Bringing Market Access into Your Pharma Business Plan
Gone are the days when all a pharma company had to think about is the safety of its product to gain market access. Competition from companies who work in the same therapeutic area, focus on keeping the cost low, and the emergence of health technology assessment (HTA) has made it rather difficult for businesses to […]
Gone are the days when all a pharma company had to think about is the safety of its product to gain market access. Competition from companies who work in the same therapeutic area, focus on keeping the cost low, and the emergence of health technology assessment (HTA) has made it rather difficult for businesses to gain market access. Therefore, it has become critical for every pharma company to embed market access into its business model.
The ‘Awe-Factor’ in Market Access
Market access is one of those phrases which is used in everyday business, yet is quite tough to define. Perhaps this is one of the reasons why many are in awe of this concept. Simply put, market access is about:
- Taking the value of your product to customers who influence its sales
- Building a congenial healthcare environment to position your product
- Understanding the impact of your product on wider healthcare market
Thus, what market access does is bring the right data together and communicate it to the focused customer group. It is also about taking the needs of your stakeholders into consideration and developing messages which will boost the chances of your product’s success. Once all these factors are taken care of, it becomes rather easy to obtain market access promptly.
Through higher segmentation of market types, adoption of engaging models to connect with consumers, and sophisticated go-to-market models at the local level, market access has synchronized public health, sales, and customer needs in a seamless manner. Often there is a gap between the knowledge of market access and pharma business plan, which is why organizations fail to leverage their products in the right fashion. Thus, there is a need to bridge the gap between market access information and your pharma business plan.
Infiniti’s Take on Inculcating Market Access into a typical Pharma Business Plan
One major issue with the majority of the pharma business plans is that it fails to integrate market access professionals with its various work functions. Often regarded as the bearers of bad news, market access leaders are not kept in the loop with business strategies. Thus, to power your pharma business plan with market access, the following steps needs to be taken:
- Regular involvement of market access experts to improve the commercial value of the products
- Align business strategies with hands-on information gained from the end consumers of the products
- Regular interaction between senior executives of the pharma companies with their peers in HTA, insurance sector, and policy makers.
It is high time that organizations realize the importance of inputs from market access teams to build successful product launch and product renewal strategies.