Non-members: Click here to review a complimentary excerpt from "Payer Factors that Shape a Successful Metabolic Market Entry: Education and Access Insights"
While many factors affect a pharmaceutical new product launch, it's recognized that payers have become a critical factor in how a metabolic product fares in the marketplace. In response, organizations have incorporated a number of payer-related activities into their pre-launch and launch plans. In particular, launch leaders have learned to focus their efforts on educating payers about a new metabolic product and working with private and public payers to gain access for new products at or as soon as possible following launch.
Best Practices, LLC conducted this research study to discover successful strategies and tactics for educating payers on new therapies and winning managed markets access for new metabolic products. Launch leaders and managed markets executives can use this research to compare their approach to these payer-related launch interactions with the approaches used by leading organizations. This study contains two segments: a metabolic/diabetes segment and a total benchmark class segment.
- Payer Education
- Preparing Market Constituents
- Access Insights & Success Factors
- Winning Hospital Formulary Access
- Effectiveness rating of early payer education and engagement activities that prove most critical to market entry and success
- Importance rating of educating and winning support from payers and other stakeholders in order to enter market, win share, and grow market
- Gauging whether list of factors important to payers will increase or decrease in importance during the next two years.
- Importance rating of different strategies and tactics for winning new product acceptance in the hospital market
SAMPLE KEY FINDINGS
- Engaging Payers With A Focus On Value: Engage payers early and across multiple fronts. Be prepared to speak to their interests on price and reimbursement – and be able to convert price-based conversations into value-based conversations illuminating health outcomes, comparative effectiveness and most valued label attributes.
The research employed a data gathering approach that gleaned quantitative data from nine metabolic leaders, although their participation varied across the question set. In all, there was participation from 44 executives and managers from 38 leading companies in pharmaceutical, biotechnology and medical device industries.