The Challenge
One of the most important inputs into selecting which development programs should be fully funded and accelerated to market is the confidence in knowing that a market will be there to ensure commercial success.
- Many approved products are not necessarily commercial successes, and precious R&D and commercial budgets are allocated to them rather than to better alternatives in the pipeline.
- Many great products are under-resourced during early and mid-stage development, and when they eventually reach the market, they struggle to reach their full potential.
Generating robust and validated commercial valuations for clinical stage assets is critical to optimizing constrained resources and fully informed strategic decisions. Independently generated assessments are key for removing organizational biases and ensuring that the strengths and weaknesses of a given program are fully appreciated.
Who are the audiences for independent commercial assessments?
When limited resources are allocated, key decision makers rely on comprehensive, well-supported briefings that are free of bias. Independent but experienced networks of professionals are required to generate the insights that will influence these investments.
- Senior R&D & Commercial Leadership
Unmet patient needs are almost always the key rationale for advancing new medicines to market. However, research and commercial leadership sometimes fail to appreciate the difficulties in reaching patients, securing adequate reimbursement, or navigating the competitive landscape facing new products. Complete market assessments help ensure that programs are managed optimally to best meet the real challenges they will face in the marketplace. - Bio/Pharma Boards of Directors
Program prioritization, especially in small and mid-stage clinical stage organizations, is absolutely critical to growing and succeeding. Boards value the reliability that independently generated assessments of their assets provide them, especially when considering whether to continue developing these assets themselves to seek partnerships. - Investors, Funds
Forecasting the future revenue streams that an early-stage program may generate when eventually commercialized is fundamental to whether an investor will fund one organization or another. Investors depend on well-documented and thoroughly researched assessments to help mitigate the inherent risk associated with early-stage drug development.
What are some of the things that make up a complete assessment?
Every project and asset has its own unique characteristics, challenges, and needs. However, there are several common elements that comprise the core of a complete asset assessment.
- Product Profile – Detailed, supportable, and relevant.
- Market Definition – Realistic, reachable, and quantifiable
- Customer Need – Provable purpose for the product
- Quantifiable – Measurable with validated metrics
- Gaps & Unknowns – Uncertainties that should not be underestimated
Commercial assessments almost always include targeted customer insights to validate and inform key assumptions or areas of greatest uncertainty. Forecasts and modeling often summarize insights but should not be regarded as the sole deliverable.
A complete independent assessment provides a roadmap for how the full value of the innovation can be realized and where limitations exist that may or may not be overcome.
How do we get started?
KMK Star Alliance is a network of experienced and capable professionals who are uniquely able to tackle the challenges that bio/pharma organizations face.
Valuation projects usually benefit from the experience of a diverse and complementary team of seasoned commercial leaders. KMK has the capabilities to execute market and customer insight research across multiple platforms, geographies, and modalities.
