In the life of a prescription drug, success hinges on market access.
One of the biggest challenges pharmaceutical and biotechnology manufacturers face is ensuring they can bring the right treatments to the right patients for the right price. That process, known as market access, requires careful planning and execution. A sound market access strategy can bring it all into focus.
What Is Market Access Strategy?
Market access is a complex process that takes multiple steps and a large allocation of resources to properly navigate. In fact, it can take up to $1.5 billion to complete the research and development necessary to bring a new therapy to the market.
Market access strategy involves generating critical data, ranging from market information and pricing to patient utilization, and communicating that data to the appropriate parties, including both private payers and government programs.
For manufacturers, pricing and reimbursement rates are a vital component of any market access strategy, as they have a profound impact on revenue and, of course, profitability. Manufacturers must find the right balance in pricing, so that drugs are appealing to insurers, both public and private, while still remaining profitable throughout their lifecycle. Arguably, lower drug prices might mean greater adoption by insurers, while higher prices might prevent patients from being able to afford and purchase drugs. Read more >>