Market access is a complex process that pharma and biotech companies go through in order to get their medicines/medical devices on the market to the patients that will benefit from them. it is critical to sales and requires effective coordination of a complex web of activities with both internal and external stakeholders. it is becoming more difficult to get drugs accepted for reimbursement by authorities. These hurdles market access teams face are outlined below....
Cuts in Healthcare Cost:
Over the past decade or so market access has become crucial to the medical market as more medicines and medical devices are becoming more expensive. Due to the cuts in healthcare, governments and healthcare systems are finding it hard to pay for these drugs.
Market Access teams and KAMs are hired by the pharma and biotech companies to represent their new product and present these new drugs and medical devices in a convincing manner in order to achieve the best possible results. Market Access teams and KAMs must prove the economic value of the product, by offering a lower cost product, demonstrating lower overall treatment costs and/or reduction in additional potential costs. Delivering a price that does not match the value of the asset by the stakeholders in the organization can be a deal breaker.
Gaining Trust from Stakeholders:
Without the trust of the stakeholders, the pharmaceutical and biotech companies will fail to carry out the goals for their organization. Knowledge is a vital component when developing credibility and trust with the stakeholders. The goal is to create a collaborative relationship with stakeholders based around the development of value propositions that address the needs of policy makers, patients and payers. A fundamental of Key Account Management is creating long term consultative relationships with customers. Researching the customer’s challenges and engaging in non-branded discussions will aid in building trust with stakeholders. There is, then a clear need for full commitment and implementation of KAM strategies in market access.
It’s important for the pharma company to understand each stakeholder so that the value of the product can be aligned to a priority of theirs. Ensuring that your drug optimally meets the patient’s needs and goals is a must. Pharmaceutical and biotech companies need to prove that their drug/ medical device meets the services and demand of the patient population along with aligning the goals of the stakeholders. However, if the demand or the drug doesn’t answer the questions or meet the goals of the stakeholders, the drug will not secure a listing.
The growing need to research and understand a large group of stakeholders aligns with a key account management strategy. For KAM to be successful, KAMs must avoid leaping into a sales pitch. Instead, the KAM should take a step back and spend time researching and engaging in discussions with internal and external stakeholders to best understand the challenges and priorities they have. Only then will they be able to offer a mutual value proposition to customers.
Payer's Increased Influence:
The payer’s responsibility is to ensure that under a fixed budget, your product meets the demands of the healthcare components (quality, cost and access). Due to the increasing influence of payers, manufacturers are pressured to work under the challenged pricing and reimbursement environment now that the physicians’ decreased influence no longer supports the cost-sharing responsibility with prescriptions and patients.
A fundamental objective of gaining market access has always been about securing the right product, to the right patients, at the right time. This still stands, however, the pharma and biotech companies need to provide the data to the right stakeholders communicating their product with the right message. The recorded data needs to prove that the product will lead to better patient outcomes. The data needs to outline the impact of the drug on patients and will the patient’s exercise level or diet be affected the outcomes of the product.
Tips for industry
- Presenting your product to the stakeholders in a confident manner, with the right message, communicated in the right language and at the right time.
- A survey conducted by Cegedim revealed that Key Account Management (KAM) was the technique that procured the best results for market access strategies. To combat the challenges of the current economic climate the survey revealed that 76% of respondents would implement KAM strategies.
- Research each stakeholder and align your goals with theirs.
- Identify and solve any problems that might arise when prescribing the new drug.
- Understand the rapid changes in healthcare that may affect your product.
- Differentiate your product's benefits/ outcomes from similar ones.
Want to find out more on how Clarity’s unique 4 Zones of Customer Engagement for Market Access teams improves credibility with key stakeholders, increases your access to key decision makers, prepares you better for contracting discussions and aids a tighter collaboration with matrix team members?
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