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Get ahead of the curve: How, when, and why to bring in multi-specialized partners

The path towards successful drug development and commercialization can be fraught with difficulty, and laden with unseen obstacles. Emerging biotech companies face an array of unique challenges, from return-on-investment fears and regulatory concerns, to a range of testing issues and setbacks common throughout the sector. Collaborating with an experienced and well-resourced strategic partner can make all the difference and help bring biotech development projects successfully to market, provided companies engage with them at the right time.

In this article, Todor Enev, Managing Partner at MEDiSTRAVA, an Inizio Medical company, gives an insight into the challenges and opportunities facing the sector right now, and shares some thoughts on how multi-specialized partners might provide an effective service for biotechs.

An integrated, holistic approach

Typically, biotechs don’t engage with commercial partners until quite late in their journey, by which point they might have left it too late and risk missing their commercialization milestones. To prevent this, the optimal approach for biotechs is to seek out a commercial partner as quickly as possible, during the early evidence generation and strategy stages. Taking these steps provides the biotech with a service focused on and catered to the company’s overall strategy.

Biotechs are inherently agile and reactive to the changing needs of the market, their patients, and their shareholders. However, their small size means their resources are often constrained. Working with the right multi-specialized strategic partner can provide an excellent solution to any area biotechs might be lacking in, unlocking extra capabilities and helping to fill in any perceived gaps.

When should you start engaging with a strategic partner?

The time for biotechs to engage the services of a strategic partner is when they’re entering Phase II of product development, at the latest. At this phase, the company should have a good idea of the signal they’re getting for a given molecule, and they should be starting to think about their early-stage target product profile.

However, every biotech company is different and faces unique challenges based on their specialization and disease area. As such, there is no one-size-fits-all template for the specialized services a company may require.

By bringing onboard a multi-specialized partner by Phase II — again, at the latest — biotechs can work closely with their strategic partner to develop bespoke solutions to problems. Companies also gain access to a dedicated route support throughout the remainder of their product’s development process.

The earlier, the better

The earlier the partner company gets involved, the more impact they can have. Their role is to provide broad, overall strategic planning for companies and that means building a relationship. After that, they will work with other teams within the company to deliver on specific engagements.

Engaging the right partner should also provide access to many different teams within their organization. That alone should help furnish the biotech with relevant expertise across a number of different functional areas.

Multi-specialized partners can provide guidance to address a broad range of requirements, from help with regulatory compliance, to market research and support in specific aspects of drug testing. This expert resource could be plugged in wherever it’s needed most in the product development life cycle.

What to look for in a strategic partner

The strategic partner that biotech companies bring in should adopt an integrated approach, enabling them to move in and start the conversation with their client on the front foot. They should provide solid advice and guidance geared towards the company’s overall strategy, with workflows produced to help indicate areas the biotech needs to focus on.

Backed by this strategic support from the earliest stages, biotechs are better equipped to get ahead of the curve in terms of planning for various workflows and milestones of their project. For example, Inizio Medical has experts whose job it is to gather information on medical affairs and provide data analytics on regulatory issues. In addition to market advice, there’s always going to be demand for research into health matters, ways and means to optimize investor capital, and overall evidence gathering.

A good multi-specialized strategic partner will work alongside their client to develop hypothetical scenarios at the start of a development project. They’ll assist with horizon scanning and provide some landscape assessment to get an idea of the challenges the project will face, and how they might avoid or work around them.

Why choose Inizio Biotech?

Inizio Biotech is an ideal choice to work alongside you as your strategic partner. We’re a dedicated team of pricing market specialists, best-in-class sector analysts, and all-round industry experts. Beyond that, you’ll have the vast resources — and scientific acumen — of Inizio at your disposal throughout the lifecycle of your product. As soon as you start the conversation with us, you’ll have our significant experience and biotech knowhow close at hand, whenever you need us.

Talk to our team today

To engage the services of Inizio Biotech and talk to our team of experts, contact us today.