One of the major organizational challenges presented by health economics groups is the fact that they need data from the clinical and scientific side of the organization in order to make an effective case for payers that may be used to speaking with the commercial side of the company. This issue is part of why many health economics groups report into medical affairs so that they can preserve their scientific expertise and credibility while bridging the gap to payers as needed. Continue reading
Dealing with regulatory agencies to earn product approvals can prove quite difficult for life sciences companies. Some representatives can be quite passionate about their therapeutic area which can affect their judgment, for instance. In other instances, one investigator can simply prove more difficult than others.
To respond, pharmaceutical and other life sciences companies use several strategies to handle working with difficult regulators, according to Cutting Edge Information’s conversations with regulatory affairs executives. Open communication with the regulator assigned to a product is absolutely essential — and should begin early in the development process. By openly communicating with agencies early on in the development process, companies can seek input from the individual responsible for reviewing the product. This communication ensures that there are no surprises on either side and that potential misunderstandings can be addressed promptly. Continue reading
Managed markets groups, like most commercial functions, see their activities peak around product launch as they try to make sure products reach as many consumers as possible. The managed markets account manager role generally continues well after launch as competitors change and new data emerge.
In a study conducted recently here at Cutting Edge Information, we found that for a significant number of companies the product support role for account managers never ends. While most companies will begin to stop talking to payers about products around or before patent expiry, some companies with specialized products see value in continuing these discussions even after the product has lost market exclusivity. Continue reading
According to a Cutting Edge Information study, attaining favorable Medicaid pricing remains a key factor in life science companies’ market access preparations. Broadly, government payer acceptance often sets the precedent for whether private payers will reimburse company products or not. Unsurprisingly, private payers are less likely to support products that fail to meet government approval. As one market access advisor explained, “Failure to receive Medicaid coverage is like a kiss of death for company products.” Subsequently, market access teams work diligently to ensure that drugs attain Medicare and Medicaid reimbursement. Continue reading
The key to managing payer relationships lies in Thomas Jeffersons old adage: “I am a great believer in luck, and I find the harder I work, the more I have of it.” Like Jefferson, managed markets account managers must make their own luck when they meet with payers by preparing beforehand. Continue reading
In this era of increasing healthcare spending scrutiny, the onus is on managed markets account managers to deliver a persuasive payer value proposition. In meetings about formularies, payers will want to see not only product efficacy but also health economics data and comparative effectiveness research (CER). These value propositions require a great deal of scientific expertise, and this is where medical science liaisons (MSLs), health outcomes liaisons (HOLs) and managed care liaisons (MCLs) come in handy. Continue reading
Working with payers and hospitals in order to maintain profitability is a key role for managed markets groups and the account managers responsible for these contacts. Payers are becoming increasingly interested in data that demonstrate the efficacy and value of products to their patients. And in this case, a company’s pharmaceutical reimbursement strategy can be informed by something as simple as the favorite snack of a little bear from the Hundred Acre Wood. Continue reading
A common theme running through a lot of what we at Cutting Edge Information learn while conducting research on the pharmaceutical industry is the need for more consistent and productive communication between internal groups, ranging from regulatory affairs and clinical development to marketing and medical affairs. However, simply saying “communicate better” falls far short of actually helping companies operate more efficiently. A framework needs to be in place that allows for such communication. Groups also need to be reminded of the value of working closely with other parts of the organization for the greater good. Continue reading
The healthcare marketplace has seen seismic shifts over the past five years. Austerity measures have strained the reimbursement climate in many EU countries and driven government payers to scrutinize every new drug as never before. Healthcare reform in the United States has the potential to add coverage for 30 million uninsured Americans. As a result, pharmaceutical companies are working even harder to gain favorable formulary placement with private payers. Continue reading
As payers demand ever-increasing evidence of product efficacy and cost effectiveness from the pharmaceutical industry, managing relationships with them is growing in strategic importance. As a result, account managers dedicated to delivering the right kind of data to payers are becoming more vital. What do pharma companies need to do to maximize this interaction? Continue reading