CHAPEL HILL, N.C., July 20 /PRNewswire/ -- Today's physicians are losing influence over patients' drug utilization decisions. Now, a large number of bio-pharmaceutical companies control the vast majority of prescription drug expenditures. Continued formulary access depends largely on a company's ability to evolve its MMMR (Managed Markets Market Research) structures to work effectively in the current payer-driven environment.
Best Practices, LLC initiated research to assist leaders of Market Research and Managed Markets in identifying tactics and success factors for understanding and acting upon the needs of third-party payers. A well-structured MMMR group facilitates a relationship between bio-pharma and third-party payers that offers competitive advantage to both parties.
Sample key findings that emerged from this research are the following:
- Don't Wait Until It's Too Late to Develop MM Insights: MMMR activities peak during Phase 3, though most benchmark partners are moving to push these into earlier phases. This may prove most viable for breakthrough medicines where pharmacoeconomic differences can be identified, and may prove less effective for me-too drugs, as pushing research earlier may give payers more time to develop strategies against undifferentiated products.
- Performance Guarantees/Warranties: Eighty percent of benchmarked companies have explored the concept of offering warranties, but most find their usefulness limited due to unpredictable patient compliance and complex Medicaid-related CMS submissions. The warranty concept seems best applied for novel drugs in unique therapeutic categories where Medicaid is not a major payer.
This report is based on an analysis of survey results and interview content collected from 11 participating companies including Abbott Labs, Alcon, Amgen, GlaxoSmithKline, Jazz Pharmaceuticals, Johnson & Johnson, Novo Nordisk, Sepracor, Solvay, Ther-Rx and Xanodyne Pharmaceuticals.
A Report excerpt, "Understanding Managed Markets: Effective Market Research Structures & Activities to Maximize Payer Access & Insights", is available at http://www3.best-in-class.com/ or copy and paste the following URL in your browser http://www3.best-in-class.com/rr983.htm
For more information, on Best Practices, LLC's research and services, contact Cameron Tew, Executive Director at Best Practices, LLC at (919) 767-9246 or firstname.lastname@example.org.
ABOUT BEST PRACTICES, LLC
Best Practices, LLC, conducts work based on the simple yet profound principle that organizations can chart a course to superior economic performance by studying the best business practices, operating tactics and winning strategies of world-class companies. Best Practices, LLC has been a leader in pharmaceutical research and consulting for nearly 15 years; our clients include 43 out of the top 50 pharmaceutical companies.
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