RESEARCH TRIANGLE PARK, NC--(Marketwired - January 12, 2017) - Life science companies are evolving to keep up with the ever-changing market access landscape. Part of this transition involves market access teams emphasizing work with global and regional-level payers as a way to incorporate the payer perspective in key pricing and reimbursement decision-making activities. Building strong relationships with payer organizations and clearly communicating product benefits helps to increase the odds of earning formulary status for products.
Recent research published by Cutting Edge Information found that 64% of Top 10 surveyed pharma companies agree that market access teams play a vital role in payer relationship-building, while 85% of Top 50 pharmaceutical companies and 81% of small companies also validated this statement.
When it comes to whether or not surveyed companies involve market access in payer relationships, company size is often less impactful than teams' region of operation. Segmenting company responses by geography shows that US groups are the most likely to involve market access teams in their relationships with payers. By comparison, groups operating in Europe and other, non-emerging markets are 27% less likely to involve market access groups in their payer relationships. Other emerging market regions are 23% less likely to incorporate market access groups in payer relationships.
Cutting Edge Information's study, Global Market Access Strategies: Building Payer Relationships Through Comprehensive Value Stories, companies often connect with payer groups via combination of face-to face, online and telephone interactions. When working with payer requirements, many surveyed companies reported heavily involving market access teams with other key internal groups.
"Market access teams' specific expertise enables companies to develop and expand their external relationships," said Jacob Presson, senior consultant at Cutting Edge Information. "They do this by addressing payers' specific pricing, access and reimbursement concerns."
Global Market Access Strategies: Building Payer Relationships Through Comprehensive Value Stories, available at http://www.cuttingedgeinfo.com/research/market-access/market-access-and-reimbursement/, explores emerging trends impacting market access teams and the best practices they implement to obtain better pricing and reimbursement around the world. The study contains detailed market access performance metrics, including ideal time frames for involving market access teams in supporting new product launches. Use the report's benchmarks and market access team priorities to:
- Set market access budgets
- Analyze market access sub-functions -- such as HEOR -- and activities that receive higher priority and resource allocations
- Develop stronger payer relationships by deploying account managers and incorporating third-party perspectives
- Develop unique launch sequence strategies to capitalize on product value.
- Learn how market shifts and uncertainty will have a greater impact on pharmaceutical pricing activities
For more information about Cutting Edge Information's market access research, visit http://www.cuttingedgeinfo.com/library/market-access/.
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