Purpose and description of the course
Pharma, biotech, and medtech markets are among the most complex in the world, consisting of various stakeholders, such as patients, hospital employees, regulatory entities, politicians, insurance companies, etc. Companies on these markets face numerous challenges being thoroughly measured, adopting treatments based on cost effectiveness, and being influenced on price policies, discounts, and rebates from insurance firms. Life science companies must therefore find ways to navigate the challenges around product research and development, marketing, market access, pricing, etc., while acknowledging the implications of new developments, such as the digitalization of customer touch-points.
The course Life Science Markets will focus on an integrated set of subjects around marketing of life science products and services. The course will begin by analyzing the complexity of life science markets and the implications of digitalization. Core concepts, theories, and models will be introduced and applied to the specific contexts. This will befollowed by a session on the implementation of customer-centric strategies. The second day will focus on value co-creation in patient experience ecosystems, as well as on managing market access via distribution channels and sales. On the third day, we will start out with a focus on health economics and develop the methods and techniques for analyzing benefits and cost effectiveness. This will be followed by a session on pricing, focusing on both how to price for value, how to control discounting, and how to defend pricing integrity and legitimacy. The final day will begin with an integrative look at how to market customer-centric business models and will conclude with working on a synopsis, where the learnings of the course are applied to your firm.
The course will be highly interactive. Each session will typically start out with a lecture focusing on key elements of the problems discussed. The sessions will move on to more detailed work, applying concepts and models through exercises, casework, and workshops. The last day will provide a forum for a recap and discussing the synopsis, in order to develop perspectives on the status of your organisation’s market competencies.
Key themes in the course
- Market challenges in life science markets
- Challenges in pricing and how to deal with them
- Models for understanding and dealing with multiple stakeholders
- Value driven approaches to pricing, including fairness issues
- Customer-centric strategies and patient experience ecosystems
- Digitalization of customer and patient touch-points
Your learning outcome
In this course, you will learn how to:
- Apply core marketing concepts, theories, strategies, and instruments to complex life science markets
- Understand the requirements for implementing customer-centric strategies that create integrative ecosystems comprising the diverse stakeholders in life science markets
- Acquire knowledge about strategies to tackle key challenges in pricing
- Develop an understanding about how to implement pricing strategies, including pricing policies, behavioural aspects of pricing, and the organization of pricing
- Methods for analysing cost effectiveness of drugs
- Apply theories and models of the course to your own organization
Who should attend this course
This course is relevant for everyone interested in a deeper understanding of the complexities of life sciene markets. This includes participants from general management, project management, product development, marketing, finance, consulting, and pricing.