeed? How can companies best redirect and reorganize their Business Development departments?
-Partly as a result of Pharma’s lack of internally generated new products, product acquisitions have become increasingly important. What is the primary reason many pharmaceutical companies fail to acquire new products that they have targeted? What aspect of the product acquisition process do Business Development strategies need to focus on?
Scope:
-Business Development as an Indispensable Strategic Lifeline: the tools of Business Development
-The 1990s—Pharma Enters the Real World: technology changes and new customer economics
-Consolidation: the rumble that became a landslide; the view of pharmaceutical management; the effect on new product innovation
-The turn of the millennium: pressures mount; the seven key factors molding today’s landscape
-The industry’s schizophrenic approach to Business Development: the not invented here mind-set; Big Pharma sits up and finally takes notice; a shift in strategic outlook
What is wrong with today’s pharmaceutical Business Development?: the consequences of funding issues, unseasoned staff, and counterproductive internal relationships
Business Development success principles: key factors aiding the identification of customers’ future needs and desires; the evolution of Fit for Purpose and complex business strategies.
Key Concepts Mentioned:
- Advantage of scale
- Alliance management
- Brain babies
- Business intelligence
- Buying-in
- Cash cow brands
- Commercial threshold
- Company culture
- Competitive advantage
- Consolidation
- Copromotion
- Cost-cutting
- Cost-effectiveness
- Cultural mindset
- Customer economics
- Customer relevance
- Cycle time
- Decision-making process
- Developed markets
- Distribution deals
- Esoteric diseases
- Evidence-based medicine
- Feedback loops
- Fit for Purpose
- Fit with Strategy
- Fixed combinations
- Follow-on products
- Fully integrated pharmaceutical
companies (FIPCO)
- Generics substitution
- Genetic engineering
- “Go/no go” decision
- Health technology assessment
- Indigenous companies
- Inlicensing
- Innovation gap
- Joint ventures
- Knowledge networks
- Legacy practices
- Leverage
- Low-value brands
- Management and control
systems
- Market research
- Mergers & acquisitions
- “Me too” products
- Middle management
- Milestones
- Mittelstand
- Molecular differentiation
- Net Present Value (NPV)
- New molecular entities
(NMEs)
- Next-generation drugs
- Not invented here syndrome
- Organizational hierarchy
- Outlicensing
- Outsourcing
- Partner of Choice
- Patent expiry
- Pharmacogenomics
- Population aging
- Product acquisition
- Productivity decline
- Profi t-sharing mechanisms
- Program champion
- Proof of concept
- Protein-based therapeutics
- R&D productivity
- Range extension
- Relationship management
- Resource allocation
- Restructuring
- Revitalizing, repurposing, or
repositioning
- Risk avoidance
- Royalty obligations
- Short-term earnings
- Social networks
- Spin-offs
- Start-ups
- Technology gap
- Transformational change
- Translational block
- Up-front payments
- Value chain
- Value for money
- Venture capital
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