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Leveraging real world data for assessing and prioritizing market opportunities
The commercialization process for a new therapy is long, complex and expensive. For biopharma companies, this process typically takes 10-15 years. For medical device companies, the process is somewhat shorter, taking between 3 and 7 years. In either case, the process is extremely expensive, the total cost to successfully bring a therapy to market is consistently estimated to be more than $2 billion dollars. This is why it’s crucial for pre-commercial organizations to have the data they need to prioritize their portfolio and development opportunities, secure future financing, and align on product strategy.
In this webinar we’ll cover of on how you can use Latitude Discovery to:
- Find new opportunities through the ability to iteratively analyze market opportunity across therapies
- Utilizing a single source of truth for real world evidence across departments
- Inform programmatic decision making by leveraging real-world data to gain detailed insight into additional clinical attributes associated with your target patient cohort.
Presenter bios:
Mike Sigmon
Mike Sigmon leads a sales team at Definitive Healthcare specializing in Life Sciences and the diagnostic space. He has been involved in analyzing healthcare data for 6 years, and has worked in the SaaS industry for 10 years. He holds a BA in Economics from the University of Kentucky.
David Kronfeld
As Definitive Healthcare’s Chief Growth Officer, David oversees the company’s corporate development and pricing and focuses on driving growth through a variety of transformation activities. He is a strategic and operational leader with over two decades of experiences in Life Sciences. His past companies include: PatientFinder, Medidata Solutions, and McKinsey&Company.
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Get a sneak peek into the webinar! Read a preview of the transcript below:
Mike Sigmon (00:06):
Hi, everybody. Welcome, and thank you for joining Definitive Healthcare’s webinar on Leveraging real world data for assessing and prioritizing market opportunities, specifically within the pre-commercial space.
A few quick notes regarding today’s agenda. We’ll go over some introductions, of course. My colleague and our chief growth officer, Dave Kronfeld, will speak about the value of real world data, specifically within pre-commercial organizations. Subsequently, we’ll pivot that into how you can bring some of that data to life with the product that we’ve built, Latitude Discovery. We’ll certainly go over some sample use cases and show you how the tool works.
Finally, we will be answering any and all questions you guys have. As this presentation goes on, feel free to type any question into the chat box right on the side.
With that being said, a little bit of background. My name is Mike Sigman. I am a director of sales here at Definitive Healthcare. I focus on the life sciences space. I’ve been involved in analyzing healthcare data for about six years now in a few different organizations, but I’ve also worked in the software industry for about 11. From a clinical perspective and a software perspective, I’m fascinated to learn about the convergence of those two and the opportunities that lie there.
We thought there’d be nobody better to bring in than my colleague and our chief growth officer, David Kronfeld, to speak to some common themes and use cases in the commercial space as it pertains to clinical data. With that being said, David, I’ll let you introduce yourself.
David Kronfeld (01:44):
Thanks, Mike. What a kind introduction. Thanks for the opportunity to speak with all of you today.
I thought I would share a little bit around my background and connect it to the work that you do and the product that we’ve built. I’ve worked in life sciences for over two decades, from large pharma to small med device, commercial to clinical, management consulting and software… I’ve been around the block, and throughout my career, I have found one commonality: people who choose to work in this industry, like all of you, truly care about improving health for their families, their communities, for all of us. It’s what drives you.
It’s reassuring that all of you are mission driven because the challenge and cost to bring a new treatment to market is extraordinary. Whether you’re in pharma or med tech, each of your innovations is an expensive role of the dice with no guarantees.
For example, in pharma, the overall probability of success from phase one to approval is about 13%, at an average cost in the billions factoring in unsuccessful treatments and trials. While the probability of success for devices is better, it’s still far from a sure thing and still very much not cheap. This mission that is imprinted on all of us can sometimes feel like an uphill climb. If you’re a smaller org, like many of you are in, that climb can feel like you’re trying to scale Mount Everest without oxygen.
Rather than being daunted by that challenge, small organizations are fearless and are increasingly leaning into that challenge over time. According to McKinsey, historically, first time launchers represented about 13% of all new molecular entities from 2006 through 2010. That grew to 36% from 2016 to 2018. That’s a 3x increase. Looking forward, McKenzie estimated that of the 39 anticipated blockbuster launches, 22 are from first time launchers and 11 more are from first time launchers in partnership with larger organizations… .