New Paths to Blaze and New Commercial Models to Embrace in the Bio-pharmaceuticals industry.
The metamorphosis continues. Across the world, biotech, biopharmaceuticals, generics and the increasingly complex web of providers and payers are continually exploring new possibilities to engage patient populations and reinvent themselves as innovators and agents of change. It was a long time in coming but the identification of the critical success factors for successful commercial excellence, and the operational “levers” required to implement lasting change are finally coming into view.
There are several considerations for achieving commercial excellence like:
Understanding Stakeholder Landscape
As the healthcare market continues to evolve, the stakeholder landscape is also shifting. Understanding the elements that shape this landscape is a key factor to shaping your commercial models.
Traditionally prescribing power lay with individual physicians. Decision making power has now shifted to payers & patients and healthcare outcomes are increasingly become a priority. The role of physicians in decision-making is influenced by payers and patients who decide what offers the best value for their money, in terms of a positive improvement in health outcomes or concrete economic benefit.
Stakeholder Value Drivers
The increased influence of different stakeholders means that pharma and medtech companies must consider what drives value for all stakeholders.
In this new landscape, payer priorities shift from product launch to examining specific health interventions, from not only from a medical perspective but also on the economic and moral implications too. Payers need data to approve safety of the drug but also show the impact/effectiveness it is has on its patients.