Traditionally the pharma industry relied on the volume of prescriptions made.
The process of approval was simple: once the data showed the efficacy, safety and reliability to the regulatory agencies, the drug was approved. The product was then targeted to specific physicians and dispensed to pharmacies. Thus, market access involved little engagement with a small set of stakeholders.
In emerging markets, market access as a corporate function is still not as well structured as it is in developed markets.
In the evolving healthcare industry, pharma and bio-tech companies are now focusing on each component of market access:
How do these elements apply to new types of decision makers, previously unknown to market access teams?
Customized processes and functions are required to effectively engage these new stakeholders. A primary challenge for pharma and bio-tech companies is how to identify the right stakeholders in the approval process. The goal is to create a collaborative relationship with stakeholders based around the development of the value propositions that address the needs of policy makers, patients and payers. Pharma organisations have yet to implement successful strategies to identify the challenges posed by the various stakeholders in market access in emerging markets.
Pharma and bio-tech companies need to adopt more innovative market access tactics to succeed. To successfully implement these functions, a deeper understanding of local challenges is needed when engaging with stakeholders as emerging markets do not follow a structured drug approval process.
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.
Below are the 5 key factors that the pharma and bio-tech companies should implement to aid them in gaining access in emerging markets:
- Presenting your product to the stakeholders in a confident manner, with the right message, communicated in the right language and at the right time.
- 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.
Click the link below to learn 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.