Shaping strategies for a new era of engagement and commercialization

The pharmaceutical business model is changing and the industry is currently facing a patent cliff that puts billions of dollars in sales at risk due to loss of exclusivity of drug products. 

In an interview with Pharma Commerce, Chris Savage, SVP of global strategy and North American sales and marketing at Ashfield Engage, an Inizio company, discussed the implications of these upheavals for pharmaceutical companies, their sales teams, and patients.

The expiration of patents on many drug products is a significant concern for industry partners. However, as Savage points out, the portfolio of each company is unique, and the loss of exclusivity can drive innovation and lower healthcare costs, meaning this isn’t necessarily a bad thing

It’s likely that the patent cliff will undoubtedly foster innovation, as pharma companies are driven to create life-saving and life-altering medications and, as a result, generate shareholder value. He also mentioned that the industry is now seeing the next evolution as it moves from specialty treatments and biologics into cell and gene therapy.

When it comes to the implications this patent cliff has for sales and commercial teams, one of the biggest is how they can effectively deploy their resources to ensure that healthcare professionals, payers, and patients have the right information at the right time to make an informed prescribing decision. 

Read the interview in full: https://www.pharmaceuticalcommerce.com/view/shaping-strategies-for-a-new-era-of-engagement-and-commercialization