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, Managed Markets Market Research: Effective Structures & Activities for Gaining Maximum Payer Access & Insight, explores the proven strategies that best-in-class companies have mastered. With a benchmark class that features Abbott, GSK, Johnson & Johnson and Novo Nordisk among others, this research examines dozens of Managed Markets market research activities all of which help companies meet new regulatory and legislative challenges and build fruitful relationships with key decision makers at large payer organizations.
To download a complimentary study excerpt, or to view a sample of key topics and study findings, go to: http://www3.best-in-class.com/rr989.htm .
ABOUT BEST PRACTICES, LLC
Best Practices, LLC serves 48 of the world's 50 top pharmaceutical companies. For 17 years, we have conducted 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.
SOURCE Best Practices, LLC
|SOURCE Best Practices, LLC|
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