Novocure is a in private held medical device company concentrating on the intervention of assorted types of malignant neoplastic diseases. It has developed NovoTTF – 100A device that uses specially tuned, low strength electric Fieldss called Tumor Treating Fieldss to interrupt the divisions of malignant neoplastic disease cells. The Tumor Treating Fieldss are applied to the tumour part utilizing non-invasive insulated electrodes placed on patient ‘s scalp. The electrodes which look like patchs are attached to a battery operated portable device that generates the Fieldss. NovoTTF – 100A device has completed polar tests for Recurrent Glioblastoma successfully. NovoCure needs to transform itself rapidly from a research oriented organisation to commercial concern once it receives the Pre-Market Approval for the intervention of Recurrent Glioblastoma utilizing NovoTTF – 100A. This would necessitate several capablenesss to be built within a short clip frame.
A new concern theoretical account needs to be developed. Tumor Treating Fields is an oncology therapy that needs to be delivered by a portable hardware, which seemingly is a new bringing theoretical account for the oncologists, brain surgeons and even for patients for that affair. There are assorted challenges which need to be addressed with this concern theoretical account particularly how this therapy should be provided to patients. NovoCure needs to take a distribution and service bringing theoretical account, charge and reimbursement procedure. NovoCure besides needs to rage up its fabrication and set up a supply concatenation direction procedure to guarantee dependable merchandise handiness. It besides has to construct patient and physician support substructure around the universe.
NovoCure has the possible to bring forth immense grosss from the malignant neoplastic disease intervention utilizing Tumor Treating Fields engineering. NovoCure had to happen a manner to finance their way to market. NovoCure would besides wish to retain commercial rights to all possible malignant neoplastic disease indicants. But, acquiring to the hereafter needs support. NovoCure would necessitate an extra $ 35 million to register the PMA application for recurrent spongioblastoma, finish the non little cell lung malignant neoplastic disease pilot test and finish the two twelvemonth registration of the polar test for freshly diagnosed spongioblastoma. There were three options available for NovoCure which included pulling extra venture capital houses, nearing a strategic corporate spouse and/or pulling a important angel Investor.
Recommendation 1: Attract a strategic corporate spouse to fund $ 35 million to acquire to the hereafter.
Since the elements of the strategic tantrum of NovoCure ‘s Tumor Treating Fields with the chemotherapy makers is evident, NovoCure is expected to bring forth important involvement among the makers of chemortherapy agents. NovoCure ‘s TTFields engineering can be used to do chemotherapy more effectual. TTFields could be prescribed in concurrence with the chemotherapies. This can supply an advantage to NovoCure because NovoCure can work the bing elaborate planetary distribution substructures of the pharmaceutical companies to market therapies to oncologists and patients. The commercial life of TTFields is long compared to the chemotherapy drugs. As a consequence TTFields can do each drug better in its bend as the new chemotherapy drugs are developed.
Since NovoCure is non truly lament on licencing out any of its mark malignant neoplastic disease indicants, NovoCure can near in-house venture financess of the big pharmaceutical companies like Pfizer, Johnson & A ; Johnson and GlaxoSmithKline which have established investing organisations pull offing important assets. These financess will non merely bring equity funding, but besides the credibleness and “ halo consequence ” of holding passed the review by a taking industry participant.
The prima venture capital houses who are known for doing speedy determinations were at a stand-still due to the liquidness crisis when NovoCure was in a critical phase. As a consequence raising extra venture capital was non an option. Although pulling venture philanthropic gift is a executable option, NovoCure will non acquire the advantage to work the planetary distribution substructures which is seemingly available when they attract a strategic spouse. As a consequence NovoCure should pull a strategic spouse to fund for $ 35 million to travel frontward.
Recommendation 2: Hire Management Consulting squads to analyse bing concern problems/challenges and develop programs for betterment.
NovoCure needs to transform itself rapidly from a research oriented organisation with merely 38 employees worldwide to commercial concern. This transmutation would ensue in many alterations and make many challenges which need to be addressed.
NovoCure might necessitate aid from a Management Consulting house which is experienced in Change Management aid. The Change Management needs a structured attack to be followed to transform Persons, squads and organisations from a current province to want future province. It is an organisational procedure which is aimed at assisting employees accept and embrace alterations in their current concern environment. Assorted types of organisation alterations where NovoCure might necessitate aid are strategic alterations, technological alterations, structural alterations and alterations in the attitudes and behaviours of forces which can be provided by experient Management Consulting houses.
If we look at the statistics, Annual happening of human spongioblastoma in merely United States, Europe and Japan is 20,000 – 25,000 instances. Apart from these states, if NovoCure wants to spread out to the Asiatic Markets every bit good, there will be a immense inflow in demand once the PMA blessing for perennial spongioblastoma is obtained. In this instance, NovoCure might hold to put up their bases in different parts of the universe for fabricating the devices. It besides needs to concentrate on supplying support substructure, taking merchandise bringing theoretical account and taking payment services. In this instance, NovoCure might necessitate aid from a Management Consulting house which can convey their experience to be after for development of training accomplishments within the organisation and operational betterment services. NovoCure can seek to follow the Supply Chain and Operational theoretical account which is implemented by the successful companies like Dell or Wal-Mart for the Operations procedure which will be really important after the PMA blessing with the aid of experient Management Consulting Firms.
Recommendation 3: Invest on Innovation, Research and Development to get down tests on different signifiers of malignant neoplastic disease in analogue and to supply monetary value and merchandise distinction for assorted types of malignant neoplastic disease intervention.
One of the major issue/draw back with NovoCure ‘s Tumor Treating Fields device is that the cost of the device is extortionately high. It would be hard for NovoCure to make broad client base ( Customers in this context will include doctors who will order the treatment/device, drug shops who will administer the device and patients who will utilize the device ) with such a high monetary value. NovoCure needs to look into in its Research and Development to introduce on bring forthing monetary value and merchandise distinction.
Although the Product is portable, it is relatively large particularly because it has to be worn throughout the twenty-four hours. NovoCure needs to cut down this patient intervention clip and besides seek to cut down the size and weight of the merchandise. Cancer can happen for assorted types of patients depending on age, phases of malignant neoplastic disease and medical status. NovoCure can introduce on these lines by supplying different versions of the merchandise for different age group, phases of malignant neoplastic disease and different medical conditions. Ex-husband: Very immature age / Old age and Persons with drawn-out medical jobs need to be provided a merchandise with extended characteristics to bring around their disease. If NovoCure has to spread out to Asiatic Markets where there is a immense population of in-between category people, NovoCure needs to supply this Price and Product distinction to custom-make merchandises and charge clients closer to their reserve monetary value.
Although NovoCure is carry oning clinical tests for different types of malignant neoplastic disease, this procedure needs to speed up. Innovation and Clinical tests for different types of malignant neoplastic disease demands to transport in analogue. NovoCure need to engage skilled persons from all over the universe for this procedure. The Management Consulting house would assist NovoCure in this whole procedure. NovoCure needs to spread out its R & A ; D base and get down clinical tests for different types of malignant neoplastic disease in this manner.
NovoCure ‘s Tumor Treating Fields Technology can be used efficaciously as Blue Ocean Strategy to Market their merchandises particularly because of minimum side effects compared to other chemotherapies. NovoCure needs to raise financess for carry oning clinical tests which can be achieved by pulling a strategic investor. Once they raise financess, they besides need to analyse and work out the concern challenges which can be done and taking aid from Management Consulting houses. NovoCure besides needs to go on its invention procedure to turn over out different merchandises with monetary value and merchandise distinction to make broad client base. With NovoCure, World can be a better topographic point for malignant neoplastic disease patients to populate in and the Cancer Patients all over the universe can state “ Never, ne’er, ne’er give up ” .