In our new report Launch Readiness 2022, we consider how launch strategists may best navigate a fast-changing yet still commercially ripe environment for pharmaceutical launch readiness. We show how digital transformation and cutting-edge launch management software help companies track the status of launch activities and manage global launch challenges, in real-time and across both functions and countries.
Managing the global threat of COVID-19 and its variants has brought new urgency and agility to the development and delivery of pharmaceutical innovation. The wider impact of the pandemic on new product launches, launch readiness and related business strategies will become even more apparent as 2022 plays out.
From today’s perspective, and from pharma’s point of view, the prospects for new product launches in 2022 remain encouraging. Moreover, many companies have made the necessary strategic and logistical adjustments to maintain operational efficiency under COVID-19.
These changes will increasingly become established as long-term approaches to the traditional challenges of launch excellence and pharma market access. The pandemic has amplified some of those challenges and given pharmaceutical launch activities fresh impetus for the future.
In particular, with COVID-19 draining healthcare resources, companies can expect drug launches in 2022 to undergo more selective and rigorous health technology assessments (HTAs). That will put more onus than ever before on creating, executing and communicating differentiated value, even in a nominally free market for pharmaceuticals such as the US.
Download our Launch Readiness 2022 Guide here
All the more so as the market continues to skew towards high-priced specialty drugs. That includes the emerging category of cell and gene therapies (CGTs), which present particular challenges to health technology assessors. Unlike conventional drug treatments, CGTs may be able to resolve diseases with a single procedure. Yet they do so at considerable cost, and with limited evidence to date of real-world consequences for patients and health systems.
At the same time, the fundamentals for an increase in successful pharmaceutical product launches in 2022 are already in place. These include higher volumes of new drug approvals in both the European Union and United States during 2021, despite COVID-19 disruption. There was also healthy growth in the pharmaceutical R&D pipeline, albeit at around half the pace of 2019/2020. But even without COVID-specific additions, pipeline growth would have matched the previous year’s performance.
Moreover, Informa Pharma Intelligence tracked 82 launches of new active substances in 2020, considerably more than the 49 recorded in 2019. This revitalised launch flow is reflected in some quite optimistic projections for pharmaceutical market growth worldwide over the coming years. For example, IQVIA is looking at a compound annual growth rate (CAGR) of 3–6% in 2022-2026, while Evaluate Pharma believes global CAGR will reach 6.4% between 2021 and 2026.
These are all good signs. They do not in themselves guarantee launch excellence, though. As we noted in our recent review of pharma trends for 2022, in a COVID-persistent marketplace, innovation needs to be matched by greater agility in the actual product launch plan and its implementation.
Agile launch execution is drawing on pandemic-accelerated trends enabled by digital transformation. Among these are a reconfiguration of the stakeholder hierarchies and communications channels involved in the pharma product launch process; increasing recourse to multichannel or omnichannel promotional strategies; and the need to enhance or maintain the value of new medicines in 2022 with cumulative real-world evidence post-launch.
These are just some of the key challenges and opportunities facing drug launches in the year ahead. Download and read our new report below to understand how global product launches in pharma are learning to live with, and indeed learn from, COVID-related disruption. And discover how SmartLaunch™ - our agile launch execution platform - can help you drive agility, transparency, efficiency and collaboration across your global launch teams, making 2022 a landmark year for your new product launches.
TRiBECA® Knowledge provides pioneering software to some of the world’s leading pharmaceutical companies, to help them make the most of product launches, market access and commercialisation.