Today, everybody in the industry talks about Market Access, its critical importance and difficult challenges.
But what Market Access really is?
A decade ago, Pashos et al. proposed a simple definition: "The process by which a company gets a drug to market so that it becomes available for patients."
In a nutshell, this is it. But, perhaps we need to expand a little on this.
At PharmExpand, we define Market Access as follows:
Market Access is a multidisciplinary and long-ranging process by which a biopharmaceutical company gets a drug to market so that it becomes truly available for patients.
It does so by demonstrating value, justifying pricing and obtaining reimbursement in a stakeholder-tailored approach.
For us, a few words are really critical
Multidisciplinary: Market Access is not the issue for one function or one department. It's a corporate-wide task.
Long-ranging: Oh yes, it's something that you must plan way ahead of launch and tackle at least from Phase II onward.
True availability to patients: Today, it goes without saying. Gaining a marketing authorization is anything but sufficient to make your innovative product used by patients.
Demonstrating Value: To achieve that, one must understand what value truly means and for whom. Value is something you see when a transaction occurs. Everything else before or after the transacation is just theoritical. For a transaction to happen, the relevant stakeholders must be convinced that the offer is worth more than what they might sacrifice in return for the product or service.
Stakeholder Tailored-Approach: Because we deal with several stakeholders in our pharma business, namely, regulators, health care professionals, payers and patients, needs and wishes of all of them must be met for a transaction, or sales, to happen. This is why, for a single product, we will need to develop and articulate Value Propositions specific to each critical stakeholder.
Developing a comprehensive and powerful Market Access Strategy
Using PharmExpand's Value Proposition Framework, we will help you develop a comprehensive and powerful Market Access strategy
We will help you:
- Identify the relevant stakeholders for your product
- Understand their needs and wishes
- Develop a Target Value Profile
- Determine the evidence needed to satisfy the requirements of the critical stakeholders
- Build your plan to communicate the compelling value of your drug to those stakeholders
Our job will not to do yours, but rather to guide you through the process, so that you can deliver Value to your Customers.