RESEARCH TRIANGLE PARK, NC–(Marketwired – July 24, 2017) – Payer relationship management accounts for an average of 26% of surveyed global pharmaceutical and medical device companies’ total market access budget, according to a recent study by business intelligence provider Cutting Edge Information.
Additional data published in the study, Global Market Access Strategies: Building Payer Relationships Through Comprehensive Value Stories, revealed that of the total FTEs assigned to market access tasks, an average of 33% support payer relationships.
Surveyed pharmaceutical companies interact with payer groups before, during and after product launch. Ideally, global market access teams may prefer to engage payers as early as 10 months ahead of scheduled launch, the study found. Realistically, however, this timeline falls closer to five months prior to products’ market entries.
“An essential ingredient of life science teams’ pricing, reimbursement and global launch sequencing successes is building new payer relationships and expanding existing ones,” said Eric Bolesh, senior director of product development at Cutting Edge Information. “Depending on the countries they target, company teams may need to collaborate with a mixture of national-, regional- and local-level payer groups to secure access for their products.”
True to form, the study found that surveyed pharmaceutical teams report making payer relationship activities a top priority among the many other market access responsibilities they undertake. These frequent interactions with payers help dedicated teams to understand payer perspectives, and according to the study, are beneficial both during and after company products reach the marketplace.
Ahead of launch, ample communications with payer groups help companies increase their odds of ensuring product access in target markets. After launch, market access teams continue to nurture these important relationships, serving as an informational resource to help circumvent potential product challenges.
Global Market Access Strategies: Building Payer Relationships Through Comprehensive Value Stories, available at https://www.cuttingedgeinfo.com/product/global-market-access-strategies/, 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 — 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, please visit https://www.cuttingedgeinfo.com/product-category/market-access/.
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MEDIA CONTACT:
Elio Evangelista
Senior Director, Commercialization
Cutting Edge Information
[email protected]
919-433-0214
