14 Reasons why pharmaceutical industry needs external consulting
1. External consulting (EC) is not just another source of knowledge
Consultants advise because they know what they are talking about. They are experts and have been in the field for a time that allowed them to build knowledge about what has been happening with Pharma and Biotech’s.
It doesn’t mean that you do not know about all of these matters. You may know a lot but you don’t know everything, especially if you are still starting up. Get the knowledge from its best reliable sources.
2. EC improves decision making
You do remember times when you had multiple scenarios and had to choose among them. Of course, there is this pressure of choosing the optimal and/or best scenario with many variables of investments, risk, benefit, time, etc. you are not delegating the task but will be getting insights about each variable and you will finally be able to take the Enlighted decision.
3. External consultants think out of the box
You would need fresh ideas especially if you have been in the field for a long time. With such time, you may prefer to always repeat the same ways of thinking, actions and investments. With this, you still don’t understand why all your efforts are not paying off or where did all your investments go. EC will bring you a new set of points of view. External consultants are able to spot flaws in your strategies and suggest solutions. They do think out of the box.
4. EC helps you survive
By commenting on your strategy or simply developing it for you, External consultants will not only grant that you avoid pitfalls but will especially create the value for your business, and you know the rest.
5. EC speeds things up
You may be skillful in searching for data sources and ways to boost your business. However, present times feature a tough race for information. The one who reaches it first grabs the most of opportunities. External consultants save you time and efforts because they know where to find the information.
6. EC shows you the best way for your product development journey
Best here means the quickest, less rocky and even most fancy, as they lead to the greenest fields. This goes from the concept itself, to development, launch and commercialization. How do they know? Well they apply their experience from similar products combined with their expertise
7. External consultants know how to bring in partners and investors.
This is not only by creating the value of your product, but also by knowing how to communicate it to specific audience whom they do know the profile and interests.
8. EC reveals hidden treasures
Hidden markets and regulatory opportunities are among the many treasures that you can’t ignore but may have never thought of. External consultantshave previously worked for other products and know whether these opportunities would apply for yours and in which ways.
9. EC helps you be compliant
FDA or EMA or others’ regulations are clear but extensive, EC help you to be on the safe side by ensuring you meet all required regulations. A crucial step in your product’s journey.
10. EC navigate you through uncharted waters
Many markets are very different from the US/EU but not only the exist, they do represent significant interest to your business. Different regulations, if already not continuously changing, in addition to language/culture barriers make it difficult to go through them alone. EC with local knowledge help you mitigate these problems and reach your objectives more smoothly.
11. EC know how to optimize your launch sequence plan
External consultants with global expertise help you identify the best arrangement of launch countries, thus allowing you to access market from its largest doors and benefit from low hanging fruits. All you need to do then, is push the first domino.
12. EC know how to boost your commercial strategy
Most importantly, help you not only see investments/returns forecast but best optimize them.
13. External consultants are impartial
So that you won’t be biased by many odds, not least your particular belief in the value of your product or how smooth is your strategy, etc.
14. EC provide highly skilled medical and scientific input
This remains particularly important through all steps of your product development stages.
So, the next time you ask whether you do really need EC, just draw a plan based on your needs and the reasons above. You don’t need consultancy for this step, do you?
