In today’s healthcare environment, assessment of payer landscape has become extremely critical to success. Pharmaceutical companies need to create an effective approach to deliver economic and clinical value to gain approval from payers. For this, pharmaceutical enterprises have to go through a segmentation process to understand payers’ behaviour and values to obtain a direction to see where the payer’s preferences are moving. The payers’ perspective may differ according to the type of offering that is presented. Some payers have a narrow cost-based approach, while others have a more open view about the value of a drug.
There are several common aspects which are important for payers: the rising cost of a drug is one of the main factors; this is why payers prefer to be able to forecast their budget for cost-containment strategies. Other aspects include payer’s preference for comparative clinical data and to get support from pharmaceutical companies especially when new technologies are being implemented such as through risk sharing agreements.
Research on payer landscape is necessary to understand the payer’s scheme for the formulation of an effective strategy to attract the right service providers. This implies screening payers and service providers to identify potential market opportunities and to be able to recognise their requirements and preferences to build along-lasting relationship. It is also important to keep track of changes associated with new delivery methods, payer’s value drivers and healthcare reforms as this may have an effect on the product’s life cycle.
Payer research also involves appropriate Key Opinion Leader (KOL) management. KOLs have a unique credibility because of their knowledge in the pharmaceutical industry and years of experience. KOL management is based on the understanding of the KOL’s abilities and development objectives to ensure mutual engagement and support for the launch of a product in a specific therapeutic area. This way a new drug can acquire sufficient awareness and easy access to the market in a reduced time frame. It is also important to consider message testing and development of value propositions to payers. Testing of key messages is done through advisory boards and interviews, which consists of developing answers to both quantitative and qualitative questions related to the product. This helps a company create a targeted value proposition to match the payer’s needs and requirements.
Our services include:
- Payer segmentation
- Payer perspectives and value drivers
- Critical pathway and landscape assessments
- Payer and KOL engagement
- Value message development and testing