Private and public payers have a major influence on the biopharmaceutical industry - a large percentage of pharma's top line revenues flow from payers. As the influence of payers continues to increase it has become important for organizations to better understand not only vital contracting and formulary research activities but also what drives decision-making among national, regional and government payers.
Best Practices, LLC conducted this research to help companies identify what market research approaches are most effective for understanding payer contracting research activities & timing as well as formulary research activities & timing to gauge payer perspectives. The study also presents insights around what drives national, regional and government payer decisions.
SAMPLE KEY METRICS
- Study Overview
- Key Findings & Trends
- Key Trends in managed markets contracting research
- Key Trends in payer formulary and tracking research
- Understanding what drives national and regional payer decision-making
- Understanding what drives government payer decision-making
SAMPLE KEY FINDINGS
- Research approaches used to understand contracting decisions for national, regional, government payers and ACOs/IDNs
- Effectiveness rating of specific research approaches used to understand payer contracting decisions
- When in the product lifecycle companies first begin employing five market research approaches for understanding payer contracting decisions
- Research approaches used to understand formulary decisions for national, regional, government payers and ACOs/IDNs
- Effectiveness rating of specific research approaches used to understand payer formulary decisions
- When in the product lifecycle companies first begin employing five market research approaches for understanding payer formulary decisions
- Market research approaches used to understand national payer decision-making
- Market research approaches used to understand regional payer decision-making
- Market research approaches used to understand government payer decision-making
Pricing and Contracting Research Begins at Phase 2 or Earlier for Some:
- 33% begin pricing research and 24% begin contracting strategy research at Phase 2 or earlier
- Nearly 30% of companies begin research at or before Phase 3 to explore partnership efforts related to showing better outcomes in a specified patient population
The research employed a data gathering approach that reaps quantitative & qualitative data from 38 payer research leaders. More than half of the participants represent pharma or biotech companies, and another quarter come from medical device companies. Five selected participants were interviewed to add qualitative depth to the study.