How will the COVID-19 outbreak impact small companies?

Timing

CLINICAL TRIAL PHASE
Most clinical trials are being suspended until further notice. We dive deeper into this topic in our COVID-19 and Clinical Trials Q&A.

COMMERCIALIZATION PHASE
Find and/or check in with all partners, such as CMOs, contract packaging organizations, wholesalers and 3PLS to ensure that operational chains are either still in place or reconfigured to keep the launch plan on track. At this point, the end game and launch date shouldn’t change, but the strategies to get there may have to shift. We discuss these topics more in our Q&A’s on how COVID-19 is impacting 3PLs and the supply chain.

READY FOR LAUNCH
Increased sense of pressure as there is less time and seemingly less ways to shift their plan. There is ample room to explore innovative ways to meet valuations and set new standards of success.

ALREADY LAUNCHED
Sales and marketing strategy will have to be re-evaluated since physicians mindsets and schedules are markedly different than they were three months ago.

Funding

PUBLIC FUNDING
If a manufacturer has received public funding, they are feeling the effects of the stock market downturn and may need to find ways to decrease budget and/or bring about additional funding sources.

PRIVATELY FUNDED
If a manufacturer has received funding from private investors, there may be more inherent cash security, but they must still work to ensure that investors have confidence that the product can continue forward.

What is your advice for small companies at this time?

1

ABSORB & ADAPT
Now is the time to capture everything you’re working through and modify your approach to fit this new market. The next time something big happens – because it will – your team should be ready to work at pandemic pace.

2

RESIST FEAR
The most successful companies will be the ones that avoid fear-based decisions, and instead think realistically, logically and responsibly. There’s no need to operate from a place of despair, but a small business leader is obligated to understand what kind of various impacts COVID-19 will have on their business. If you don’t know where to begin, Two Labs can help provide a realistic assessment.

3

LEVERAGE EXPERIENCE
The value of your strategic decisions is a byproduct of your team’s experience. Smaller or start-up manufacturers may be at a deficit here, so it’s important to surround yourself with partners who have the depth and breadth of experience to inform your strategy.

Do you need help determining the impact of COVID-19 on your launch and how to navigate forward? Click the button below to get in touch with our expert team.