Using the Market Research Function to Create Success in the Critical Managed Markets Sector

CHAPEL HILL, N.C., June 4 /PRNewswire/ -- Winning approval to market a new drug therapy represents the culmination of years of research and development activities and the investment of hundreds of millions of dollars. Yet, there can be no marketplace success without winning the support of commercial and government payers in the highly influential managed markets sector.

Biopharma organizations rely on the market research function to produce the managed markets insights needed to articulate a clear medical or economic advantage for their products and to gain access to key decision makers within managed markets organizations.

"Managed Markets Market Research: Effective Structures & Activities for Gaining Maximum Payer Access & Insights" is a new data-rich study recently published by Best Practices, LLC. The report examines issues around the structure, staffing and activities of the market research function serving the managed markets group. To download a complimentary report summary, go to http://www3.best-in-class.com/rr1004.htm.

By anticipating payer attitudes and behavior early 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.  

The 60-page study confirms that payer advisory boards can be highly effective for gathering managed markets insights, but organizations need to use innovative strategies to overcome some inherent limitations.

Advisory Board Limitations:

• The same few people frequently serve on the boards
• There is insufficient diversity among board members
• Some important payers strictly prohibit participation

This study, which features 400-plus metrics and 30 narratives, is based on an analysis of survey results and interview content collected from 11 participating companies including Abbott Labs, Alcon, Amgen, GlaxoSmithKline, Jazz Pharmaceuticals, Johnson & Johnson, Novo Nordisk, Sepracor, Solvay, Ther-Rx and Xanodyne Pharmaceuticals.

Best Practices, LLC initiated this research to assist leaders of market research and managed markets in identifying tactics and success factors for understanding and satisfying the needs of third-party payers.

To learn more about this report, including information about the research participants, key findings and sample best practices, please download a complimentary excerpt and study overview at: http://www3.best-in-class.com/rr1004.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