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Key Factors Affecting Market Access

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There are a number of factors that determine market access for pharma companies. Here are some of those factors: Expiring patents, rising costs Market access can look gloomy these days, especially in the USA, as reform is upon the horizon here. There is too much uncertainty in Europe, this is pertaining to regionalization in countries like Spain, Italy and Germany which present additional hurdles. Co-payments are surging in the USA, and payers are demanding more and more evidence of access effectiveness. Drug costs are also rising. 40% of all drugs in the development phase are expensive compounds, like biologics, with many of these drugs in oncology. Payers need to find some way to manage that, and market access solutions can help. Payer Categories Payers cannot be put into one particular box; however, payer segmentation is possible where, they can be categorized into a number of management philosophies. There are the health economies such as Canada and the
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Challenges Associated with Market Access

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The barriers that exists to market entry will often vary from one product to another, however, there exist some general challenges that are common to all products. These challenges that are indicated through the field-based research, will need customized and detailed responses and will be driving your marketaccess strategy . Here are some common field-based challenges associated with market access strategy: Securing funds for a pharmaceutical product Securing fund for a product that is still awaiting review by HHS Ensuring an effective implementation of HHS guidance Ensuring that the HHS has sufficient financial and/or service plans to support managed entry of the new product(s) into the market Lack of appropriate clinical demand having an impact on the funding for the pharmaceutical product Here is a simple guide to creating a good market access contact strategy: Start with mapping the local environment and understanding it – local processes that are in
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Benefits of Using Market Access Analytics

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In today’s modern market, having a one-size-fit-all approach to marketing isn’t the best most situations. The customers today are empowered, and if they are unhappy with a certain brand, they will easily flock to the competitors. This often results is the loss of that customer along with their friends and family members. As a result, businesses can’t possibly afford to ignore the need to know their individual customers in a better way. Efforts must be put to know the customers in as good way as possible. It’s the organizations that have the capability to turn big data on customers into intelligence with market access analytics who lead the race to attract customers and retain them. Here are the benefits of market access analytics: Gain a complete view of customers across multiple channels. There is an explosion of multiple channels facing the marketers today, and this benefit cannot possibly be overstated – kiosks, partners, call centers mobile, social media, e-
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Why is contract analytics so important?

Contract analytics is believed to have a great impact in the procurement process over the coming years. And even though the value of analytics in procurement is being realized, very few of CPOs are actually using them to drive decisions. Contract analytics can help provide insights into the supply chain lifecycle, thoroughly. Here are a few areas where contract analytics can make a difference. Cycle Time Visibility There is a lot of pressure on enterprise companies to improve efficiency. In order to stay competitive, the cycle times has to be reduced. And where can such efficiencies come from? Not even 5% of contract cycle times are related to performing any tasks. More than 95% of contract cycle times could be attributed to the non-productive delays such as duplicating work, waiting for approvals, and unnecessary repetition. Contract analytics can enable you to discover opportunities and identify inefficiencies, by providing transparency into each stage of contract lif
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How to Conduct Customer Segmentation

The purpose of performing customer segmentation analytics is to examine the people who are most likely to show interest and purchase your products and services. Brands can identify and group the customers according to their needs and preferences. Understanding the motives of consumers behind purchasing different products, brands are able to build their businesses around providing suitable solutions to the customer’s needs. Identify Your Customers There are a variety of ways to identify your potential customers and various research methods can help you achieve the best results possible. It is crucial that you gather all the information that is available, without considering any information to be irrelevant. Details such as gender, age, demographics, psychographics, and location, all are important, and so are your customer’s interests, other brands and products they like, and so on. Run survey, talk to them about their needs and preferences to get an in-depth knowledge. If yo
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