In 2024, biotechs were behind almost two-thirds of the FDA’s new drug approvals. Many biotechs are choosing to commercialize their products themselves, rather than partnering with Big Pharma players. Many fail, but some market factors are now in biotech’s favor.
A recent Evaluate report, Going Solo: Commercializing Biotech, analyzes the dynamics that are enabling biotech companies to bring their own therapies to market. The report explains the advantages small players can have over larger companies, and shares tips on how to prepare for commercial success.
Early market access planning is pivotal, as are early physician education and continual prescriber engagement.
Going Solo: What’s Driving the Biotech Boost?
While the majority of biotechs ultimately out-license their lead assets or get snapped up by larger players, Verona Pharma is one of a small but growing number of biotechs that have successfully taken a drug all the way to market.
To discuss the benefits and challenges of commercialization for biotechs, Evaluate held a webinar with Verona’s Chief Commercial Officer Chris Martin, along with panelists Daniel Chancellor, vice president of Thought Leadership at Norstella, and Melanie Senior, healthcare writer and analyst. Martin spoke at length about the launch of Verona’s chronic obstructive pulmonary disorder (COPD) therapy, Ohtuvayre, and what drove its success.
Here are three things we learned in the webinar, which is well worth a full listen:
1. Time, planning and funding are critical. Martin discussed the fact that Verona began developing a commercial mindset well before Ohtuvayre reached Phase 3 trials to give the company time to shape and understand the market. This allowed the company’s newly formed commercial team the opportunity to plan according to the results of that trial. Ultimately, the most important element of this trio is funding. Martin discussed the way that Verona gated funding for very early stage commercial activity, as well as for the trial itself.
2. Hire the right people at the right time. Verona built out its commercial team carefully, adding layers aligned to milestones around clinical readouts during Phase 3. This avoided overtaxing the organization with cost too early. Martin also ensured that he hired people who could wear many hats, because flexibility is key in those early stages. By recruiting team members with experience in multiple areas— including finance, forecasting, and commercial operations—Verona was able to cover a lot of critical ground with a low headcount.
3. “Always do the work as if you’re going to commercialize.” For me, this quote from Martin said it all. He accepted that there will always be M&A opportunities for biotechs, particularly as loss of exclusivity looms for the bigger companies. However, optionality is critical. Martin recommended that biotechs should plan to go it alone, because this decision will always maximize value, whatever path your company ultimately takes.
The webinar also covered many more topics, from what comes after a biotech’s first launch to the process of building a global plan for commercialization. For the full discussion, watch the complete on-demand webinar.
Read the Going Solo: Commercializing Biotech report for additional biotech insights. To hear more from Evaluate’s experts, access the full catalog of on-demand webinars and upcoming events. This blog was previously published on the Evaluate website.
