Market access refers to the challenging process that pharmaceutical and biotechnological companies have to go through to ensure their products are firstly made available across the world in as many countries as possible and secondly; that these medicines are then actually reimbursed and made available to the very patients who need them and will benefit the most from them.
In an ideal world market access would be a straightforward process following the simple equation of demand equals supply but in our modern society ruled by Government policies and spending controls, it is a complex and protracted process. Here in the UK with cash-strapped local authorities understandably desperate to slash their drugs budget – the daily news is full of frustrating stories of how new, hi-tech but expensive medicines and treatments trail-blaze onto the market only to risk ending up like a damp squib when they cannot be funded for patients or only funded to patients living in certain areas.
Market access, in part, depends on NICE guidelines with NICE standing for National Institute of Clinical Excellence. This UK governing body can literally hold the purse strings in deciding whether a new medicine/treatment is “cost-effective” and therefore sanctioned to be reimbursed by the NHS when it is prescribed to patients.
This means that pharma and biotech companies spend a great deal of time gathering data that backs up the efficacy versus cost-effectiveness of their lotions, potions and pills because this health economic impact needs to be presented as convincingly as possible to NICE so their products can be sanctioned. It is essential to get the pricing structure right so that drugs are profitable enough to be manufactured yet priced competitively enough to maximise market access. So how can this whole market access process be expertly navigated?
Market Access Consultancy Services
A market access consultancy offers their services to those responsible for the pricing and reimbursement of pharma and biotech products and doesn’t just cover the UK. No matter whereabouts in the world your pharma or biotech company is located and the regulations or obstacles you may be facing; a good market access consultancy will support you in solving your pricing and market access challenges to improve patient access to your products.
So what DO you need to look for?
If you are a pharma or biotech company looking to launch a product on the market with commercial success then you need a market access consultancy service that has the expertise to advise and provide training in order to:-
– Carry out health technology assessments
– Determine market access viability for your product
– Ensure the optimum price for your product via payer-focused pricing strategies
– Work with you whether you are regional to the UK or global
– Display knowledge of the relevant countries healthcare systems
– Understand payer negotiation tactics
– Managed entry agreements
– Gather the right evidence to support pricing and market access at product launch
The services of a market access consultancy such as remapconsulting.com can prove invaluable for helping you with the whole process of presenting the case for your product; providing the best chance possible for it to be heard and won through ultimately providing the necessary training for you to secure your product pricing and reimbursement.
This means that your drugs can then prescribed, with commercial success, to treat patients and in many cases will extend and even save lives – a win-win for both the company that makes them and the patients that take them.