Can Life Science Companies Move Faster on New Product Opportunities?

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Posted Mar 7th, 2017 18:05 UTC in Future of Work by Michelle Madden

The VP of Global Marketing at a Fortune 200 pharmaceutical company was reviewing a promising drug about to enter Phase II of R&D. The company’s team had already completed a broad indication assessment, but needed to prepare a detailed opportunity assessment that could feed late-stage development strategies. However, with limited internal resources—and under pressure to make a fast but well-informed decision on whether to move forward with the product—they soon realized they needed help.

The pressure for Life Science companies to move quickly on new product opportunities is enormous. Increasingly, they are turning to high-end independent consultants to boost agility without sacrificing results. Independent talent can help companies move faster on a wide range of product-related opportunities, including:

  • Conducting market landscape and demand analysis
  • Delivering proof-of-concept
  • Analyzing trial results

In Business Talent Group’s latest eBook, Harnessing the Power of Independent Talent in Life Science, we take a closer look at the trend—and other areas where Life Science companies have increased speed and efficiency through the power of independents.

Check it out and learn why the Life Science industry has been an early adopter in embracing this new way to work.

So how did the Fortune 200 pharmaceutical company successfully prioritize its new product? Executives turned to BTG, and we identified an R&D specialist with biopharmaceutical business development experience. He conducted competitive analyses, created financial forecasts, and prioritized potential indications by patient group. Through his speed and expertise, the assessment was completed in a fraction of the time that it would have taken a large firm.

Need a life sciences expert? We can help!

Winning With Digital Health

Read consultant Karl Hess's advice on how life science companies can execute on the best opportunities.

GET THE EBOOK

Michelle Madden

Michelle is Head of Marketing & Communications at BTG. She has worked with Huffington Post, AOL, and Cablevision, helping them build their brands. She is a former Bain consultant and partner at her own media strategy firm where she grew the company and sold it to CommerceOne. She then ran an ecommerce company (GreenYour). She is a passionate foodie and founder of the Webby Award-nominated food blog, The Sweet Beet. Michelle graduated with honors from Queen’s University in Canada, and holds an MBA from Harvard.

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