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With his extensive experience in business strategy, operations, manufacturing, and supply chain management across the life sciences, Todd Applebaum discussed the pharmaceutical, biologics, and medical device industries with Mission Matters. In addition to leading Converge Consulting as the founder and CEO, he also provides senior leadership for many of its projects.
Listen to Todd Applebaum’s full interview with Adam Torres Mission matters Innovation podcast.
What mission is important to you?
Applebaum says that the quality and value of healthcare is of utmost importance. After the COVID-19 pandemic, the government and payers are under greater pressure than ever before, and quality is measured as an improvement in patient outcomes.
The mission of Converge Consulting is to help pharmaceutical and biotechnology manufacturers understand the new environment and focus on patients and patient outcomes as they bring new technologies and innovative science to the market, ultimately improving or even saving lives.
Tell us more about how you started Converge Consulting.
Applebaum has many years of manufacturing experience, starting from the automotive and high-tech electronics industries, and finally entering the life science consulting field. He recognizes how manufacturing and operations help companies meet customer needs. He eventually led technical operations at a biotech start-up that developed cell therapies and witnessed the importance of focusing on patient outcomes when producing and delivering these new therapies. This prompted him to found Converge Consulting to help biotechnology companies of all sizes build strategic advantages through best practices in manufacturing and operations.
What trends do you see in the biotechnology industry now?
Applebaum pointed out that the healthcare industry is undergoing tremendous changes, and pointed out that there is an increasing focus on patient outcomes. He saw two trends leading the way:
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Increasing political, economic, and social pressures have prompted governments and payers around the world to seek the value of increasing the cost of healthcare. The new understanding of the value of healthcare now includes not only reducing the costs involved, but also improving patient outcomes. Governments, payers, and healthcare providers cannot improve results on their own and force manufacturers to play an increasing role.
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Scientific innovations driven by advances in our understanding of biology and human genetics enable scientists to identify, treat, and even permanently cure diseases and medical conditions. These innovative therapies can be tailored to very specific patient needs and are often complex to produce and manage.
These trends work together to enable biopharmaceutical companies to focus on patients, especially to improve patient outcomes. In addition to innovative science, they must also provide new services, including education, monitoring, and financial assistance, as well as bundled diagnostics, equipment, and auxiliary materials. Success now depends on establishing closer operational relationships and managing more direct integration with drug manufacturers, distributors, logistics providers, doctors, and patients to ensure patient identification, smooth registration, continued treatment, and ultimately benefits.
How does Converge Consulting help biotech companies grow?
Applebaum said that Converge Consulting helps biotechnology companies large and small to understand the new pattern of patient outcome-centric medicine, and then formulate and execute the necessary strategies and operating procedures to provide innovative treatments for patients.
Biotechnology companies have to deal with various challenges and risks at every stage of their business. Converge can help them manage business risks without affecting basic operations.
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Preclinical companies often face early manufacturing, quality, supply, and supplier management issues when preparing for human clinical trials. This may prevent them from investing in internal infrastructure, so Converge provides subject matter experts to guide company strategy, planning, and budgeting to avoid these pitfalls.
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Companies in the clinical stage usually lack the experience in preparing for commercialization. Converge is focused on filling these gaps and helping to develop key patient-centric processes and bring them to market.
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Established companies often find that processes and systems designed to commercialize early products do not support the needs of complex organizations. Converge helps simplify and optimize operations to accelerate growth into new markets and scale up over time.
What is the next step for Converge Consulting?
Applebaum believes that as our understanding of the biology and genetic origins of diseases continues to grow, the development of new methods to treat diseases and critical health conditions will only accelerate. The cost pressures and risks inherent in drug development will also remain high, requiring pharmaceutical and biotechnology companies to concentrate scarce resources on their science. Converge will continue to operate at the intersection of these new scientific breakthroughs and innovations in patient care models, so that customers can provide treatments that ultimately improve patient treatment outcomes.
To learn more, please visit Convergence consulting online.
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Source: Adam Torres/Co-founder
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