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Failing to Demonstrate Value of Innovation is Top Risk Facing Life Sciences Sector, According to Ernst & Young
Date:4/23/2009

l. Glen Giovannetti, Ernst & Young's Global Biotechnology Leader, said: "Raising capital has grown more difficult than ever before for emerging companies and there is a new focus on using existing capital most efficiently. Concern about funding future operations is forcing companies to make strategic choices that will have a lasting impact on their continued ability to innovate and create shareholder value for years to come."

The top 10 risks facing Life Sciences companies, and the steps that companies can take to address them, include:

1. Demonstrating value and pricing pressures: Beginning early in the development process, companies can begin to measure and articulate the product's value, and open a dialogue with payors. Pipeline prioritization decisions can be made with a stronger consideration for a reimbursement pathway, not just regulatory approval.

2. Capital access/capital allocation: Biotech companies are working to identify alternative sources of capital, while both the pharma and biotech industries are increasing emphasis on efficient capital allocation and managing the balance sheet.

3. Boosting R&D productivity: Pharma companies are beginning to emulate biotechs by breaking R&D into smaller, more innovative teams with greater autonomy. Companies of all sizes can outsource for speed and efficiency, focus on fewer disease segments, and more diligently address true market needs for high-value products.

4. Revolutionizing business models: Companies can adopt a portfolio approach, experimenting with different models to learn from other industries and explore new partnership models. Most important, they should take steps to ensure flawless execution.

5. Ensuring safe products: To manage an increasingly complex global supply chain, companies should adopt a comprehensive risk management approach, plan early for post-marketing surveillance, and bui
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SOURCE Ernst & Young
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