When you lose your drug patent exclusivity, it does not mean that you have lost your income when. Your anxiety may be awakened if only a new drug competitor enters the market. However, you can still ensure that your product still reaps big profits even if your drug patent is approaching loss of exclusivity. These are some of the ways you can maximize product value as a loss of exclusivity looms:
Early Planning
You should start developing your loss of exclusivity plans for your product at least two years before your drug patent expires. You can begin to implement this plan before you lose your exclusivity. If you wait till the last minute, you will minimize the efficiency of your efforts to build another drug brand relationship.
Venture into Over-the-Counter Drugs (“OTC”)
If you release an OTC drug into the market, it will allow you to access a broader range of customers. It will also lighten your concerns about your insurer repayment. However, you will incur some costs taking your OTC drugs to the market. These costs can be covered adequately and efficiently by the expanded and bigger market.
Create New Supply System
If you consider innovating how drugs are supplied, you will be able to keep the generic competition at a halt. For instance, antipsychotic drug developers came up with a longer-lasting version that has to be administered only four times annually. The merits in terms of patient conformity can make your branded drug to be adored over the generics that don’t offer a long-lasting solution for patients.
Stop Sales & Marketing
You may also decide to stop your sales and marketing activities but focus on adjusting your invention levels. Your medicines will remain in the market but without your previous sales and marketing strategies. This will allow you to reduce your expenditure but still maintaining your drug presence in the market. It is one of the best-liked loss of exclusivity plans in situations where there is a more significant competition from the generics and where competing with them directly is a problem.
Consider the Generic Market
Your drug company can create its own generic version of a drug that is about to face the loss of exclusivity in order to mitigate the adverse effects of losing patent exclusivity. There are different types of generics, and your company can opt for one that suits it:
- Licensed generics- you enter a contract with a generic competitor to come up with the generic. Hence you also allow the generic competitor to enter the market earlier than expected.
- Branded generics- You create a generic drug that is given its brand and sold at a lower price than the original brand.
- Authorized generics- You provide a private licensed firm with a generic produced by your own company’s production facilities.
These are some of the strategies that you can adopt while you are facing drug patent expiration. It will also help you when you choose these strategies at the earliest time possible. Monitoring the market in case of any changes should also be one of your focus if you want to maximize your profits when you find yourself in this scenario. How do biomedical companies like Predictive Oncology (NASDAQ: POAI) handle this transition? One can only speculate!
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