The way the pharmaceutical industry meets the needs of the healthcare system is changing. These changes are well-known and regularly discussed, and as such, everyone in the industry is looking to ensure their go-to-market strategy stays viable in the meantime.
An incredibly detailed piece of analysis from Valtech examines these challenges and the path to GTM innovation, drawing a simple but insightful conclusion - that Pharma companies can either make their existing GTM strategies more efficient to survive the change, or embrace it entirely and invest in a next-generation GTM strategy with a greater level of coexistence with healthcare.
What are some proposed solutions to embrace this change?
Valtech talks of two key solutions, which we have summarised below:
- An Omnichannel Lab for testing systems and approaches before rolling out across the wider organisation. This is a fantastic way to build in a culture of experimentation and piloting (we’ll talk about culture more later in this issue), which is a key success factor for a new GTM model
- Digital health programs instead of individual standalone solutions. Combining treatments with a virtual patient support platform allows for the delivery of digital interventions to improve patient outcomes - for example, using patient to patient forums to tackle mental and disease barriers, or intelligent questionnaire tools to enable easy collection of patient-reported outcomes
Don’t run the risk of under-reacting to this trend
As we enter a period of innovation amidst relative political and economic instability, the priorities of healthcare are changing more rapidly than ever.
Pharmaceutical companies can cling to old ways of engaging healthcare through progressive investments in efficiency and cuts, but the longer they leave it to evolve, the bigger the gap between them and the competition grows.
PEN Perspective: What does a next-generation GTM model actually look like?
Knowing how to effectively innovate is a critical step in this journey, and you must have a clear view of where you’re going. So, what are you trying to build with a new GTM model?
One feature of this new model is the ability to take an outside-in approach, with the consistent leveraging of data to drive cross-functional decision-making. Measurement of key metrics pertaining to customer needs and process health should be collected and analysed to inform decisions around customer-engagement and product strategy.
Another feature is adapting your team to a comprehensive approach, combining all customer-facing functions based on their needs. Doctors have multidisciplinary teams, so why don’t we? This requires sharing the responsibility for customer relationships, and introducing new roles, like specialist care advisers and patient engagement officers, to work alongside existing key account manager roles. This will unlock new capabilities for your organisation to integrate into your value proposition for healthcare.
Finally, this new GTM model is designed to be future proof. It can and will evolve as new strategies and business models increase in popularity, such as disease type package solutions, combining a portfolio of products, patient services and payer offerings.
All of the above features represent both challenges and opportunities for pharma companies, and signify a clear opportunity to take a first step with GTM model-evolution – and most likely leading the market in doing so.