Commercialization Strategy Consulting in Pharma and … · Commercialization Strategy Consulting in...

CommercializationStrategyConsultinginPharmaandBiotech

LifeScienceCareerDay2016UniversityofWisconsin-Madison

ElizabethA.HinesPh.D.Consultant

[email protected]

Beginningcollegeasapre-medstudent,ItransitionedmyfocustoresearchandfollowedmypassiontoUW,whereIrealizedthatanacademicpathwasnotanidealfitformypriorities

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Frombenchscientisttopharmaconsultant:2005à2016

NorthwesternUniversity UniversityofWisconsin– Madison bioStrategies

Group

2006-2007

2007-2009

2009

2011

Spring2010• InformalScienceEducation(DELTA)

Spring2013•ResearchMentorTraining(DELTA)

2014•HiredasaSeniorAnalyst

2015•PromotedtoConsultant

Summer2013•Wisconsin EntrepreneurialBootcamp(Business School)

Fall2012• EntrepreneurialManagement(Business School)

UWcoursesthathelpedprepareme

forconsulting

Keytopicstobecoveredinthenext~15minutes:

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Introductiontocareersinpharma/biotechconsulting

Whatiscommercializationstrategyconsulting?

Whatdoesaworkdayinthelifeofaconsultantlooklike?

Whatarebenefitsanddrawbacksofconsulting?

Isconsultingtherightcareerforyou?

Howtogetajobinconsulting

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Whatiscommercializationstrategyconsulting?Developinganalysisandrecommendationstohelpclientsmakeinformedbusinessdecisionsregardingtheircurrentandfuturepharmaceuticalandbiotechrevenuestreams

Ø Whatisthedemandfortheproductatthepatientandprescriberlevel?

Ø Howwillpayers(insurancecompanies)regulatecoverageoftheproduct?

Ø Whatcommercialissues(pipeline,competitors,saleschannels,etc.)willimpacttherevenuepotentialfortheproduct?

Ø Howmuchistheproductworth?

Shouldtheclientinvestindevelopingoracquiringaproduct?

Opportunity/CommercialEvaluation&Forecasting

BusinessDevelopmentinPharma/Biotech,Investors(PrivateEquity,FundManagers)

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Ø Whatclinicaltrialendpointsaremostmeaningfultoprescribersandtopatients?

Ø Whatclinicaltrialdesignarecompetitorsusing?Isthereanassociateddiagnostic?

Ø Whatisthemechanismofactionforthedrug,andforwhatotherdiseasesmaythisapproachbeapplicable?

Whattrialendpointsshouldtheclientuse?Whatotherdiseasescouldtheproductpotentiallybeusedin?

ClinicalDevelopmentStrategy

ProductTeams&Clinical/MedAffairsinPharma/Biotech

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Ø Whatfactorsarehaveleadtothedevelopmentofthecurrentmarket?Analogmarkets?

Ø Whataretheunmetneedsinthetargetmarket?

Ø Howistheproductdifferentiatedfromotheroptions?Whatisthevalueofthis?

Ø Howcanpositioningandmessagingbeoptimizedtoresonatemostwiththeprescriber?

Howcantheclientdevelopamarketorgrowmarketshare?

MarketingStrategyandLaunchPreparations

MarketingandSalesinPharma/Biotech

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Whatdoesatypicalprojectworkstreamlooklike?Differentprojecttypeshaveuniqueworkstreams;acommoncommercialassessmentflowwill includeprimaryandsecondaryresearchalongwithqualitativeandquantitativework

ExampleofKeyActivities

• Learnclientneeds

• Learnkeycommercialissues

• Identifyoptimalresearchstrategy

• Flush outobjectives

• Developsecondarydataanalysisapproach

• Developresearchmaterials

• Recruitsample

• Primaryresearch:interviewswithphysicians,patients,payers

• Secondarydataanalysis

• Analyzecollecteddata

• Aggregateintokeyfindings

• Reassessprojectobjectivesandresearchdesign

• Primaryresearch:online surveywithphysicians

• Dataanalysis

• Developrevenueforecastmodel

• Identifykeycommercialissues andvariablesthatmayimpactproductsuccess

• Positioning ormessagingstatementsformarketingsuccess

• Recommendations toclienttoaddressprojectobjectives

ProjectProposal

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• Recruitsample







• Dataanalysis





ProjectProposal

ResearchDesign

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• Recruitsample







• Dataanalysis





ProjectProposal

ResearchDesign

Phase1Research(Qual)

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• Recruitsample







• Dataanalysis





ProjectProposal

ResearchDesign


Analysis&InterimReport

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• Recruitsample







• Dataanalysis





ProjectProposal

ResearchDesign



Phase2Research(Quant)

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• Recruitsample







• Dataanalysis





ProjectProposal

ResearchDesign



Phase2Research(Quant)

Analysis&FinalReportwithRecommendations

ProjectA– ResearchUnderway§ Conduct pulmonologist interviews(8amand1pm)§ Participateinweeklyclientprogressreportcall§ Meetwithanalystaboutsecondarydataanalysisandforecastmodel design

ProjectB– ReportWriting§ Workonreportdeck(duenextweek)§ Bookplaneticketsandhotelforlivepresentation

ProjectC– Kick-off§ Reviewinternalkick-off checklistwithprojectteam

§ Developkick-off slide deckfortomorrow’s call

Proposal§ Reviewpartner’sprojectproposal, provideeditingandsuggestionsforimprovement

sampleTuesdaySchedulesampleTuesdayTo-DoList

Whatdoesaworkdayinthelifeofaconsultantlooklike?Thereisno‘typicalday’inconsulting,activitiesvarygreatlydependingonthenumber,stage,andprioritylevelofprojects;sampleschedulerepresentsanon‘crunchtime’day

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8-9am Interview w/EUpulmonologist (ProjectA)

9-9:30am Coffeebreak,bookplane tickets&hotelforlivereportpresentation(ProjectB)

9:30-10am Internalkick-offmeeting(ProjectC)

10-11:30am Preparekick-offdeck (ProjectC)

11:30am-12pm Prep forclientcall(ProjectA)

12-12:30pm Clientcall– weeklyprogress report (ProjectA)

12:30pm-1pm Grablunch, catchuponemail

1-2pm Intervieww/Canadianpulmonologist (ProjectA)

2-3pm Meet withanalyst todiscusssecondary researchanalysisandforecastmodeldesign

3-3:15pm Coffeebreak, chatwithcoworkers

3:15-5:30pm Work onreport deck (ProjectB)

9-9:45pm Reviewproposal forpartner//

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Whataresomeofthebenefitsanddrawbacksofconsulting?Consultingisintellectuallystimulatingworkwhereyoureffortshavematerialimpactonrealworldbusinessdecisions,yetitcanbeahighstressenvironmentwithpoorlife/workbalance

HighprojectvarietyUnpredictableworkloadwithsomerequiredlonghours

Intellectuallystimulatingwork

DiversebusinessexperienceseliminateneedforMBA

Sedentaryworkday

Highvisibility,seetheimpactofyourefforts(smallfirm)

HighstakesandhighpressureWorkwithsmartpeople

Steppingstonetomanycareeroptions

Shortprojectduration

Creativityrequired

Minimal guidanceortraining (smallfirm)

Advantages Disadvantages

Pharmacompaniesarebusinesses,whoseprincipalobjectiveistomakemoney

Compensationandotherbenefits

Travel

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Isconsultingtherightcareerforyou?Traitsthatmakeasuccessfulgraduatestudent,alsohavethepotentialtomakeasuccessfulconsultant,includingbeinghighlyself-motivatedaswellastheabilitytodealwithambiguity;however,consultingisnotnecessarilyagoodfitforeveryone

BetterFit WorseFit

Whatdoyoulikeabout

research?

• Communicating

• Planningexperiments

• Dataaggregationandanalysis

• Abilitytoworkonmanyprojectsatatime

• Bigpictureimplications

• Performingexperiments

• Setownworkinghours

• Abilitytobecome‘the’expertinanarea

• Focusingononeprojectatatime

• Knowledgeforknowledge’ssake

Whatareyoulookingforinajobaftergradschool?

• Projectdiversity

• Intellectuallystimulatingwork

• Ladderclimbing

• Exposuretodiverserolesinpharma/biotech

• Continualchallengesandlearningopportunities

• Financialsecurity

• Life/workbalance

• Lowerstressenvironment

• Intellectualfreedom

• Prioritizationofhumanitarianimpactofwork

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Howdoesonegetajobinconsulting?Yourresumeandcoverletteralongwithnetworking,cangetyoutheinterview;yettomovebeyondthefirstround,youmayhavetodemonstrateyourbusinessacumenthroughwrittenassessmentsandcaseinterviews,inadditiontobehavioralinterviewquestions

Whatareconsultingcompanieslookingforinanapplication?McKinsey&Companyseeksevidenceof

• ProblemSolvingSkills

• PersonalImpact

• LeadershipAbilities• EntrepreneurialDrive

BCGapplication adviceadds

• Curiosity

Howcanyoudemonstratethis?

ExperienceandAchievements

ü ProblemSolving andInnovation(Research)

ü Communication

ü Leadership

Evidenceofbeingself-motivated,driven,andablemanagecompetingprioritiesonalimitedtimeline

Evidenceofcuriositydrivingactionsandresults

Whatdoestheapplication&interviewingprocesslooklike?

Networking&CompanyResearch

ApplicationPhoneScreenerBehavioral?’s

Round1Caseinterview,Behavioral?’s,Assessment

Round2/3Caseinterview,Behavioral?’s,

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HowcanIgainexperiencetomakemyselfacompetitiveapplicant?TherearemanyopportunitiesattheUniversityofWisconsintoaccumulateexperiencesandachievementsthatwill contributetoastrongconsultingapplication

• WisconsinEntrepreneurialBootcamp

• AuditingMBAclasses,suchasEntrepreneurialManagement

• ConsultingClub

• InformalScienceEducation

• ResearchMentorTraining

• Anyclassestoimprovecommunicationorchancestodevelopdeliverables

• Clinicaltrialdesigncourses

• Diseaseepidemiology

• Drugdesign/deliverycourses

• YoucanfindjustaboutanythingyouwanttolearninaMOOC

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HowcanIgainexperiencetomakemyselfacompetitiveapplicant?LookforprogramsandresourcesoutsideofUWtolearnmoreabouttheconsulting,theinterviewsprocess,andhowtosolvecases

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WhataresomeotherrolesforPhDsinrelatedareas?Therearemanydifferentcareersinthecommercialspace,fromfinancetomarketingandMSLrolesthatcouldbeagoodfitforsomeonewithaPhD,althoughtosecureajobintheseareaswilloftenrequireexperienceoutsidethelab

MedicalScienceLiaisonPharma– MedAffairs

InvestmentResearchAnalystFinancialFirms

MarketPlanning,Marketing,BusinessDevelopment,AnalyticsPharma– Commercial

Thereisaworldofopportunitiesoutthere– EXPLORE!

• Achieve:Yourresearchisyourjob;takeitseriously,andworksmarter

• Network: Talktopeopleoutsideofacademia,learnabouttheirpathandtheirjob

• Followyourinterests:Takeclasses,readbooks,volunteer

• Buildyourresume:Alwaysthinkabouthowtobestbuildyourpersonalbrandandmarketyourselftopotentialemployers,including collectingexperiencesandachievements

• Revaluateyourpriorities:Lookforjobs thatarealignedwithwhatyouwantinlifenow

Thereisaworldofopportunitiesoutthere– EXPLORE!

• Achieve:Yourresearchisyourjob;takeitseriously,andworksmarter

• Network: Talktopeopleoutsideofacademia,learnabouttheirpathandtheirjob

• Followyourinterests:Takeclasses,readbooks,volunteer

• Buildyourresume:Alwaysthinkabouthowtobestbuildyourpersonalbrandandmarketyourselftopotentialemployers,including collectingexperiencesandachievements

• Revaluateyourpriorities:Lookforjobs thatarealignedwithwhatyouwantinlifenow

[email protected]

[email protected]

Commercialization Strategy Consulting in Pharma and … · Commercialization Strategy Consulting in...

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