Market access has gained considerable attention worldwide as countries try to contain their escalating healthcare expenditures amidst the global economic slowdown. This has resulted in governments adopting stricter measures for new product approval. Thus, healthcare companies are finding it increasingly difficult to successfully address the specific challenges posed by various government and regulatory agencies and stakeholders.
There is a need to convince national and regional payers to commission new healthcare products, particularly when the pharmaceutical product is expensive and for an orphan indication or for medical devices/diagnostic procedures where the cost-benefit to overall service provision is not always obvious.
An increasing need exists to establish market access functions, especially in emerging markets, where the complex, dynamic healthcare landscape confounds product approval and uptake. Moreover, emerging markets are the engines of growth today; thus, performing in these markets is critical for the majority of pharmaceutical companies.
To address the challenges posed by regulatory agencies and diverse stakeholders, a customized market access strategy is required. A market access framework with specific tools and tactics will help companies to plan, implement, and monitor stakeholder engagement activities.
While other agencies now offer “market access” as part of their overall service provision – they often misrepresent what market access is – mistaking the term for clinical engagement, public lobbying or general marketing activities.
Nascent Medical goes beyond this by targeting the exact requirements of commissioning bodies and addresses a specific weakness in corporate field activities where it has been widely seen that market access teams lack the training and resources to carry out effective payer negotiations.
Have you asked what your Value Story is? Let our team at Nascent find yours…