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.
As pharmaceutical companies continue to work to prove the value of their products to payers around the world, they are encountering health technology assessments (HTAs) in many markets around the world. These HTAs require companies to submit value dossiers that follow specific guidelines — often including health economics and comparative effectiveness work. Our research has shown that different HTAs consume varying amounts of raw resources in terms of working hours and budgetary expenditure. However, most companies’ proportions of timing and spending following similar patterns across regions and company types. Continue reading
Pharmaceutical companies have traditionally excelled when focusing on a specific product for a specific usage. This meant developing a safe and effective drug and making sure that providers and payers were aware of how well the drug worked. More recently this focus been further broadened, as manufacturers began to consider entire treatment pathways and understand how their product fit into the financial sphere of payers and patients. In some cases, a company may look to the pharmaceutical key account manager to bring this information to external stakeholders. However, population health management (PHM) takes this one step further and requires a truly holistic view of the healthcare marketplace. 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
As payers place an increasing focus on comparative effectiveness research and health outcomes, managed markets account managers must play a growing role in pharma companies’ commercial strategies. These managed markets groups work with key MCOs as well as government and private payers to build and maintain open lines of communication. Continue reading
The Institute for Clinical and Economic Review (ICER) announced in July that they are going to be producing reports on new drugs from a comparative effectiveness standpoint. Quotes supporting ICER”s work from the Chief Medical Office of Express Scripts, Steve Miller MD, have raised questions within the industry about how the new influx of independent comparative effectiveness research will shape key decision-making processes on the payer side. 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
Over the past few months at Cutting Edge Information we have been working on collecting data for a new report on the future of comparative effectiveness research and a common theme throughout the research has been the need for stakeholder engagement that goes beyond the traditional payer-centric model. Working with patients and physicians — along with pharmacies, regulators, and other stakeholders — is not a new phenomenon for manufacturers. However, the emphasis on getting this engagement right is growing as companies respond to the changing healthcare marketplace in the US and in Europe. 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