Commercialization Strategy Consulting in Pharma and Biotech Life Science Career Day 2016 University of Wisconsin-Madison Elizabeth A. Hines Ph.D. Consultant [email protected]
CommercializationStrategyConsultinginPharmaandBiotech
LifeScienceCareerDay2016UniversityofWisconsin-Madison
ElizabethA.HinesPh.D.Consultant
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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Whatiscommercializationstrategyconsulting?Developinganalysisandrecommendationstohelpclientsmakeinformedbusinessdecisionsregardingtheircurrentandfuturepharmaceuticalandbiotechrevenuestreams
Ø Whatclinicaltrialendpointsaremostmeaningfultoprescribersandtopatients?
Ø Whatclinicaltrialdesignarecompetitorsusing?Isthereanassociateddiagnostic?
Ø Whatisthemechanismofactionforthedrug,andforwhatotherdiseasesmaythisapproachbeapplicable?
Whattrialendpointsshouldtheclientuse?Whatotherdiseasescouldtheproductpotentiallybeusedin?
ClinicalDevelopmentStrategy
ProductTeams&Clinical/MedAffairsinPharma/Biotech
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Whatiscommercializationstrategyconsulting?Developinganalysisandrecommendationstohelpclientsmakeinformedbusinessdecisionsregardingtheircurrentandfuturepharmaceuticalandbiotechrevenuestreams
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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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
ResearchDesign
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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
ResearchDesign
Phase1Research(Qual)
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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
ResearchDesign
Phase1Research(Qual)
Analysis&InterimReport
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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
ResearchDesign
Phase1Research(Qual)
Analysis&InterimReport
Phase2Research(Quant)
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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
ResearchDesign
Phase1Research(Qual)
Analysis&InterimReport
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