For market access teams, forming relationships with payers is a crucial step towards building a winning product value story. According to a recent Cutting Edge Information study, the vast majority of market access teams — especially US teams — are involved in payer relationships. Ninety-four percent of surveyed US teams are assigned to build and maintain relationships with payers (Figure 1). However, beginning relationships early in the product launch window can make a big difference for teams trying to understand and meet payer requirements.
Outsourced staff can bring valuable expertise to market access teams and help in-house personnel manage activities during the busiest periods of a product’s lifecycle. Small companies, especially, tend to rely on third-party vendors to fill gaps in market access staffing. Their teams are generally smaller than large company market access teams. As such, small teams may have many capability gaps that outsourced staffing can fill. This is especially true for product pricing and launch sequencing. These activities usually reach their peak near product launch, overwhelming already busy small company market access teams. For these teams, outsourcing pricing and launch sequencing activities to third-party vendors can take pressure off of over-extended staff.
Companies rely heavily on pharma launch sequencing committees to maximize revenues throughout the product lifecycle. These committees can prove invaluable in ensuring price maximization by carefully considering cross-market price referencing and strategically crafting timelines for launch.
10th October to 11th October 2016,
London, United Kingdom
SMi Group’s 22nd annual European Pharmaceutical Market Access, Pricing and Reimbursement conference returns to London from 10-11 October 2016. The conference is one of the most established in the world, focusing on the changes in pricing and reimbursement and market access.
As any product launch approaches, market access teams are typically hard at work developing key value messages around the world. How this market access launch planning process unfolds, however, can vary across different companies. Market access teams within some companies are largely fragmented and operate in relative autonomy. Other companies take a highly centralized approach to planning market access from a global level. Continue reading
It’s January, so right now it feels like everyone around us has made resolutions to get more exercise, eat better, or otherwise improve their lives. In that spirit, let’s take a look at what companies can do to improve their payer relationships in 2016. According to The Wall Street Journal, drug prices are on the rise, so the value propositions of health economics groups will be increasingly important when working with payers. Continue reading
In an increasingly competitive and cost-sensitive payer environment for pharmaceutical products, many market access and health economics groups are looking for ways to develop a comprehensive pharmacoeconomic message for new products as well as to support existing products. As our research on these groups continues, one common thread that many successful groups share is a centralized health economics group that develops a broad set of data for country- or region-level groups to then localize and adapt to individual payers and/or PBMs. Continue reading
Pharmaceutical companies under increasing pressure to provide a full product story to key payers. As such, heath economics spending is also growing. Rising stakeholder expectations demand that HEOR groups generate more pharmacoeconomic and outcomes data for each emerging drug or medical device. To provide these data, global HEOR teams allocate a large percentage of their annual funding to cultivating information for government and private payers worldwide. Continue reading
Managed markets account managers’ core goals are to meet with payers and help the company’s product earn a favorable place on the payer’s formulary. These meetings may be standard in-person conversations, but they could also be phone calls or online interactions — like emails. Frequent meetings help foster relationships with payers and ensure that products get on their formularies and stay there. But, how often is often enough? Continue reading
One of the major organizational challenges presented by health economics groups is the fact that they need data from the clinical and scientific side of the organization in order to make an effective case for payers that may be used to speaking with the commercial side of the company. This issue is part of why many health economics groups report into medical affairs so that they can preserve their scientific expertise and credibility while bridging the gap to payers as needed. Continue reading