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All biopharmaceutical companies have at least three hurdles to leap before a new product can launch: safety, efficacy, and quality. Small biopharmas have an additional hurdle, however: market access (sometimes referred to as access and reimbursement). The goal of small biopharmas, where much of the drug discovery and development is now being done, is to sell or license the drug or company at the highest possible price. To accomplish this, you must develop the capability to bound right over that fourth hurdle of market access.
As a small biopharma, you should begin developing a strong market access strategy at the end of your Phase I clinical trials. The difference in how this is done can determine whether your product will launch successfully or fail miserably. Adopting a good strategy early can also significantly affect the selling price for the company or product. While safety, efficacy, and quality are critical to a product’s success, so is the integration of market access into all strategic planning. Continue reading