SOURCE: Cutting Edge Information

Cutting Edge Information

June 15, 2016 09:31 ET

86% of Managed Markets Account Managers Start Work During Registration Phase

RESEARCH TRIANGLE PARK, NC--(Marketwired - June 15, 2016) - Overall, 86% of surveyed pharmaceutical companies report that account managers began supporting products during the registration phase of product development. This allows time for clinical data to be finalized and marketing groups to be completely approved before they present data to payers, according to a study published by Cutting Edge Information.

For managed markets account managers, working with payers is an essential activity. To best position their products with managed care organization stakeholders, account managers should begin working with brands early in the lifecycle and continue support up to or beyond patent expiration.

Cutting Edge Information's study, Managed Markets Account Managers: Fortify Payer Relationships to Secure Product Profitability explains how to start and maintain successful relationships with payers in the managed markets space. The kind of support required from account managers includes frequent, regular interactions to present new brand-related studies and handle account problems. This will help best position their products with managed care organization stakeholders.

"As managed markets account managers work with products, they need to maintain close contact with their payer accounts," said Jacob Presson, data product team leader at Cutting Edge Information. "Even after products are placed on a formulary, regular account manager payer interactions ensure that the product remains in good standing. Meetings can be face-to-face, online or via phone calls."

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. Report 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

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