Omni Know-How
March 19, 2024
Payer communication is pivotal in shaping access to medications and treatments in the dynamic healthcare landscape. Market access strategy and execution are linked to the success or failure of a product launch, with half of failed launches being attributed to limited market access. But what exactly is market access, and what does it entail?
The foundation of market access lies in a company's ability to demonstrate the clinical and economic value of a medication or treatment, align with various healthcare stakeholders, and ensure affordability and timeliness of treatment for appropriate patients. Providing payers with the information necessary to make formulary decisions is critical to ensuring that patients can physically get access to the products they need.
Traditionally, pharmaceutical companies have relied primarily on face-to-face interactions. However, there is an increasing need to communicate complex and multifaceted data to establish a product's value for market access stakeholders. As pharmaceutical companies strive to enhance their engagement with payers, digital strategies are becoming increasingly critical.
Digital engagement tools can provide tailored communication and enhance collaboration between pharmaceutical companies and payers. These tools will help field teams focus on specific payer needs and complement complex data-driven faceto-face interactions. The right tools can allow an engagement to continue after the initial meeting and also track the outcomes of the exchange.
Pairing account managers’ knowledge with insights from payers about how they prefer to receive information and what types of information they seek from pharmaceutical companies can establish a continuous feedback loop to inform and improve ways of communicating with payers. This ongoing digital evolution of payer communications is paving the path for omnichannel engagement of market access stakeholders.