Pharmaceutical Market Access Strategy
With healthcare becoming a priority for governments in several countries, the pharmaceutical industry seems to have a bright future. However, due to the rising healthcare costs, payers are demanding insights into a new drug’s cost-effectiveness compared with alternative drugs and generics. Consequently, pharmaceutical companies are under the need to revamp the way they develop and market drugs. As such, leveraging pharmaceutical market access strategy is becoming imperative for pharma companies during the early stages of drug development in order to tackle the market access related-issues.
The client is a pharmaceutical company based out of Germany.
Our client, a pharmaceutical company, wanted to expand their operations to the United States. However, the client noted that market entry to the US pharma industry was highly challenging due to the need to accommodate rising costs and the proliferation of competing drugs in the same therapeutic areas. In addition, the growth of the generic segment and the advent of biosimilar drugs in the United States were increasing challenges for the company.
As the client had already failed in their attempt to launch a new drug in the US market, they did not want to take a chance. They approached the experts at Infiniti Research during the early stages of drug development to leverage their expertise in offering pharmaceutical market access strategy.
With Infiniti’s pharmaceutical market access strategy, the client also wanted to:
#1: Gather insights for the R&D team
While developing a new drug, there are numerous factors that need to be considered by the R&D team. The R&D team must determine if the amount invested in drug development is worthwhile. Also, the team must ensure that newly launched drugs easily clear clinical trials and are capable of surviving competition from other branded drugs or generics. In addition, as the clinical pathways and treatment models change very frequently in the US, it is crucial for pharma companies to gather comprehensive insights into the market landscape and competitors before advancing pipeline drugs to the next level. With Infiniti’s pharmaceutical market access strategy, the client wanted help in gathering insights into healthcare needs in the US and develop drugs accordingly.
#2: Gather insights for HEOR (Health Economics and Outcomes Research) and marketing team
As value-based reimbursement was gaining more traction in the US healthcare system, the HEOR team in pharma companies are compelled to develop a sound product commercialization strategy in comparison to their competitors. Also, the team must evaluate the potential for a new drug in the market for the coming years. The client’s HEOR teams wanted help in developing a sound product marketing strategy that will aid their drug’s market access and commercialization goals. Therefore, with Infiniti’s pharmaceutical market access strategy, they wanted to thoroughly analyze the marketing and sales strategies of the top pharmaceutical companies in the US. In addition, by leveraging Infiniti’s pharmaceutical market access strategy, the client wanted to understand the marketing channels to focus on to reach their end-users.
#3: Set a sound pricing strategy
As pharma companies in the US were no longer the sole decision-makers when it comes to setting drug prices, they were compelled to consider payers’ opinions in order to achieve optimal commercial success for their drugs. With Infiniti’s pharmaceutical market access strategy, the client wanted to analyze the different pricing strategies in the US pharmaceutical industry and set the right price for their new drugs.
As a part of the pharmaceutical market access strategy, the experts at Infiniti Research conducted a product research engagement. In this phase of the pharmaceutical market access engagement, the experts helped the client to analyze the complete product development lifecycle, trade-offs, and gather insights on product-specific revenues to boost value proposition.
The next phase of the pharmaceutical market access approach involved a marketing strategy engagement. In this phase of the pharmaceutical market access approach, the experts conducted qualitative and quantitative market research to help the client gather comprehensive insights into the market landscape and competitive landscape. Also, this phase of the pharmaceutical market access strategy helped the client to identify the best marketing channels to focus on to reach their end-users. Also, the experts helped the client to devise sound commercialization strategies to achieve huge success for their products in the US pharma market.
Our pharmaceutical market access approach also involved price analysis engagement, where the experts analyzed the payers’ opinions in the US pharma market and the top pharma companies’ pricing strategies. This phase of the pharmaceutical market access strategy helped the client to set the right price for their new drugs based on the market demand.
Infiniti’s pharmaceutical market access strategy helped the client to develop a new drug meeting the market demand and payer’s requirement. The newly launched drug cleared the clinical trials in the initial attempt.
The insights obtained from Infiniti’s pharmaceutical market access strategy also helped the client to devise a sound commercialization strategy for their new drug. Also, the experts helped the client in setting the right price for the product.
Within one year of new drug launch, the client was able to meet their revenue goal and enhance market share by 33%.