MBA 6301 - Marketing Research Methods Hemopure - Go to Market Strategy May 2010

1.
Biopure Research Case
Prepared by: Christopher Serio
Presented to: Marty Lambrechts
Marketing Research Methods
MBA 6301
May 12, 2010

2.
Table of Contents
Executive Summary ................................................................................................................ 3
Biopure Corporation .............................................................................................................. 4
Human Blood Market ............................................................................................................. 4
Hemopure Market Potential................................................................................................ 5
Competitive Landscape ......................................................................................................... 6
Go­To­Market Strategy .......................................................................................................... 7
Conclusion: Hemopure Proposal........................................................................................ 8
Appendix A: Base, Best, and Worst Case – Hemopure Market Potential .............. 9
Appendix B: 3­Year Revenue Model – Yearly Forecasted Totals...........................11
Appendix C: 3­Year Revenue Model – Distribution and Staffing ...........................12
2

3. Executive Summary
The Biopure Corporation should proceed forward with a launch of their human
blood substitute product, Hemopure. This product has a market potential of
approximately $9.5 billion annually and there is meager competition within the
current industry. Biopure Corporation should go‐to‐market with a state‐wide
California hospital launch over the next 36 months. This launch will cover 355
hospitals and will require 36 sales representatives. If successful, year three
revenues are estimated at $100 million.
3

4. Biopure Corporation
Biopure Corporation is a biopharmaceutical firm founded in 1994, specializing in
the ultra‐purification of proteins for human and veterinary use. The company
recently finished the development of two new blood substitutes for market use. The
first product is called Oxyglobin and is intended for veterinary use. Oxyglobin is
currently set for launch. The other product is called Hemopure and is intended for
the human blood transfusion market. Hemopure offers a much larger market
potential however is two years from being set for launch. Additionally, Biopure is
currently $200 million in R&D debt.
For abbreviation, Oxyglobin may be referred to as Oxy and Hemopure will be
referred to as Hemo.
Some of the questions surrounding which product to support are:
• Product retail price difference – Hemo is priced significantly higher than Oxy.
Per unit, Oxy costs $150 and Hemo costs $600 to $800.
• If Oxy is launched before Hemo is ready for market, what will happen to price
expectation? How will this impact both sales and competition?
• Is there an intangible value gained from learning how to successfully go to
market with Oxy?
• Which product has a greater impact on a pending IPO? The potential proven
success of Oxy or the potential promised success of Hemo?
Human Blood Market
Blood is the key to transporting oxygen to organs and tissues within the human
body. Without oxygen, these organs and tissues would unable to survive. Red Blood
Cells (RBCs) are the portion of blood responsible for oxygen transportation.
Biopure is looking to capitalize as the first firm to synthesize RBCs sourced from the
blood of cattle.
The human body contains 10 pints of blood and one pint is the equivalent of one
unit of RBCs. Humans can naturally compensate for the loss of three pints of blood.
Beyond this, outside intervention is generally required in the form of a blood
transfusion. This process entails directly injecting blood into the patient’s
bloodstream.
Some transfusion limitations are:
• Need for exact blood typing and cross matching between donor and
recipient.
• Reduced oxygen‐carrying efficiency of stored RBCs.
• Limited shelf life of RBCs.
• The product needs to be refrigerated.
• Disease transmission risk.
4

5.
In the current human blood market, 8 million people donate 14 million units of
RBCs annually. Though this is a large number, per capita donation rates are low. Of
the 75% of American’s that qualify as blood donors only 5% actually do. It is not
uncommon for medical facilities and blood banks to experience periodic shortages
of RBCs. Especially when considering that there are over 4,900 hospitals within the
United States.1
Of the annually donated blood, 2.7 million units are discarded due to infectious risk
or expired shelf life. Approximately 3.2 million units are transfused to patients
facing chronic issues and deficiencies. The remaining 8.1 million units are used on
patients suffering from acute blood loss. Additionally, there are approximately 1
million borderline cases where patients do not receive transfusions due to
perceived risk or supply shortcomings.
Hemopure Market Potential
Biopure is limited most by their production capabilities. If annual production was
not a factor in determining potential reach, then Hemo could have a base case
annual sales potential of just under $9.5 billion. This market potential encompasses
the demand for the entire United States and factors in the lost sales from borderline
transfusion cases.
Each year there are approximately 50,000 field trauma cases within the United
States that require an immediate transfusion of blood. Each case receives an
average of four units, calculating a total need of 200,000 field trauma units needed.
Hospitals and clinics have three potential markets for RBCs: surgeries, chronic and
ongoing cases, and previously borderline non‐transfusions. Among these, surgeries
are the largest number of cases with 2.45 million occurring each year. Each surgical
case requires approximate 3.22 units of transfused blood, calculating a potential
market of 7.9 million units.
Both chronic cases and borderline cases require and average of 2.13 units per
occurrence. Annual case amounts for chronic and borderline are 1.5 million and 1
million, respectively. The market potential for units is just north of 5.3 million.
Given the competitive landscape (analysis in subsequent section) and the price
range for Hemopure, a base case scenario price of $700 per unit has been set for the
below model. This gives Biopure annual potential market sales of just under $9.5
billion.
1 http://www.statehealthfacts.org/profileind.jsp?ind=394&cat=8&rgn=6
5

6. Exhibit 1: Hemopure Base Case Market Potential
Hemopure Market Potential (Base Sales Price)
RBC: Field Trauma
Field Trauma 50,000
Average Units per Case 4.00
Units Needed in Field 200,000
RBC: Hospital & Clinic
Surgeries 2,450,000
Average Units per Case 3.22
S&T Unit's Used 7,900,000
Chronic and Ongoing 1,500,000
Borderline Transfusions 1,000,000
Average Units per Case 2.13
C&B Unit's Used 5,333,333
Price per Unit $700
Total Market Potential $9,403,333,333
A full sheet with base, best, and worst case scenario’s can be found in appendix A.
Competitive Landscape
The process of creating human blood substitutes is a combination of (1) extracting
hemoglobin with RBCs, (2) purifying from infectious agents, and (3) modifying to
prevent breakdown. The leading competitors are:
Baxter International
In 1996, Baxter was acknowledged as a leader within manufacturing and selling
blood‐related medical products. Baxter International had a long history of product
breakthroughs and successes. Their blood substitute, HemAssist, was expected to
add to this portfolio. HemAssist was the first blood substitute to reach Phase 3
clinical trials. Construction of a production facility (annual 1 million units) was near
completion and the pricing range is similar to Hemo.
Northfield Laboratories
Northfield had also recently entered Phase 3 trials with a blood substitute product
called PolyHeme. The Northfield product is similar to Baxter’s in production and
usage profile. Northfield is a smaller firm committed to developing a human blood
substitute. Smaller facilities for production (300,00 units annually) still need to be
finalized.
6

7. Other competitors exist within the marketplace. However, they are several years
behind in their development of a hemoglobin‐based product. The primary
difference between Biopure and the two leading competitors is that both Baxter
International and Northfield Laboratories rely on human blood and need to be
frozen or refrigerated until used. Biopure’s Hemo sources from cattle and can be
stored at room temperature until used. Biopure’s production levels for Hemo are
estimated at 150,000 annually from approximately 10,000 cattle.
Go­To­Market Strategy
There are several avenues to consider for the go‐to‐market strategy. Given that
Biopure is currently limited to 150,000 units of Hemopure annually, a more
conservative launch needs to be assessed and proposed. Therefore, the most logical
and cost effective go‐to‐market strategy should be within California. Once
Hemopure is a proven success within the California marketplace an expansion of
both capacity and reach should be proposed. Of the 4,900 hospitals within the
United States, approximately 355 are located throughout California.2
Census data and approximate population breakdown:3
• Northern, CA – approximately 25% of population, 85 hospitals.
• Central, CA – approximately 30% of population, 110 hospitals.
• Southern, CA – approximately 45% of population, 160 hospitals.
A launch throughout Southern, California should be the primary focus through year
one. The region will begin with two sales reps over the first five months with an
average of one sales rep per 10 accounts. The average hospital has a demand of 210
RBC units per month with an annual demand of 2,500 total units. The market
potential for the State of California is 900,000 units annually. Given current
production capabilities of 150,000 units annually, the three‐year goal for Hemopure
should be to capture 25‐35% of total blood transfusions. This offers a maximum
revenue potential ranging from $90 million to $120 million annually for California
alone.
Each new account region should begin with two sales reps and should look to sign
10 new accounts within the first month. For each account region thereafter for the
first 15 months sales reps should look to expand total accounts within their
respective region by five per month. It is estimated that it will take from 12‐15
months to fortify the Hemopure brand reputation within a region, before account
acquisitions can increase at a faster pace.
The current revenue model shows the Hemopure sales price decreasing each of the
first three years as the marketplace is saturated with additional competitors.
According to the current model, by the end of year three Biopure will have a 36
2 http://www.statehealthfacts.org/profileind.jsp?ind=394&cat=8&rgn=6
3 http://quickfacts.census.gov/qfd/states/06000.html
7

8. person sales force through 355 California hospitals for their Hemopure blood
substitute product. For a three‐year breakdown of current distribution and sales
projections please see Appendix B.
Conclusion: Hemopure Proposal
Biopure Corporation should concentrate their efforts on launching the Hemopure
human blood substitute. This product has the greatest potential and highest
possible reward. Given the data from both the case and external secondary
resources, it is ideal for Biopure to launch this product in a regional, then statewide
setting before considering a nationwide launch or ecommerce sales.
8

9. Appendix A: Base, Best, and Worst Case – Hemopure Market Potential
HemoPure Market Potential (Base Sales Price)
RBC: Field Trauma
# of Trauma cases 50,000
Average Units per Case 4.00
Units Needed in Field 200,000
RBC: Hospital & Clinic
Surgeries or Trauma 2,450,000
Average Units per Case 3.22
S&T Unit's Used 7,900,000
Chronic and Ongoing 1,500,000
Borderline Transfusions 1,000,000
Average Units per Case 2.13
C&B Unit's Used 5,333,333
Price per Unit $700
Total Market Potential $9,403,333,333
HemoPure Market Potential (Best Sales Price)
RBC: Field Trauma
# of Trauma cases 50,000
Average Units per Case 4.00
Units Needed in Field 200,000
RBC: Hospital & Clinic
Surgeries or Trauma 2,450,000
Average Units per Case 3.22
S&T Unit's Used 7,900,000
Chronic and Ongoing 1,500,000
Borderline Transfusions 1,000,000
Average Units per Case 2.13
C&B Unit's Used 5,333,333
Price per Unit $800
Total Market Potential $10,746,666,667
9

10.
HemoPure Market Potential (Worst Sales Price)
RBC: Field Trauma
# of Trauma cases 50,000
Average Units per Case 4.00
Units Needed in Field 200,000
RBC: Hospital & Clinic
Surgeries or Trauma 2,450,000
Average Units per Case 3.22
S&T Unit's Used 7,900,000
Chronic and Ongoing 1,500,000
Borderline Transfusions 1,000,000
Average Units per Case 2.13
C&B Unit's Used 5,333,333
Price per Unit $600
Total Market Potential $8,060,000,000
10

11. Appendix B: 3­Year Revenue Model – Yearly Forecasted Totals
YEARLY FORECASTED TOTALS
Year 1 Year 2 Year 3
So. Cal Accounts 35 160 160
Cen. Cal Accounts 20 80 110
Nor. Cal Accounts 0 35 85
Total Accounts 55 275 355
Sales Price $700 $675 $650
Units / Account 50 65 75
Annual Units 18000 124150 305250
Total Revenue $12,600,000 $83,801,250 $198,412,500
COGS $15,000,000 $15,000,000 $15,000,000
Marketing Budget $40,000,000 $20,000,000 $20,000,000
So. Cal Reps 4 16 16
Cen. Cal Reps 2 8 11
Nor. Cal Reps 0 4 9
Total Sales Reps 6 28 36
Sales Force Salary $6,600,000 $29,850,000 $61,650,000
Marketing Collateral $1,200,000 $1,200,000 $1,200,000
Total Sales Expense $7,800,000 $31,050,000 $62,850,000
Admin & Legal $2,000,000 $2,000,000 $2,000,000
Total Revenue $12,600,000 $83,801,250 $198,412,500
Total Expenses $64,800,000 $68,050,000 $99,850,000
Net Profit ($52,200,000) $15,751,250 $98,562,500
11

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