RESEARCH TRIANGLE PARK, NC--(Marketwired - January 30, 2015) - A recent study found that 72% of pharmaceutical companies managed markets teams begin supporting new products during Phase 3 development, according to pharmaceutical intelligence firm Cutting Edge Information. Another 14% of these teams begin as early as Phase 1.
The report, "Managed Markets Account Managers: Fortify Payer Relationships to Secure Product Profitability," found that although products may not be assigned to account managers at Phase 3, many companies begin to "preview" products to payers as they come through the pipeline. It's the registration stage when most account managers (86%) actually begin working directly with the product.
Account managers who foster strong relationships with payers through regular meetings -- whether face-to-face, online or via phone calls -- continue those discussions throughout the product's lifecycle. Even after products are placed on a formulary, regular account manager-payer interactions ensure that the product remains in good standing. As excitement centering on a product wears down, managed markets account managers should prepare to present new data and studies supporting the brand.
"Previewing the product with payers opens the account managers to future discussions and can maintain payer interest in the company's R&D pipeline," said Jacob Presson, senior research analyst at Cutting Edge Information. "Account managers must also be prepared to tackle any problems that payers may encounter with their brands."
Some of the issues that payers face range from pricing concerns to physician feedback and adverse events. Taking on these issues as they arise should be a key activity for account managers. Efficient account managers will actively talk with medical directors, clinics and other personnel using their brand to head off any problems that payers may experience.
"Managed Markets Account Managers: Fortify Payer Relationships to Secure Product Profitability," available at http://cuttingedgeinfo.com/research/market-access/managed-markets-account-managers/, guides managed markets teams to succeed by emphasizing payers' needs and working through account managers to meet those needs. The report's analysis examines the kind of information most valuable for account managers to present, how information should be presented and their primary targets for meetings. The report's highlights include:
- Data and diagrams showing reporting relationships and managed markets group structures
- Benchmarks on managed markets account manager budgets and spending
- Strategic recommendations and benchmarks for improving communication and relationship-building with payers
For more information about this report, please download the report summary at http://www.cuttingedgeinfo.com/download/?ref=25914 or contact Rachel Shockley at 919-433-0211.
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Contact Information:
CONTACT:
Rachel Shockley
Marketing Team Leader
Cutting Edge Information
919-433-0211
