As the pharmaceutical industry faces tightening regulations and pressures from commercial payers, companies must start early to position their drugs for success in a competitive market. Convincing payers and healthcare providers of the value of breakthrough therapies can be challenging, leading many drugmakers to consider coverage and reimbursement strategies as early as phase 1 of development.
According to a recent report from Norstella, a thoughtful market access strategy early in the development process is crucial for the successful launch of drugs, especially in a world of personalized medicine with multiple treatment options available. Real-world data and AI analyses are becoming essential tools in making a compelling case for new drugs, as payers increasingly demand evidence of a product’s superiority beyond clinical trial results.
Pharmaceutical companies are facing a tough market environment with factors like Medicare’s drug negotiation position and the actions of pharmacy benefit managers affecting pricing power. Commercial payers can leverage their position to force drug discounts, adding to the financial challenges faced by drugmakers. To navigate this landscape, companies need to adopt agile brand strategies to engage with payers, group purchasing organizations, healthcare providers, and other stakeholders effectively.
Evidence of a drug’s value must be strong enough to persuade payers, doctors, and other decision-makers, requiring a creative and comprehensive approach. Companies can differentiate themselves by providing educational support for prescribers and patients, as seen in the case of biosimilar manufacturers offering patient support programs. Leveraging real-world data and AI can help companies identify opportunities to make their products more appealing to healthcare providers and patients.
Starting early to position a drug for a successful launch is essential, with a clear strategy in place by the time of regulatory approval to meet the demands of payers and other stakeholders. This strategy should include robust evidence of the product’s value, extending beyond clinical trials to demonstrate the benefits and cost-effectiveness of the drug. By presenting compelling evidence to payers, providers, and other decision-makers, companies can increase the chances of a successful drug launch and market acceptance.
