World Monitor Magazine April 2017 - Page 124

additional content Exhibit 5: Pricing and market access (P&MA) can inform internal strategic options about product development and launches. In another instance, a pharmaceutical company found itself facing policy changes on the payor side in Europe and Asia, supported by government decision making, that negatively affected revenues from some of its leading brands by as much as 20 percent. Worse, pricing actions involving these drugs took the company by surprise because it had invested little effort and few resources in understanding and 120 world monitor anticipating what payor and physician communities, as well as governments, were considering to address spiraling healthcare costs. However, after a campaign to build critical team capabilities, things changed radically for the company. By adding substantial skill sets in medical affairs, government affairs, and market access, in particular, the company was able to integrate a much more well-rounded view of the external payor, healthcare professional, regulatory, and policy landscape into its internal market discussions. Unlike before, the company could proactively address fundamental questions: How can we protect our cornerstone brands by having more coordination between our commercial side and the critical teams? How do we communicate our points of view to the medical and payor communities, and how do we address their concerns consistently? How do we provide the right level of data to influence payor decisions without compromising the conditions the product is approved for? How do we educate providers about the value of our pharmaceuticals and work with them to drive efficiencies in healthcare delivery?