Question

Why is it important to engage the payer early in the process of drug development and commercialization? Describe one payer engagement strategy that you think may have the greatest impact on value creation for personalized medicine.

Answer 1

Early interaction with payers is increasingly critical to ensure that pharmaceutical companies are able to build the value narrative of a drug which addresses the needs of payers. he science material is important, but not the only thing that is important today. Payers deserve to know how the new medication generates benefit from an economic perspective for the healthcare system (i.e. reduction in treatment costs).

A cross-country approach is not enough considering the specificities of individual healthcare networks – collaboration with state payers will definitely improve time to market. Wide approaches for payer participation, and communication must be customized to local needs.

Consumer care in pharmaceuticals sector should be crucial to providing a competitive customer experience, and will be focused on strong customer intelligence. Creating useful ideas today goes beyond demonstrating the efficacy, protection and efficiency of the goods. These can provide a range of resources to encourage attention to treatment, illness control, rehabilitation and/or lifestyle during the entire patient path.

But providing value to consumers is just half the battle; it's just as necessary to explain and express the importance of such solutions as to build them. Pharmaceutical firms must be provided with data that confirms the relevance of their approaches to each client community – customer, payer, distributor and regulator – as well as individual clients.

Patients are becoming more and more linked through mobile devices and social media. The expanded accessibility would have a significant effect on how pharmaceuticals and other health infrastructure players approach patients 10. For example, patients are now more educated when they see their physician, due to an growing abundance of online educational tools like platforms such as Patients like me where people exchange experiences.

Both these developments in the pharmacy world (e.g. modern paradigm of patient interaction, user interface and technology, and digital disruption) involve a whole modern range of skills and resources. The approach to success is to integrate this into the launch process so that any aspect of the go-to-market strategy can be maximized until the product is on the market.

The model also includes a stable, interconnected IT architecture – including processes and frameworks for data analytics that can recognize the habits and desires of consumers on channels. Most notably, though, it is crucial for IT teams to be rooted within the business teams and involved in helping the business teams meet their customer experience objectives rather than just delivering the technology.