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In today’s pharmaceutical market, it often takes more than a decade and an estimated $2.6 billion to bring a new drug to market. The long development lead time results in approximately 7 to 10 years of patent protection before generic competition launches. During those years, it is critical that an organization optimizes commercialization efforts in order to get the most value out of bringing a new drug to market.
Unfortunately, all too often pharmaceutical companies fail to maximize their return on bringing a new drug to market, resulting in a failure to maintain a sustainable lead and competitive advantage in the marketplace. Common commercialization pitfalls include:
However, avoiding these pitfalls is possible. By integrating data science and analytics in their strategies—through predictive intelligence, scenario planning, and digital intelligence—companies can optimize and refine the way they go to market, and successfully stay ahead of the competition.
“Successful product launches can help fund future research and development efforts — and, ultimately, deliver better care to more patients around the world.”
Learn how pharmaceutical companies can improve drug commercialization through data analytics and predictive intelligence.