Just as biotechnology products are developed differently from small-molecule pharmaceutical products, biotech products also require a differenT marketing approach. Marketers of these innovative products find success with strategies that focus on educating physicians and patients on the science behind these drugs.
As the biotech industry flourishes and more biotech products reach patients, the marketing strategies required to highlight the unique benefits of these products are being fine-tuned and perfected.
There are currently more than 155 marketed biotechnology products, of which more than 70% were introduced in the last six years, and there are 370 biotechnology drug products and vaccines in clinical development, targeting more than 200 different indications.
The top 10 biotechnology companies had sales of $15.8 billion in 2002. Analysts at Navigant Consulting expect revenue to increase at an annual rate of 15% through 2007.
The market for these drugs is expected to grow rapidly during the next five to 10 years, topping $31 billion by 2007 for the top 10 biotechnology companies alone…
2003 Biotech Drug Approvals
Sound Bites from the Field
Experts on this Topic
N. Anthony Coles, M.D. Senior VP, Commercial Operations, Vertex Pharmaceuticals Inc., Cambridge, Mass.; Vertex Pharmaceuticals is a global biotechnology company focused on the discovery, development, and commercialization of breakthrough drugs for a range of serious diseases. For more information, visit vrtx.com.
Varun Nanda. VP, Sales and Marketing, Avastin, Genentech Inc., South San Francisco, Calif.; Genentech is a leading biotechnology company that discovers, develops, manufactures, and commercializes biotherapeutics for significant unmet medical needs; the company has 13 protein-based products on the market and 20 projects in the pipeline. For more information, visit gene.com.
Rob Perez. Senior VP of Sales and Marketing, Cubist Pharmaceuticals Inc.,Lexington, Mass.; Cubist is a biopharmaceutical company focused on the research, development, and commercialization of drugs that meet significant unmet medical needs. For more information, visit cubist.com.
Ashwin Singhania. Associate, Navigant Consulting Inc., Chicago; Navigant is a specialized independent consulting firm providing litigation, financial, restructuring, strategic, and operational consulting services. For more information, visit navigantconsulting.com.
Bob Terifay. Senior VP, Sales and Marketing, Velcade, Millennium Pharmaceuticals Inc., Cambridge, Mass.; Millennium is a leading biopharmaceutical company that focuses research, development, and commercialization activities in three therapeutic areas: oncology, cardiovascular, and inflammation. For more information, visit mlnm.com.
Don Wetherhold. President, RxPedite LLC, Westerville, Ohio; RxPedite provides product launch-support services to emerging pharmaceutical and biotechnology companies and is a joint venture between Cardinal Health and inChord Communications Inc. For more information, visit inchord.com.
Nanske Wood. President, Carbon Healthcare Communications, Wayne. N.J.; Carbon Healthcare, a unit of CommonHealth, is a professional advertising and promotion agency that provides biopharmaceutical and other emerging technology companies with ways of differentiating brands and building businesses. For more information, visit commonhealth.com.