mckinsey pharma covid

Through a continual process of refinement, the predictive model on launch success becomes more powerful and its output better aligned with the realities of the market. 0000009058 00000 n One immediate consequence of the pandemic has been a drastic reduction in pharma companies’ visits to HCPs. 0000000996 00000 n 4 COVID-19: Briefing note #44, March 3, 2021 This week in McKinsey research: online learning has underwhelmed. McKinsey used August 2020 data from Evaluate and estimates from March 2020 or earlier to calculate how the net present value of the 86 drugs changed in the months following the outbreak of COVID-19. Arafat M’lika is an associate partner in McKinsey’s Geneva office, Jennifer Mong is a consultant in the Silicon Valley office, Nils Peters is a partner in the Zurich office, and Pablo Salazar is a partner in the Stamford office. Adopting an agile operating model with processes that support cross-functional collaboration enables launch teams to rapidly create campaigns to address shifting customer needs. 0000036317 00000 n Innovative approaches can yield surprising results. Basing communications on an undifferentiated aggregate view of physicians or segments will no longer suffice. One example might be expanding physician engagement beyond the treatment network—through referral networks, for instance—especially now that location is no longer a constraint. Capabilities aside, launch programs give companies an opportunity to reassess the setup of their field force. For some, that imperative will serve as a catalyst to make changes that they have been looking to make for years Those suffering from nonurgent conditions, such as migraines, insomnia, and depres­sion, are less likely to request appointments with primary-care physicians. If a universal approach is no longer an option for content, the same is true of engagement. En effet, après que le rôle de McKinsey auprès de Purdue Pharma a été publiquement établi (relire notre article), le cabinet s’est interrogé sur la conduite qu’il avait à tenir. Among major pharma companies, 60 percent are already using telemedicine for trial visits in response to the COVID-19 5 McKinsey Clinical Operations Roundtable Survey, April 2019. crisis and … Explore McKinsey’s findings from hundreds of data sources on the epidemiological, economic, and social effects of COVID-19—by micromarket and by sector. McKinsey & Co. said it will pay nearly $600 million to settle allegations that it fueled the nationwide opioid crisis by helping Purdue Pharma push addictive painkillers.. Consulting giant McKinsey & Co. has reached a $573 million settlement with states over its work advising OxyContin maker Purdue Pharma LP and other drug manufacturers to … These findings suggest that the traditional pharma commercial model will likely struggle to adapt to a different world. Our flagship business publication has been defining and informing the senior-management agenda since 1964. Meanwhile, marketing staff will need to further develop their ability to optimize marketing campaigns based on HCP engagement, as well as using CRM data and dashboards to assess the effectiveness of past and future actions. COVID-19 is having an immensely negative impact on economies around the world, and vaccines should be one of the tools for returning to normal economic activity, not an additional burden on the finances of lower-income countries. While this approach has been true for many years, the difference is that today those new modules need to be created quickly to be relevant. “Let me begin with one word,” Kevin Sneader said in a speech in 2018, shortly after he took leadership of the consulting firm McKinsey & Company. To do that, they will need to consider a new approach to launches: one that is digital, local, and personalized. Capability-building programs will equip staff with the soft and hard skills— from empathy to proficiency with advanced digital tools—required for success in a rapidly changing launch environment. Please email us at: McKinsey Insights - Get our latest thinking on your iPhone, iPad, or Android device. 0000002940 00000 n In a McKinsey survey of 300 physicians in September 2020, 74 percent of respondents reported noticing their patients delaying necessary care, with conse­quences including an increase in complications from injury or disease, a loss of income from missing work, and a rise in the costs of care. Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy. 3. COVID Response Center. 0000001768 00000 n Measuring the balance between supply chains’ cost and risk means companies must be vigilant. 6 As the use of video, interactive content, and multi­person interactions increases, companies will also need to rethink marketing materials so that they are effective in remote settings. McKinsey Quarterly Unleash their potential. 5 McKinsey COVID-19 Survey: EU Physician Experiences, Expectations, and Perspectives on Pharma Engagement; survey in the field in May and September 2020. 0000005685 00000 n Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy. State and local governments have been filing lawsuits over the past few years against companies that make and sell prescription opioids for their role in the crisis. In the agreement, McKinsey did not admit to … 0000012135 00000 n If you would like information about this content we will be happy to work with you. As McKinsey points out, “it is becoming clear that the post-COVID-19 recovery will be a time of real change and, potentially, risk for pharma companies’ commercial organizations.” “It is becoming clear that the post-COVID-19 recovery will be a time of real change and, potentially, risk for pharma companies’ commercial organizations.” 0000001901 00000 n 0 Forty percent of worldwide drug launches between 2009 and 2017 failed to meet their two-year sales forecasts. Learn more about cookies, Opens in new As a physician’s preferences evolve—both in response to the new product as well as in engagement channels—the model adjusts its recommendations, enabling reps to fine-tune content and channel choices for an audience of one to provide an optimal personalized experience at launch. As pharma companies gear up for remote launch activities, they can help their sales reps build new capabilities that can enhance their impact on launch success. The pandemic and its economic consequences have added further complications to what was already a risky launch environment. Vaccine development, however, is on pace for a surprising milestone. The rejection marked the … 0000004537 00000 n Practical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and more. Consulting giant McKinsey has to pay $600 million to settle claims it fed the opioid crisis. In the United States, for instance, the median interval between approval and first scripts had increased more than threefold by May 2020, from 17 to 58 days, although it shrunk back to 21 days by September. Pharma companies will delay some product launches, and those that go ahead may fall short of expectations, given the impediments to commercializing drugs at the same speed and scale … US to achieve Covid herd immunity by end of 2021: McKinsey. McKinsey is paying dearly for self-awareness. With less time spent traveling and waiting to see HCPs, reps have more capacity to pursue value-added opportunities. Soft skills such as deep listening will help sales reps gather insights on physicians’ unmet needs and sources of dissatisfaction. 4. We analyzed 86 launches scheduled for 2018 onward with expected sales in excess of $300 million. 0000006289 00000 n 0000013640 00000 n 0000005171 00000 n It will be critical that each pharma company build new ways to interact with physicians in deep and meaningful ways. To reduce development cycles, content creation and review processes need to be streamlined and simplified. However, this broad overview masks considerable differences in HCPs’ preferences and expectations. Now an affiliate may profit from treating addicts. %%EOF Please try again later. Should they invest now in transforming their commercial model or wait to see how things play out? 0000014379 00000 n Purdue Pharma is the owner of OxyContin, a brand name for the painkiller oxycodone. Learn about 0000039919 00000 n hereLearn more about cookies, Opens in new 0000024292 00000 n A survey conducted by McKinsey in Europe shows that the average number of in-person contacts between HCPs and pharma sales reps was 70 percent lower in September 2020 than before the pandemic. 1. 1 Something went wrong. McKinsey’s leadership vote reveals cracks in its global partnership McKinsey’s work advising OxyContin maker Purdue Pharma LP and other … To manage this process and experiment with new methods and ways of working, some companies set up launch situation rooms that pull together data on sales, volume uptake, and other standard metrics with field insights garnered through rep apps to analyze launch performance in real time. Only 18 percent of the physicians surveyed in May were willing to accept reps’ visits, but by September, that percentage had risen to 31 percent, suggesting that preferences shift over time as infection rates change and HCPs adjust to new circumstances. 0000014985 00000 n Flip the odds. Reinvent your business. Use minimal essential With HCPs’ preferences so variable and changeable, pharma companies need clear, up-to-date per­spectives on each physician’s interests and wishes so they can gear messages to individual needs and concerns. The industry faces a dual challenge. cookies, McKinsey_Website_Accessibility@mckinsey.com, some companies set up launch situation rooms. However, it is clear that major shifts in the way that healthcare professionals (HCPs) interact with pharma companies will present a challenge for the traditional launch model, with its reliance on face-to-face meetings with physicians and its “one size fits all” approach to engagement. startxref xref In that way, content can be approved and refined within approval cycles of no more than two to four weeks. As well as helping to tackle COVID-19 spread by developing and distributing new vaccines and tests, it must continue to deliver innovative therapies and diagnos­tics to clinicians, patients, and healthcare systems—even as R&D, manufacturing, and supply chains are struggling to maintain business as usual. As com­mercial leaders consider their go-to-market plans for new drugs, they have a unique opportunity to experiment with new approaches without disrupting their entire business model. We strive to provide individuals with disabilities equal access to our website. McKinsey COVID-19 Survey: EU Physician Experiences, Expectations, and Perspectives on Pharma Engagement; survey in the field in May and September 2020. 5. The new hurdles created by the COVID-19 pandemic call for innovative services from pharma companies, as well as from healthcare systems and professionals, to stay connected with patients. 5 Most transformations fail. 0000012920 00000 n <]/Prev 780950>> For products not yet launched, the interval between the FDA-approval date and September 2020 was used as a proxy for the interval between approval and launch. Innovative companies are developing alternative infusion sites, enabling “at home” infusion, and offering guidance on how to minimize risk when visiting health facilities. McKinsey did not respond to requests for comment. Preferences also vary by country. An earlier McKinsey article considered how pharma companies can reorient their commercial model to respond to the new environment. 2 Responsive companies have been stepping in to facilitate inter­actions with HCPs by offering telemedicine diagnostic platforms in app form or through the integration of web, text, and voice. 0000004425 00000 n Psychological safety and the critical role of leadership development, The COVID-19 recovery will be digital: A plan for the first 90 days. As COVID-19 cases continue to spread across the globe, the repercussions in healthcare extend across the value chain from patients and families to clinicians and pharmaceutical companies. A rep needs to have something new and compelling to discuss or risks that the meeting might never happen. The turbulence of the past few months has made pharma companies keenly aware of the need to rethink their medical education, engagement channels, and platforms—but it has also left some of them paralyzed by uncertainty. Le cabinet McKinsey lié à Macron ( RT France, 8 février 2021, 3:07 ) Le 4 janvier, le site Politico révèle que le cabinet McKinsey a conseillé la Fra McKinsey COVID-19 Survey: EU Physician Experiences, Expectations, and Perspectives on Pharma Engagement; survey in the field in May and September 2020. Please use UP and DOWN arrow keys to review autocomplete results. 3 Campaigns that prove effective can be scaled up across broader geographies, while ineffective campaigns can be replaced with new campaigns that are tested and, in turn, refined or replaced as needed based on their results. McKinsey used August 2020 data from Evaluate and estimates from March 2020 or earlier to calculate how the net present value of the 86 drugs changed in the months following the outbreak of COVID-19. McKinsey provided documents used in legal proceedings regarding OxyContin maker Purdue Pharma, including some that describe its efforts to … Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy. tab. A McKinsey survey conducted in May and September 2020 to assess sentiment among more than 900 physicians in five European countries yielded a patchwork of responses (Exhibit 1). Pharmalittle: Switzerland rejects AstraZeneca Covid-19 vaccine; McKinsey to pay $573 million over its role in opioid crisis By Ed Silverman Feb. 4, 2021 Reprints As virtual calls replace in-person visits, reps can foster a sense of proximity with HCPs by learning to make the most of cameras, screen sharing, and other interaction tools. Last week, McKinsey’s 650 global partners turned down CEO Kevin Sneader’s bid for a second three-year term at the helm. LATEST - Consulting for Purdue Pharma - Floating Bumble. Digital upends old models. McKinsey Global Institute. 0000004744 00000 n Whether an interaction is face to face or remote, it needs to be scheduled and an agenda shared in advance. To implement an analytics-based approach to engagement, pharma leaders also need to ensure that two critical enablers are in place: a tech and data backbone to enable seamless integration across channels and data sources, and a platform for run­ning advanced-analytics models to enable leaders to distinguish signals from noise, improve deci­sion making in real time, and optimize messages, channels, and timing in individual HCP interactions. A successful launch must overcome a series of barriers, including intensifying competition, increasing pricing pressure, growing access challenges, and rising expectations among caregivers and patients. 173 0 obj <>stream 0000007754 00000 n This article draws on insights from a global survey conducted by McKinsey in June 2020 among 101 managers with recently launched drugs that had not reached their peak sales or drugs scheduled for launch between January and June 2020 that had been delayed. We found that between February and August 2020, all of these launches were disrupted through delays, lost revenues, or both. And the epidemic has deepened amid the coronavirus pandemic. For instance, regional leads should be empowered to fine-tune targeting philosophy and product positioning in response to the feedback they gather locally. According to recent McKinsey surveys before and after the COVID-19 pandemic, the percentage of executives saying they expected to increase their organisation’s resilience by rebalancing their supply chains has risen from 70% to 93%. As the survey indicates, the perceived risk of engag­ing with health systems has made many patients wary of face-to-face interactions in all but the most serious cases. Innovations developed for new drugs that prove valuable for commercial success will reshape the commercial strategy of the whole company. Our work with pharma companies indicates that leaders designing a new strategy should consider paying close attention to five success factors: rapidly personalized content, analytics-enabled engagement, innovative patient channels and services, nimble frontline operations, and closed-loop execution (Exhibit 2). To understand individual physicians’ preferences for interaction frequency and channels, innovative companies are creating data lakes, building predic­tive models, and drawing on unfamiliar data sources—not only customer-relationship-management (CRM) systems, sales records, and quantitative surveys, say, but also claims data for providers at a physician’s office.

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