The Govig Biopharma team has recently noticed two significant gaps impacting our market.
The first is the skill gap left by baby boomers who are retiring. The market as a whole is losing professionals at a rate of approximately 10,000 a day. This is expected to continue for about the next 20 years. While the younger generation is eager to step into these roles, their experience gap is substantial.
The second gap applies a bit more specifically to the biotech and pharmaceutical industries. Two of my colleagues recently attended a CEO conference, where one of the major topics discussed was the difference between key patient advocates and key opinion leaders. The industry is finding it more prevalent that patients are educating themselves in the market so they can actively participate in their long-term health care and affect where research and health care dollars are allocated.
There are only so many times a patient, lawmaker, or health plan sponsor can listen to a medical professional aligned with a specific therapy talk about the benefits or impact of a drug before it becomes insincere. There is a gap in the balance of physician endorsement and the testimony of people who have taken or needed the drugs and can talk about how it has improved their lives, as well as how it can improve the lives of others with the same diagnosis.
“The market as a whole is losing professionals at a rate of approximately 10,000 a day.”
It is shown that key patient advocates can create demand for research dollars, can put pressure and allow for a more favorable regulatory review, and can create pressure on payers and legislators to approve and pay for these drugs.
Because of these grassroots benefits and the ability to connect with patients on a higher level, more and more companies are putting a higher emphasis on key patient advocates.
Govig has spent over 20 years building relationships with companies and clinic candidates in the market. We are in a strong position to offer market information and advice to our clients on how to fill these gaps.
If you have any questions about this topic, please feel free to reach out to us. We’d love to be a valuable resource to you.