The life sciences industry is certainly experiencing stormy seas. However, today, the industry can celebrate a victory in the battle for innovation. Biogen’s approved label change for Tysabri will make it easier for physicians to identify patients at highest and lowest risk of developing progressive multifocal leukoencephalopathy (PML), a deadly brain infection linked to the drug. It’s estimated that this change could add $1B in sales by 2016. Now that is creating shareholder value! We need more of this kind of innovation in the life science industry!
In this age of heightened regulatory and payer scrutiny, Biogen accepted the challenge with courage and stayed focused on gaining a better understanding of the benefit:risk profile for Tysabri. Now, there is a better understanding of patients at greatest risk for developing PML and a diagnostic test to help determine a patient’s risk.
Life science companies can learn a lot from how Biogen handled this situation, and here are three key learning’s…
- Face your challenges head on and with courage. Be committed to searching for answers. Consider hiring a management consulting firm to help you ask questions and develop an action plan.
- Work with strategic partners that have expertise you lack. In challenging times surround yourself with others that are more knowledgeable about a specific area than you.
- Communicate your actions and outcomes. The lives of patients are at stake. Proactively communicate with regulatory officials, physicians, patient advocacy groups, and patients and caregivers.
The need for innovation is everywhere. Whether it’s finding new uses for existing products, determining how to overcome barriers to market acceptance, or strategic pipeline planning innovation is a common theme. At Snowfish we combine our unique and highly effective methodologies with disease-state understanding, sophisticated software, and analytic capabilities to provide actionable insights into your most pressing product development challenges. Our website has more information on our services, and a section on the white papers we’ve published.
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