Market Access Solution
As a player in the healthcare industry, market access solutions play a critical role in ensuring the success of your new product launch. You could also be benefited with excellent insights and great distribution techniques if your market access strategies are effective and efficient. One of the main challenges that affect your market access is the generic vs brand differential which has doubled in two decades. This has led to restricting quite a few drugs from the market, which in turn has affected brands that have launched new products. Only 10% of these brands have been able to attain close to 5% of market share after launching their products.
Why is market access so important?
Before we understand the market access solutions that are deemed to be necessary in the present times, it is important to know why market access is important.
Healthcare costs are soaring with new brand entrants, and technological advancements, which has also led to introduction of new therapies. The idea is to make sure the new products being endorsed have the potential to meet the new patient demands, and are efficient in their methods. The patients are more educated than before, require effective medicines, and are willing to pay only if their demands are fulfilled. In this changing dimension, healthcare industry needs to operate functional strategies that can strengthen their market access by offering value through new products, and creating the right awareness among the payers and the patients.
Your market access strategy is no longer a second thought or, something you can plan later in the product endorsement. You will need to think of market access at the time of product launch to be able to maximize your gains from it.
The whole idea is to ensure a doctor or anyone in charge of prescribing the medicine actually prescribes it, and the patient feels he/she has received value from the medicine. The idea is to convince the patient in the wake of someone putting a stop to the endorsement, and someone else supporting the endorsement.
Developing good market access strategies
With market access at the core of your new product launch, you will be able to deliver value to the end users as well as the prescribers of the product
- You will need to understand the needs and the drivers of the different people who are concerned, directly or indirectly with your product
- The patient and prescriber needs constantly change; you will need to keep an eye out for these changes, and make sure you incorporate them in your market access solutions
- You will need to do an analysis of the cost impact vs benefits of the product locally to help people understand the value they will get from the product
- Willingness to pay should be a factor considered early on, and you should depend on the technical performance of the product to target this willingness.
Market access is a major push to distributed decision making, which is the premise on which healthcare industry functions. D cube offers healthcare analytics solutions that helps improve stakeholder insights, and gives the healthcare industry an idea on how the stakeholders will react to a product launch. This helps deliver appropriate market access strategies that can convert into efficient customers.