Healthcare consulting firms use AI and data analytics to improve health outcomes
The pharmaceutical marketplace has been rapidly evolving in response to the changing healthcare landscape. Rather than just profit and cost focus, the emphasis has shifted to value imperative and ensuring patients receive the right care at the right time at a reasonable cost.
However, with patent expiration, a shrinking sales force, unplanned disruptions to delivery models and a finite supply chain, delivering on this promise becomes difficult.
When you are bringing a new therapy to market, it is critical to understand that while crafting a good market access strategy is important, it is not always enough.
Market access regulates the availability of products to patients. It also refers to creating an ideal condition for a product launch by developing strategies based on the available data and evidence. This involves combing through diverse datasets, navigating authorization and regulatory approvals before setting a reasonable cost and ensuring the product value justifies its worth.
A market access solution focuses on:
Pharma companies spend billions of dollars understanding their payers, providers, and decision-makers to develop products as per market expectations. Communicating a compelling value strategy is important for improving the clinical and economic value of the product to ensure its commercial success. This includes understanding the audience, their objectives, and their needs, identifying evidence that communicates the product’s value to stakeholders and justifying its use.
Pricing can often trigger emotional responses from customers. Crafting a value-driven pricing strategy is important for pharma market access as it can help determine whether payers, providers and patients can afford the product or not. A strategy that is built upon product benefits, research, and evidence, and that resonates with key stakeholders, aligns with healthcare budget constraints.
Access journey & implementation depend on various stages of the product life cycle. From pre-launch evidence development, which includes negotiations, understanding customer needs and communicating value, to post-launch strategies that involve payer and provider partnerships.
Real-world evidence (RWE) helps with the efficacy of a product. Data extracted from RWE demonstrates the effectiveness and safety of the product in a real-world scenario and supports clinical trials and regulatory adoptions. RWE also helps strengthen market access by providing a wealth of insights.
Together, these solutions help create a compelling market case that provides evidence to justify the worth of a product. However, a company’s resources are limited.
Pharma companies often have a complex and highly regulated supply chain. But is the supply chain ready to adapt to changing delivery models demands further inspection? No matter how well a pharma company’s market access strategy is, it cannot succeed without a robust supply chain. If patients cannot access care at the right time, pharma companies lose trust and credibility. Moreover, a weak supply chain can lead to operational inefficiencies and lost market opportunities.
To keep up with the market demand, the sooner adopts a pharma supply chain strategy, the better it can adapt to planned and unplanned disruptions. Similarly, supply chain planning without an efficient market access strategy can fall short of delivering reliable products and services. If no one knows the value of the product, its pricing cannot be justified, nor will it reach its potential.
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