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5 Tips To Solve Market Access Challenges In Life Sciences

Market access challenges are different nowadays. They are now a complex process that Life Sciences and MedTech companies go through to get their medicines or medical devices on the market to benefit potential patients and market access stakeholders. Entering the right market the right way is critical to field-facing market access teams. Still, it requires effective coordination of a complex web of activities with both internal and external stakeholders. It has become more difficult to get pharmaceutical drugs accepted for reimbursement by authorities. Read on to learn which 5 major areas of the Life Sciences Industry are crucial to solving market access challenges.

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1. MITIGATE THE CUTS IN HEALTHCARE BY OFFERING BETTER VALUE FOR COST

Over the past decade, market access has become crucial to the Medical Devices market as more medicines and MedTech products are becoming expensive. Due to the cuts in healthcare, governments, and healthcare systems are finding it hard to pay for these drugs.

Market Access teams and KAMs are hired by the Pharma and MedTech companies to represent their new product and present these new drugs and medical devices convincingly in order to achieve the best possible results. Market Access teams and KAMs must prove the economic value of their products by offering lower cost for value, demonstrating lower overall treatment costs, and reducing any additional potential costs. Delivering a price that does not match the asset’s value by the stakeholders in the organization can be a deal-breaker.

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2. Gain the trust of the relevant stakeholders

Without the trust of the stakeholders, the Pharma and MedTech companies will fail to carry out the goals of their organizations. Knowledge is a vital component when developing credibility and trust with the stakeholders.

The goal is to create a collaborative relationship with them based on the development of value propositions that address the needs of policymakers, patients, and payers all in one. A fundamental of Key Account Management is creating long-term consultative relationships with customers. Researching the customer’s challenges and engaging in non-branded discussions will aid in building trust with stakeholders as well. There is a clear need for full commitment and implementation of KAM strategies in market access.

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3. Navigate Your Stakeholders with Care

Over the past decade, market access has become crucial to the Medical Devices market as more medicines and MedTech products are becoming expensive. Due to the cuts in healthcare, governments, and healthcare systems are finding it hard to pay for these drugs.

Pharmaceutical and biotech companies need to prove that their drug/ medical device meets the services and demands of the patient population and aligns with the stakeholders’ goals.  However, if the demand for a medical product isn’t aligned with the stakeholder’s needs and priorities, their listing will not be approved.

The growing need to research and understand large groups of stakeholders aligns with a key account management strategy. For KAM teams to succeed, they must avoid leaping into a sales pitch. Instead, they should take a step back and spend time researching and engaging in discussions with internal and external stakeholders to understand their actual, immediate, and long-term needs. Only then will they be able to offer a mutual value proposition to customers.

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4. Pay attention to the Influence of The Payers

The payer’s responsibility is to ensure that your product meets the healthcare demands. Due to the increasing influence of payers, manufacturers are pressured to work in a challenging pricing and reimbursement environment. The physicians’ decreased influence no longer supports the cost-sharing responsibility with pre-components (quality, cost, and access) properly, resulting in a fixed budget for subscriptions and patients.

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5. Do Your data research the Right way

A fundamental objective of gaining market access has always been about securing the right product for the most suitable patients at the right time. This still stands, however, the Life Sciences and Biotech companies need to provide the data to the right market access stakeholders and communicate their products with the right message. . The data needs to outline the impact of the medical drug on patients and whether the patient’s exercise level or diet would be affected by the product.

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