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New Research from Best Practices, LLC can Improve Formulary Access and Product Placement for Biopharma Companies: Managed Markets Market Research
Date:2/18/2010

CHAPEL HILL, N.C., Feb. 18 /PRNewswire/ -- Companies invest hundreds of millions – and occasionally billions – of dollars overall in developing new drugs and face countless hurdles in bringing these new products to market.  To make good on these vast investments, successful companies must maximize product uptake across all customer groups: not only among patients and physicians, but also among government and private payers to win formulary access and improve product placement.  

In fact, these payer groups, who represent millions of individual consumers, compose biopharma's largest revenue base and earning a favorable formulary tier position with a single large carrier can open the door to hundreds of millions in potential revenue.

Companies face two main problems in gaining traction with large payer groups. First, since the market for most therapeutic areas and medical conditions is already crowded with similar treatments, companies must to be able to articulate a clear medical or economic advantage for their products.  Second, companies often struggle to gain access to key decision makers within the Managed Markets organization.

By anticipating payer attitudes and behavior early on in the product lifecycle, a high-functioning Managed Markets market research group can prove invaluable in setting clinical and commercial strategy.  In addition, savvy Managed Markets market research groups also provide vital insight and value by delivering reliable and actionable knowledge of the ever evolving Managed Markets landscape.  

A new benchmarking study from Best Practices, LLC,

SOURCE Best Practices, LLC
Copyright©2010 PR Newswire.
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