Today, successful product launches are essential. Pharma companies have limited opportunities to introduce new products, and there is little room for error. This is because if a launch fails, it is often difficult to recover from it. Pharmaceutical market access plays a vital role in a successful launch, ensuring pharma products are available at reasonable costs.

Find out why good market access pharma strategies are important:

Common gaps in market access strategy

Pharma companies rely too much on historical data and focus solely on "successful" analogs, which can be highly limiting. They might set high-level access goals like matching the competitor’s access without addressing the specific steps needed to achieve them. The approach can lead to last-minute scrambling and general confusion after a product launch.

Instead, pharma companies should ask themselves where they can realistically gain access. They can identify which payers and geographies are likely to be receptive. Additionally, it is vital to consider whether individual payers are open to granting access to a new drug product. Finally, companies must assess what is needed to secure access, be it through rebates, unique clinical data, or more choices for patients covered by the payer. Setting overly optimistic expectations about the speed at which access will be granted can only cause disappointment and operational challenges.

How market access strategies can close these gaps

A common practice that companies should begin to follow should be understanding the market landscape. It includes identifying which brands are currently available, assessing their coverage and analyzing the impact of payer access. Access strategies can be enhanced by focusing more on the predictable aspects of various payer segments when developing tactical access action plans.

In several therapeutic markets, payers tend to be consistent in their requirements for granting favorable access, whether it is based on clinical uniqueness, health-economic data, or rebates, as well as the likely timeframe for a new drug to secure access. Furthermore, companies must ensure alignment among different internal teams. For instance, the brand team should be involved in prioritizing and segmenting payers, while the forecasting team needs to account for the impact of access on brand projections. Based on the anticipated level of payer control, the finance team should calculate rebate levels that maintain profitability.

Key to a good market access strategy

A key point to remember is that an effective access strategy is not just about achieving the highest possible level of access but about maximizing profits. Additionally, a successful market access strategy must be tactical, considering various factors such as geographies, payers, messaging, and tools to secure access effectively. It is crucial to note that payers exhibit consistent behavior patterns across different markets, which allows the access strategy to be data-driven and grounded in quantitative analysis.

In addition, proper stakeholder involvement is paramount. It helps the company evaluate the level of access they can gain. Pharma marketing can further assist market access strategies to make products reach the right audience easily. Thus, pharma companies are encouraged to consult organizations with expertise in pharma marketing campaigns.