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Case Studies

TFG, in partnership with its clients, develops and designs project advisory work under the simple assumption that every analytical or strategic assessment ultimately ends in an investment decision.


It may be a market research study that convinces a client to move resources from personal to non-personal promotional activity. It may be a portfolio analysis that convinces the client to invest additional resources in the proof of concept clinical development of an old molecule currently languishing in a mature competitive space. It may be a technical assessment on an early stage delivery platform that ultimately results in the licensing of three new compounds that are best suited to exploit the particular characteristics of the platform. In every instance, at every decision, an executive must decide where, how, and how much to invest or divest resources. The return on that investment is in part determined by the resources expended during the analysis.

There are five key components of a successful project (whether conducted internally or by external advisors) each of which is dependent on the component that precedes it:
  1. Quality - is it comprehensive, insightful and accurate?
  2. Communication - is it easily understood throughout the organization?
  3. Translation - does it result in clear and obvious recommendations?
  4. Applicability - can the recommendation or plan actually be implemented?
  5. Cost - are the direct costs justified, when considering the final expected return?
Very often the advisor will miss one or several of these simple maxims. Analyses may be brilliant, yet unintelligible. Strategies may be sublime, but impossible to achieve. Recommendations may be clear and concise yet result in little to no value creation.

Our projects run the gamut in life sciences, but in life sciences onlyAfter over a decade of serving clients in the life science industry with a dedicated team of experienced professionals TFG has developed a very clear if somewhat intuitive market niche. We provide tailored, high quality strategic advice that produces tangible results, with returns that are in excess of those expected.

TFG maintains a small cadre of high quality talent with very specific and very deep commitment and expertise. Our projects run the gamut in life sciences, but in life sciences only. In addition, as a small privately held concern we are in the fortunate position to be able to carefully pick our clients and the projects that we take, and to speak frankly about or capabilities in specific areas.

TFG Examples of Success
Market Capture Strategy
Over a two year period TFG worked in collaboration with a European Biopharmaceutical company with a niche commodity in a mature market to raise their share from 1% to 12%. This translated into approximately $35 million dollars of year 1 incremental value. Project costs were approximately $350,000 over the preceding two year period. TFG's advice provided the client with an immediate 10X return.

Orphan Drug Strategy
Over a period of 2 months, TFG worked with a large biopharmaceutical company to develop and assess their orphan drug strategy. Year one implementation resulted in an immediate tax savings of approximately $30 million. Project costs were approximately $100,000. The total return on investment was thus an immediate multiple of 30X.

New Venture Office Development
Over a 3 year period TFG worked with a large pharmaceutical company to develop the concept of technology incubation and corporate venturing. This first meant exploring and educating stakeholders on the potential value of building a co-investment vehicle with a mandate to accelerate the development of high risk, call option like assets. TFG structured and developed 3 new ventures based on 3 distinct platform technologies, spanning devices, drug delivery, and pharmaceutics. TFG was involved in the development of everything from the initial business and financing plans (including market assessments, therapeutic and drug targets etc.), through external partnership interactions, to the writing of job descriptions and compensation plans. Total project expenditures of approximately $500,000 over three years resulted in funds raised to date in excess of over $30 million. The ventures boast 2 products that have initiated early human trials, as well as a half a dozen promising pre-clinical programs. Based on funds raised to date the return on investment has been almost 60X.

Market Development Strategy
Over a period of 5 years TFG worked in partnership with a large life science company to reinvigorate a product with stalled revenue development. After 2 years of solid launch performance, the products turnover growth was flat and it was drawing poor reviews with target providers. There were serious resource reallocation discussions. With TFG's help, the product was repositioned, and a staged market development strategy was implemented. Over the 5 year period the product grew from $100 Million to $500 million in sales and it is now projected to continue to grow at double digit rates through the end of the decade. Total project costs over 5 years approximately $800,000. Total value creation multiple over 5 years against advisory dollars invested of 500X.

Drug Launch Strategy
Over the space of 3 months TFG was asked to develop a drug launch strategy for a product that was a year behind the competition, and saddled with a more cumbersome route of administration and poor pre-launch safety perceptions. In addition the client was limited in its resources base. TFG designed a high risk, resource light partnership strategy that provided consumers with a very clear choice between the competing products. The drug launch beat expectations, and with TFG's ongoing support passed the competition in patient share within 4 years. Total product sales now exceed $1 billion. Total project expenditures over 6 years of slightly over a million dollars have contributed to an ROI multiple in the neighborhood of 1,000X.