Back Accelerating the time to market: for when it matters the most
How can you achieve this acceleration? The answer lies in a critical yet often overlooked aspect of the healthcare product life cycle—logistics.
To understand the role of logistics, let's delve into the life cycle of a healthcare product, which primarily consists of three phases: research and development (R&D), commercialisation, and competition.
The first phase, R&D, involves the identification of new potential drug treatments, rigorous testing through clinical trials, and eventually applying for regulatory approval from agencies such as the U.S. Food and Drug Administration (FDA) or the European Medicines Agency (EMA). This process can take many years, demanding considerable time and resources.
Upon approval and patent award, the product moves into the commercialisation phase: a period of market growth and then decline, as the patent expires.
Once the patent expires, generic versions or biosimilars can enter the market, significantly impacting sales.
Advantages of partnering with a LSP that is active across the entire product life cycle
How can you accelerate time to market? By implementing four success factors:
- Early involvement: By collaborating with a logistics service provider (LSP) that is active across the entire product life cycle as early as the clinical trial stage, you can ensure a ready-to-launch supply chain, which can be initiated as soon as the product is approved.
- Transparency: Despite uncertainties during the clinical stages, transparency and continuous communication enable a LSP which has been involved early in the R&D phase to plan a successful supply chain that adapts to changing needs. For example, QuickSTAT, a Kuehne+Nagel company, plays a significant role in the R&D phase of a product’s life cycle, supporting clinical trials by providing reliable transportation for trial supplies, ensuring that the right materials reach the right place as the right time. Once the product under investigation has been approved, the seamless cooperation between QuickSTAT and Kuehne+Nagel means that we are ready to step in at product launch and assist in creating efficient supply chains, designed to manage the distribution of the product throughout the market, adapting the logistics needs as they evolve.
- Risk-sharing: While it is risky to start work before product approval, we are committed to sharing this risk with you, provided there is transparent and continuous communication.
- Agility in uncertainty: In a sector filled with uncertainties, agility is paramount. We have honed our capabilities and remain responsive to change, working closely with healthcare companies to manage any evolving scenarios. As your healthcare product moves from product launch to market growth and finally into decline, we’re here for you, supporting you at each stage, creating efficient supply chains, managing the distribution of your product, adapting, and reducing costs to maximise profitability.
What does this mean for healthcare companies and their patients?
By accelerating the product life cycle, innovators can bring their product to market sooner, extending their period of market exclusivity and enabling them to reinvest the profits in further R&D. For patients, this acceleration means quicker access to new treatments and therapies. It’s a win-win situation.