As the cost to bring new therapeutics to the market continues to soar, it is more important than ever for Life Sciences companies to develop robust Market Access strategies. Mindy & Ryan are joined by Vynamic’s Raina Dhir and Maggie Gorman to discuss the criticality of Market Access in ensuring successful drug launches and how Life Sciences organizations can ensure they avoid pitfalls and are set up for success. There are many forces disrupting the Life Sciences marketplace that have led to increased complexities around bringing new drugs to market. Payors and Pharmaceutical Benefit Managers have undergone a period of marketplace consolidation, changing the structure of payments and formulary negotiations. We’ve also seen the emergence of larger ‘payviders’ – or integrated provider and payor groups – where the stakeholder is uniformly focused on cost-effectiveness. These payviders have rolled out prohibitive utilization management programs to curb spending on new therapeutics. Compounding this scrutiny on pricing is the increasing cost of specialty drugs as well as cell- and gene-therapies. All these factors clearly spell out the need for Life Sciences organizations to put a greater emphasis on the Market Access function (04:30). Planning needs to happen early and teams need to form robust yet agile strategic approaches to navigate the ever-shifting landscape (12:43). Most critically, the Market Access function needs to have cross-functional visibility and authority to help guide the strategic direction of new product launches (16:41).
Podcast Tags: healthcare, market access, product launch, life sciences, pharmaceuticals, biotech, payors, providers, utilization management, cost-effectiveness
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Raina Dhir, Vynamic Director
Maggie Gorman, Vynamic Manager
Mindy McGrath, Healthcare Industry Advisor
Ryan Hummel, Executive and Head of Provider Sector