SOURCE: Cutting Edge Information

Cutting Edge Information

March 23, 2015 09:30 ET

72% of Pharmaceutical Companies' Managed Markets Groups Begin Supporting Products in Phase 3

RESEARCH TRIANGLE PARK, NC--(Marketwired - March 23, 2015) - A recent study found that 72% of pharmaceutical companies' managed markets teams begin supporting new products during Phase 3 development, according to life sciences intelligence firm Cutting Edge Information. Another 14% of these teams begin as early as Phase 1. 

Although products may not be assigned to account managers during Phase 3, many companies begin to "preview" products to payers as they come through the pipeline. Most account managers (86%) actually begin working directly with the product during Registration. 

Account managers who foster strong relationships with payers via 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 meeting them by working through account managers. 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 managed markets account managers and payer relationships, please visit http://www.cuttingedgeinfo.com/research/market-access/managed-markets-account-managers/.

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Contact Information

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    Rachel Shockley
    Marketing Team Leader
    Cutting Edge Information
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