What Is The Right Time For An Emerging Company To Refresh The Board To A More Commercial Orientation Prior To The Commercialization Of Its First Product?

IT IS NEVER TOO EARLY. Having at least one board member who has had experience with the entire cycle of product development, launch preparation, and downstream commercialization is hugely important. This way, the commercial value proposition can be better shaped into the product’s development plan. For example, a more commercially attuned board member may encourage management to work in a secondary endpoint into the pivotal Phase 3 trial(s), which could then lead to valuable labeling differentiations downstream. Also, having an eye for detail on prelaunch planning and post-launch course correction can greatly help with maximizing the return on investment in R&D and commercial expenses. This eye for detail could include pricing and margins, KOL/speaker programs, targeted placements on formularies, targeting of best early adopters, and high-impact messaging.

FRED HASSAN is the managing director at Warburg Pincus and former chairman of Bausch & Lomb.