Quoin Pharmaceuticals: Strategically Building For Future Success
As the rare disease drug development landscape continues to evolve, Quoin (NASDAQ: QNRX) is focused on staying ahead of its competitors.
New York, New York--(Newsfile Corp. - June 14, 2022) - PCG Digital -- The life sciences industry has always been dynamic; a collective of organizations from small and agile to large multinationals with one common feature, a need to be creative enough to adapt and change course as challenges arise. Social, political and economic influences, the regulatory environment and competition from deep-pocketed Big Pharma all present substantial challenges for small biotech companies. The overarching question is: how do smaller biotech and biopharma companies achieve success while navigating these often complicated external pressures?
Rare diseases are only rare if you don't live with one
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Emerging specialty pharmaceutical company, Quoin Pharmaceuticals (NASDAQ: QNRX) recognized early on that the establishment of a global sales and distribution network for its products could be a crucial competitive advantage. So, how has Quoin's management team approached this differently? And what lessons can other companies learn from this example?
The global distribution advantage
Product distribution may sound like a problem for tomorrow when a company is in the latter, or even early, stages of drug development, but investing early in a longer-term strategy can give companies the edge over their peers. This is exactly what Quoin has done. Research suggests that direct distribution models can reduce overall distribution costs by 15-20% and yet only 30% of pharmaceutical companies have implemented these models.
Smaller biotech companies have traditionally followed distribution strategies established by the major pharmaceutical companies, often with mixed success given the vast difference in available resources. However, often a product intended for a very specific demographic or patient population requires a tailored approach to distribution. Quoin specializes in developing treatments for rare and orphan disease, particularly where there are no available treatments or cures, which, by definition, means reaching a defined population of completely underserved patients and physicians. Traditional distribution channels which cater to large patient populations often lack the specificity or simply the interest to pursue patients with rare and orphan disease, believing that the economics are simply not there.
Quoin has established distribution agreements for its lead candidate, QRX003 for Netherton Syndrome, with partners in almost 60 countries and is actively pursuing additional partnerships to ensure global reach of its products. The company's current and future distribution partnerships in conjunction with its own commercial infrastructure in the US and Europe will enable the company to reach its goal of serving 'every patient, everywhere.'
Getting products to customers
The journey from concept, through regulatory approval and to market can be all-consuming for many biotechs, and it's easy to see why. It is an expensive and high-risk business, with only one in 10 drugs that start the clinical phase making it to market and, depending on the target indication, often taking between 10 and 15 years to complete. An awareness of the end-goal - getting a drug to market - is an important piece of the puzzle, but could these companies go further in their efforts in setting the stage for future success when they do receive marketing approval?
Some companies, particularly small biotechs, often don't think this far ahead, keeping their focus instead on nearer term targets, such as generating clinical data or providing innovation for larger pharmaceutical companies. In Quoin's case, the company has long had a patient-centered mission which has led it to be relentlessly focused on pursuing outcomes that will improve the lives of those suffering from rare diseases, particularly those who have been neglected by the industry to date. The company's longer-term view has seen it take steps to create a favorable market environment for its products once they are approved, and it plans to leverage the close ties it has developed with patient populations and rare disease experts to ensure that having a rare disease doesn't mean that patients are simply ignored or forgotten about.
The future of biopharma
As the drug development landscape continues to evolve, small biotech and biopharma companies are no longer pursuing the traditional route to market. More and more, small companies are choosing to commercialize their own assets, and globally, more than a quarter of all new molecular entities submitted to the US FDA since 2016 have been launched by smaller companies themselves. Impressively, out of the 39 blockbuster launches (those with more than $1 billion in forecasted sales) due to take place between 2021 and 2025, 22 are expected to be self-launched by non-traditional big pharma.
Quoin Pharmaceuticals is truly a next-generation biopharma organization with the management team, expertise, initiative and strategic thinking required to become a fully integrated and successful company.
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