Recently, our team interviewed 24 CEOs, Chief Commercialization Officers, franchise leads, and other cross-functional commercialization executives. We wanted to get their perspectives on what it takes to build and operate a “Best Practice Organization” (BPO) for commercializing biopharma therapies.
Ten of those leaders were from emerging companies that ranged from those with no commercial products to those with up to $1 billion in annual revenue. We were very interested in hearing their thoughts, as emerging companies have a different set of objectives and challenges than one typically sees in more established organizations.
During those interviews, the leaders provided insights into what makes a BPO, as well as the challenges affecting their ability to function as a BPO. They also helped us to solidify the 5 key success factors (KSFs) for building a Best Practice commercial organization in an emerging company.
Here’s the list:
- Clearly articulated organizational vision, mission, and values: These aren’t just buzzwords and can have a major impact on how a company evolves.
- An empowered organization with the right expertise and experience on the leadership team (and throughout the rest of the organization, too).
- A culture that fosters “customer-centric innovation.” This means it can effectively capture market insights, use them to make better decisions, and act in an agile manner.
- Effective business strategy with accountable execution.
- Robust capital formation and financial strategy.
Of course, not every organization possesses these KSFs in equal measure, but there are ways to fix that. If you’d like to learn more about this topic—and get a lot more detail about these KSFs and the recommendations for emerging companies, then you can download our full report. In it, we also address the challenges and KSFs for midsize and large companies, and the differences are interesting.
Get the full report here: Best Practice Commercialization Organization Study Report
