Having science and data they can share with external partners is key to unlocking growth for pharmaceutical companies, according to new research.

While most pharmaceutical companies have well-developed R&D and commercialisation arms, market analysts McKinsey say that the key to market traction is working with market participants such as healthcare professionals.

And key to that, is working with them collaboratively with bespoke data and research.

“The winners will be those who succeed in positioning their science—especially their ability to combine, analyse, and interpret disparate data sets—to inform their interactions with stakeholders and ultimately improve patient outcomes,” McKinsey said in a recent report.

The approach to stakeholder collaboration, dubbed “medical affairs” should be one that “embraces profound changes and consequently seeks to drive positive impact for patients, caregivers, and healthcare professionals by enhancing medical affairs’ strategic focus and optimising the impact of its activities”.

MGC Pharmaceuticals (ASX:MXC) is moving rapidly towards this direction. It recently split itself into  two core business divisions, research and development and seed-to-pharmacy manufacturing.

And it is also acutely focused on science and data as a means of furthering its product portfolio. The company recently acquired a licence allowing it the ability to cultivate cannabis in Australia, which will accelerate its current portfolio of clinical trials.

This content is produced by Star Investing in commercial partnership with MGC Pharmaceuticals. This content does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.