Last week, I published a piece written by Mike Wokash in his Pharma Reform blog takng the position that Big Pharma should have seen the changes in the industry that are coming and could have taken measures to avoid the big restructuring we see now. It criticized management for poor foresight.
This week, I'm going to reblog his post that basically recommended what Big Pharma should consider and expect in restructuring. The blog posts talks about the trends and future that Big Pharma should expect to see. It recommends what policies and actions Big Pharma ought to adopt to meet the expected future state. And finally ends with a list of Critical success factors, I'll republish below:
Critical Success Factors
- Innovative new products with companion diagnostics
- Robust real world data to support clinically meaningful differentiation
- Organizational managed market expertise
- Talent management focused on expertise, competence, and integrity
- Low cost, efficient yet reliable operations
- Commercial programs designed to help healthcare providers and patients realize the full value of the company’s products
- Become a trusted and credible source of disease and treatment information
- Patient well-being must be a priority (e.g., patient safety more important than negative impact on sales or potential implications for litigation)
- Leadership and organizational integrity
Fundamentally, he argues that drugs will need to actually provide more value and have clinical data to prove that point. That the economic environment will require that drugs deliver value. That drugs will need to address areas of unmet need. That more differentiation will occur thorugh more personalized models of treatment often supported by a companion diagnostic. And, that selling drugs will be less about marketing and sales dollars and more about clinical and economic proofs of benefit -- with real live data. Wow, will that be something when and IF it comes to pass.
Posted by Bruce Lehr November 30th 2010.