Blue Ocean thinking creates REMS opportunity
Blue Ocean* thinking is changing the way that some pharma companies differentiate their brands and strategies. As we outlined in a previous post, Blue Ocean thinking begins by eliminating the habit of separating strategy from execution. Because they can be windows into your business, revealing hidden opportunities and passages to superior performance and new revenue streams, we recommend focusing first on processes and workflows. Often this approach leads to the most impactful Blue Ocean breakthroughs.
Blue Ocean strategy meets pharma: a case study
A leading example of a highly effective Blue Ocean strategy was realized when a Top 10 pharma company initiated an end-to-end process redesign of a large patient support program. This was a mature product that greatly needed to reduce operating costs and improve process integration with their REMS requirement. They aimed to eliminate all non-value added activities.
Their most fundamental shift came when they collectively began to view their REMS requirement as an opportunity, rather than a liability, and in turn, refocused their marketing efforts on the heightened safety and quality of their product. Before, the REMS framework had negative connotations of being complex and time consuming for prescribers. After making adjustments like reducing the number of touch points in each process, reallocating resources to focus on improving the patient and prescriber experience, and funding functions that provided the most value to customers, they improved speed to treatment, minimized complexity across their portfolio, and increased program profitability.
Blue Ocean thinking is fundamentally about shifting focus from your competition to your customer. Whether you’re trying to create a value curve for a new product launch or give an existing brand a boost in the marketplace, kick-start your strategy with these four steps or contact Archbow today.
*Blue Ocean Strategy was first termed by W. Chan Kim and Renée Mauborgne, professors at INSEAD and co-directors of the INSEAD Blue Ocean Strategy Institute, and authored Blue Ocean Strategy.