The coronavirus disease 2019 (COVID-19) pandemic has highlighted the available mechanisms for funding research, development, manufacturing, and distribution in the life sciences. The traditional innovation strategy started with scientific discovery supported by grants from governmental and philanthropic sources, followed by product commercialization supported by pharmaceutical industry revenues and capital investments. According to one estimate, governmental and philanthropic grants fund approximately one-third of the total investment in the life sciences (estimated total investment of $194.2 billion in 2018) and the life sciences industry funds the remainder.
There also has been a major shift in the funding of product commercialization during the pandemic. Government agencies and philanthropic organizations are offering large sums not only to support research but to fund late-stage product development, the expansion of manufacturing capacity, and efficient systems for distribution. In the past, these activities have been funded largely by the pharmaceutical industry. The policy question now becomes whether the tilt toward public and away from private sources will be sustained after the COVID-19 pandemic recedes, or whether the funding of the life sciences will revert to the status quo. Given the size and importance of drug discovery and Pharmaceutical Innovation, this has important implications for the future of medicine and health care.
The past months have revealed that pharmaceutical companies struggle to launch in a fully virtual setting. As business leaders think critically about how to adapt launch strategies in the early post-pandemic period, they should embrace the following learnings:
1. Focus on a few and differentiating digital engagement formats will win over trying to do it all
Many pharmaceutical companies are still in the process of learning and adapting to digital launches. Industry leaders reported that it was difficult to switch their bread and butter face-to-face engagement to digital interactions with healthcare professionals (HCPs), and to stand out and make a difference in an increasingly noisy digital environment. However, those that self-reflected, adapted and focused on for example personalized content as well as building digital empathy achieved higher and more effective engagement rates. This suggests that it is critical for pharmaceutical companies to understand key strengths, weaknesses, and opportunities for effective digital launch engagement, and leverage this understanding to accelerate internal readiness and develop focused as well as differentiating approaches.
2. Driving HCPs along the adoption ladder requires more effort in the virtual setting
While the traditional adoption ladder concept will remain intact in the early post-pandemic period, it is important to understand and manage Pharmaceutical Innovation. Many business leaders reported slower and lower uptakes in their launches during the pandemic and we expect this trend to continue throughout 2021, if not longer, given the ongoing limitations to face-to-face contact and less impactful virtual interactions with HCPs. It requires additional efforts (e.g. higher number of interactions, digitally engaging – e.g. co-created – content and formats such as peer-to-peer virtual round tables) to elevate customers on the adoption ladder in the virtual setting and pharmaceutical companies will need to address these dynamics in their launch strategy and forecast.
3. Leveraging relationships matters now more than ever
Existing relationships between field teams and HCPs have always been the foundation of successful launches and are more important than ever in virtual settings. Medical Science Liaisons (MSLs) with established contacts are fundamental in building and strengthening relationships to gather consent required for virtual engagement. From our interviews, we have seen that companies that put more focus on MSL engagement were more effective in achieving HCP access and creating advocacy during the pandemic.
