Transforming market access in pharma has been saved
Analysis
Transforming market access in pharma
How data and technology can address patient access challenges
Drug development costs and timelines have reached record-high levels, and pharma strategies in marketing are proving less effective against a variety of external pressures. Explore how to bring new therapies to those in need while balancing profitability with affordability solutions in pharma.
Developing affordable pharmaceuticals using data
Pharma marketing and sales leaders are up against rising costs for an aging population, variable use of step therapy from payers, the Inflation Reduction Act, and a shrinking prescriber workforce. It’s become harder to reach stakeholders, balance profitability with accessibility, and maximize product uptake through traditional means. How can pharma companies rethink their strategies to address patient barriers and communicate effectively with the broader marketplace?
Success may depend on using new data sets and advanced analytics to uncover patients’ social and economic challenges. Integrating affordability and access to data early can inform targeted decisions to bring new therapies to those in need.
Using data to identify opportunities
Pharma companies often lack visibility into patient needs due to indirect and regulated consumer relationships. This veil can hinder decision-making about pricing, education, and support services. It also hampers collaboration with prescribers. Prescription costs are a big concern since many patients use multiple medications, increasing their out-of-pocket expenses.
Therefore, pharma companies should consider patients’ overall cost of managing conditions to avoid pricing themselves out of reach. To promote conversations around access and affordability and help target messaging and support services, marketing leaders may need new tools that gauge affordability data and social risk factors early.
- One in five patients use at least five different prescription medications.
- Roughly 30% of Americans face choosing between basic necessities and medication.
Understanding patient needs to meet industry goals
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A broad range of data sets can inform targeting and resource allocation decisions:
- Patient financial responsibility data
- Patient clinical information
- Health plan details
- Socioeconomic data
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By shedding light on access and affordability dynamics, sales and marketing teams can achieve shared industry goals:
- Improve relationships across the ecosystem by proactively addressing affordability challenges
- Meet health equity demands by making products more accessible
- Generate more diverse and inclusive real-world evidence about drug safety and efficacy
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Enabling marketing transformation
To aid decision-making, sales, marketing, and market access, leaders must overcome limited access to essential data and insights.
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Gleaning insights from socioeconomic data sets
Although 80% of clinical outcomes are linked to non-clinical socioeconomic factors, the health care system struggles with collecting data on social determinants of health. While efforts are underway to speed up the collection of this vital data, pharma companies can leverage publicly available data, collaborate with payers and specialty pharmacies, or purchase proprietary databases to enhance their analytics.
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Understanding data usage parameters
Companies acquiring socioeconomic, formulary, and financial data must understand the rights and restrictions of using these data sets. Legal and technical teams should carefully review terms before committing to data partnerships. Additionally, companies must comply with regulations to avoid undue influence on consumers. It’s important for pharma companies to develop compliant strategies for navigating these issues and generating insights.
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Overhauling the decision-making process
Integrating patient affordability and socioeconomic data into commercial and market access decisions can address modern marketing and sales challenges, but the risk-averse pharma industry may not fall in line. To gain traction, leaders should consider highlighting the benefits to executives and demonstrate the value of combining affordability data with traditional analytics. Market access, sales, and marketing teams should collaborate to close messaging gaps with personalized communication. This effort can lead to precision-oriented activities that improve access and adherence to valuable products.
Improving connections with patients and prescribers
For future growth, pharma companies will likely need to connect with prescribers and patients on a personalized and socioeconomically sensitive level. They should also consider equipping their marketing teams with more robust, tailored strategies. The path forward includes introducing a wider data set variety into their decision-making. By aligning market access choices with financial data and innovative marketing strategies, pharma companies can better partner with the health care ecosystem—ultimately improving patient outcomes and experiences.
Getting started
How do you begin to effectively integrate data and technology to augment marketing strategies in pharma? Ask how we can help your business develop innovative ways to address patient access challenges.
To learn more about affordability solutions in pharma in the life sciences and health care industry, start a conversation.
Get in touch
Mark Miller |
Joseph Coppola |