Pharmaceuticals Learning the Language of the New Healthcare Landscape
CHAPEL HILL, N.C., Aug. 1, 2014 /PRNewswire/ -- With monumental health reform coming into effect, the pharmaceutical industry is learning to speak a second language. Clinical efficacy is no longer the sole driver of industry success- new agencies established under the ACA like PCORI are directing roughly $1 billion a year towards outcomes research. With a variety of new entities and environments, the federal healthcare ecosystem is changing, and pharma is beginning to speak the new language of outcomes and managed markets to the right people in order to remain competitive.
Research conducted by Best Practices, LLC found that the most aggressive players in this new landscape are not the largest pharma companies, but mid-sized ones. 71% of mid-cap pharma companies have government affairs staff located directly in Washington, DC, while 83% of large pharma companies run their public policy arms out of their corporate headquarters. This statistic is critical, as in-person meetings were rated by the study participants as the most effective method for transmitting information to federal officials, three times as much as the next-most preferred communication channel.
Around 40% of the industry meets on a weekly basis with healthcare officials, but 6% get daily access. So the decision to locate public policy staff on corporate campuses and outside of the capital has major ramifications for how pharma talks to government.
The related report, "Managing Healthcare Reform: Winning Strategies for Engaging the Government Ecosystem That Shapes Healthcare Policy," contains detailed data and research on other areas of interest for GA&PP personnel in the pharmaceutical industry.
Key study topics discuss how to:
- Communicate effectively by choosing the right channels, frequencies, and targets
- Allocate financial and staff resources effectively
- Educate stakeholders in an engaging way
- Provide useful information to external decision makers
This benchmarking research drew participation from twenty three companies from major established pharmaceuticals and smaller, emergent companies.
To access the full report, or to download a complimentary summary containing insights found in this report, click on the following link: http://www.best-in-class.com/rr1304.htm
For more information on other recent primary research studies, contact us at 919.403.0251. For related research, visit our Best Practices, LLC website at http://www.best-in-class.com/.
ABOUT BEST PRACTICES, LLC
Best Practices, LLC is a leading benchmarking, consulting and advisory services firm serving biopharmaceutical and medical device companies worldwide. Best Practices, LLC's clients include all the top 10 and 48 of the top 50 global healthcare companies. The firm conducts primary research and consulting using its comprehensive proprietary benchmarking tools and analysis. The operational insights, findings and analysis form the basis for our Benchmarking Reports, databases and advisory services to support executives in commercial and R&D operations. Best Practices, LLC believes in the profound principle that organizations can chart a course to superior economic performance by studying the best business practices, operating tactics and winning strategies of world-class companies.