FIRST, IT’S IMPORTANT TO HAVE A CLEARLY ARTICULATED STRATEGY with an aligned management team and board of directors. Allocating resources across a commercial organization and a promising pipeline can be tough. However, without a strategy and a disciplined approach to resource allocation, it’s easy to lose sight of the necessity to fund a pipeline that may be three to five years away from registration and launch. Second, communication, both external and internal, is critical to success. Commercial and R&D teams need to understand and appreciate how resources are allocated to support their goals. This is where a thoughtful and transparent budget and communication process is needed, as there will always be trade-offs. Quarterly business reviews are another essential practice for staying focused on the commercial progress and pipeline maturation.

TIM WRIGHT is CEO of MiMedx

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