New Best Practices, LLC Primary Research Study Highlights the Information that Pharma Field Medical Teams Should Use to Influence Formulary Decisions
CHAPEL HILL, N.C., Jan. 11, 2019 /PRNewswire/ -- What type of information has the biggest impact on formulary decisions at managed care organizations?
"Outside of efficacy, safety and cost information? Nothing else really matters; everything else kind of goes into the bucket of 'Other,' like convenience, even compliance. It is not going to cut it, unless you can monetize it - whatever that information is. Translate into cost savings, or translate into clinical superiority – which is safety and efficacy - or it's just not going to work. Everything has to go back to clinical or cost," said a veteran Pharmacy Director at a large managed care organization.
This is one of more than 40 narratives from 23 formulary leaders at 16 managed care organizations who participated in a study from research and consulting leader Best Practices, LLC. The new primary research study examines Field Medical Team (FMT) interactions with payers such as Humana and Aetna.
"Best Practices in Formulary Success: Key Payer Responsibilities and the Information and Qualities they seek from Field Medical Teams" explores what types of information payers find most important for their formulary decision-making and how they are using the information related to formulary placement. In addition, this 98-page study seeks to understand payers' perceptions and experiences with pharma companies' field medical representatives.
The research includes a chapter where payers rank 11 top pharma companies' field medical teams and explain why they ranked some high and others low.
Topics addressed in this study include:
- Primary Payer activities
- Key information or data used by Payers for formulary decisions
- How information or data is used by Payers and why it is useful
- Interaction level of Payers with FMT members from 11 pharmaceutical companies
- Primary topics discussed in FMT interactions with Payers
- Payers' rating of FMTs from 11 pharmaceutical companies>
As the healthcare market shifts to a value-based system, a new product's position on a formulary is now as important as its reception among prescribers and KOLs. Recognizing this trend, pharma has been arming its FMTs with data from clinical studies, real world experiences, and other sources to not only justify formulary positioning but also to seek preferred status for their products.
To learn more about this report, download a complimentary report excerpt at http://www.best-in-class.com/rr1525.htm. For related research, visit our Best Practices, LLC website at 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.