CHAPEL HILL, N.C., June 1 /PRNewswire/ -- Companies invest hundreds of millions of dollars to develop new drugs, and they face countless hurdles in bringing these new products to market.
To capitalize 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, payer groups represent pharma's largest revenue base, and earning a favorable formulary tier position with a single large carrier can open the door to millions of dollars 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 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. Also, savvy Managed Markets market research groups provide vital insight and knowledge of the ever evolving Managed Markets landscape.
A new 64-page report 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.
Among the topics examined are:
- Structure and organizational fit of function
- Major pre-launch objectives for Managed Markets Market Research
- Most effective activities for accessing hard-to-reach channel partners
- Primary drivers of Managed Markets Market Research activities
- Most critical pre-launch study types
- Trends in staffing and focus
- Advantages of dedicating resources for the function
- Use of performance warranties
- Job level of function's leadership
- Key roles and responsibilities
- Timing of key activities
- Best practices
- Pitfalls and Lessons Learned
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/rr1001.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