At OXYGY we have the privilege of working with many small, medium and top 10 pharma companies at corporate and local levels, worldwide. From early research through to lifecycle management it is exciting to help our clients achieve sustainable improvements in performance in a volatile world.
The functions, geographies and teams with whom we engage all exhibit a powerful intent to do better for patients, and a drive to ensure life changing medicine gets to those that need it. Naturally, such ambitious missions present a number of challenges, of which there are three trends in particular we have regularly observed across our life sciences clients:
- The shift to specialty and Rare Disease medicines, and the associated evolution of operating models.
- The drive to reduce time to market for new products, with the broadest possible access
- The need to effectively run multiple go-to-market (GtM) strategies, for products from Gx to Digital.
It is clear from the trends we see in the industry that the ways of working in Pharma are changing. R&D costs doubled in the last 10 years, while peak sales forecasts have halved, so Pharma must alter its approach to bring access to life changing therapies for more patients at affordable prices. We believe there is a common, consistent thread through all of the challenges: perspective.
While the pharma industry aspires to “put the patient in the center of all we do” the day-to-day perspective and focus is still internal. Historically, the industry has been predominantly science driven, not patient-driven; understandably when a single new molecular entity could generate well over $1 billion in annual sales through patent protected products. Today’s reality calls for:
- superb insights beyond patients and traditional health care professionals
- demonstration of better health outcomes rather than simply providing clinical trial data
- agile ways of operating that deliver greater value to stakeholders and the health care system.
Adapting to the new reality starts with changing perspective to Outside-In.