Effective Market Research Critical to Success in Managed Markets
CHAPEL HILL, N.C. – April 27, 2010. When operating effectively, the market research function delivers actionable insights into the managed markets sector. That's no small feat as there can be no marketplace success without winning the support of the commercial and government payers in the highly-influential managed markets sector.
“Managed Markets Market Research: Effective Structures & Activities for Gaining Maximum Payer Access & Insights” is a new data-rich study recently published by Best Practices, LLC. The report examines issues around the structure, staffing and activities of the market research function serving the managed markets group. To download a complimentary report summary, go to http://www.best-in-class.com/rr996.htm.
The 60-page study confirms that payer advisory boards can be highly effective for gathering Managed Markets insights, but organizations need to use innovative strategies to overcome some inherent limitations.
Advisory Board Limitations:
- The same few people frequently serve on the boards
- There is insufficient diversity among board members
- Some important payers strictly prohibit participation
One strategy is to target a wider range of people within a payer company, according to an experienced executive who participated in the study. “Most of the time we're all recruiting the vice-president of pharmacy or director of pharmacy. Look to people who are in charge of putting together dossiers. Who are those people and what is the information they look at when they're putting together a package for the P&T committee?
Find medical directors working on a tech assessment that you should be targeting, because they're going to give you a very different perspective than are pharmacy directors. Pharmacy directors are thinking about placement on the formulary of a class of drugs and how you compete in that class of drugs. Medical directors will be thinking about what's medically necessary and what's not medically necessary.” - Interviewed Executive
This study, which features 400-plus metrics and 30 narratives such as the one above, is based on an analysis of survey results and interview content collected from 11 participating companies including Abbott Labs, Alcon, Amgen, GlaxoSmithKline, Jazz Pharmaceuticals, Johnson & Johnson, Novo Nordisk, Sepracor, Solvay, Ther-Rx and Xanodyne Pharmaceuticals.
Best Practices, LLC initiated this research to assist leaders of Market Research and Managed Markets in identifying tactics and success factors for understanding and satisfying the needs of third-party payers.
To learn more about this report, including information about the research participants, key findings and sample best practices, please download a complimentary excerpt and study overview at: http://www.best-in-class.com/rr996.htm.
ABOUT BEST PRACTICES, LLC
Best Practices, LLC serves 48 of the world’s 50 top pharmaceutical companies. For 17 years, we have conducted work based on the simple yet 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.