What do you mean by market access in healthcare?
Market access is a process of preparing a new drug/therapy/technology for entry into a market after through study or research of patient access rate, market share, comparative price study, reimbursement and ROI.
Is market access different from marketing?
Yes. Marketing is concentrated along the features and benefits of a drug. Whereas, market access in the pharma industry has a broad focus. From creating value, cost-effectiveness to ensuring positive outcomes, market access experts are also involved in payers and reimbursement negotiations.
What are the functions of market access?
Market access experts perform various functions:
- Health Economics and Pricing
- Value creation, identification and communication
- Drug/device market sizing research
- Healthcare environment assessment
- Pricing & strategic market access support
- Analyzing payer behavior
- Negotiation with payers
- Mapping competitor pricing
- Implementing a robust market access strategy
Why do you need a successful market access strategy?
A well thought market access strategy ensures quality and cost-effectiveness, so that the drug or therapy is well received by patients, payers and policymakers. A successful strategy helps provide true value of the product, its benefits, competitive pricing with adoption & acceptance by all stakeholders. Successful market access strategy also allows smooth patient access where the drug is made available to the patient who really needs and can benefit from it.
What are the benefits of market access strategy?
A strong pharmaceutical market access strategy helps in optimizing patient access by aiding in affordable and timely delivery of drug/treatment/therapy. A well planned and executed strategy ensures successful commercialization and helps in increasing revenues of the organization. It also helps in enhancing the true value to the stakeholders and helps build strong relationships between stakeholders. A robust market access strategy ensures regulatory compliance, competitive advantage, smooth product launch and long-term growth and market penetration.
How does market access ensure adequate funds for healthcare treatment?
Market access experts bear the responsibility of providing rapid and economic treatments. They help generate data, communicate and negotiate with payers (private & public, insurance organization and government agencies) for adequate funding and reimbursement. They help pharma organizations to gather real-world evidence, conduct clinical trials and health economic analyses that supports the value proposition of treatments and justifies reimbursements and fundings.
Market access teams also prepare Health Technology Assessment submissions that primarily support the value of treatments and are actively involved in negotiating favorable pricing and reimbursement terms with payers.
They also actively engage with patient advocacy groups, policymakers, and healthcare providers to raise awareness of the value of treatment and advocate adequate fundings.
Finally, the market access team is also responsible for smooth launch and post-launch activities. They monitor the treatments’ real-world effectiveness and make sure that appropriate funds are allocated to support patient access.
