Market Access Value Stories: Developing effective messages and communications with payers
Developing effective messages and communications with payers is essential to ensure reimbursement for your new drugs
With health economics playing an ever-larger role in market access and reimbursement decisions, how can you communicate the value of your drug to gain acceptance and drive profitability?
Eleven experts, including NICE’s Kalipso Chalkidou of and Lundbeck’s Barbara Ann Jaszewski, explain how you can gain long-term advantages by defining, assessing and telling the value story of your products before taking them to the market.
Get Market Access Value Stories: Developing effective messages and communications with payers now.
Top Takeaways
FirstWord is an innovative industry intelligence leader serving over 240,000 Pharma and MedTech professionals worldwide. FirstWord offers a range of products and services designed to help your company gain a competitive edge by making key business decisions with speed and confidence.
FirstWord Pharma PLUS is a personalised and comprehensive intelligence service delivering up-to-the-minute pharma news, insight, analysis and expert views of importance to your company’s success.
FirstWord Reports deliver timely, need-to-know intelligence about your products, your competitors and your markets. Covering biosimilars, market access, medical affairs, sales & marketing, technology and therapy areas, FirstWord Reports provide expert views and intelligence on the challenges facing pharma today.
With health economics playing an ever-larger role in market access and reimbursement decisions, how can you communicate the value of your drug to gain acceptance and drive profitability?
Eleven experts, including NICE’s Kalipso Chalkidou of and Lundbeck’s Barbara Ann Jaszewski, explain how you can gain long-term advantages by defining, assessing and telling the value story of your products before taking them to the market.
Get Market Access Value Stories: Developing effective messages and communications with payers now.
Top Takeaways
- Develop your proposition early: How this gives you a head start on others who leave it to the pre-launch phase
- Price and value are not the same: The right value story improves chances for optimal pricing
- You need to gather the evidence: Shape the story you tell according to particular international markets’ needs
- How best to construct a story: Experts offer their opinions on what works best
- The direction of travel for drugs companies: Value stories affect what drugs companies choose to pursue, as they align priorities to those of payer and patient
- Small companies may face particular difficulties Why they need to thoroughly assess the best way to develop meaningful stories
- New skills are needed for delivering stories appropriately with multiple teams involved
- When do you need to start planning for your value proposition?
- Do you need a consistent message across the board, or do different stakeholders and decision makers need different information?
- Do the benefits outweigh the cost and burden of creating a value story?
- How do you use a story to create value without reducing price?
- Who’s already creating effective stories and reaping the resulting benefits – even against cheaper 'me too' treatments?
- What is the most constructive way to work with payers to get the best result for your business?
- Market access leaders – to find out how others are solving similar problems and understand the issues in play globally
- Executives of medical affairs and health economics and outcomes teams - to understand the increasing importance of developing and communicating strong value stories
- Market access advisers and consultants – as more pharma companies turn to specialists for advice, is your understanding of value propositions sufficient and up to date?
- Senior managers and executives of commercial teams - to see how value stories can impact commercial outcomes
- Anyone involved in designing, recruiting, executing or analysing trials – to see how the value story needs to be built in
- Access team hiring managers – to see if the changing portfolio of skills required to build effective value stories is lacking in their team
- Barbara Ann Jaszewski, vice president, global pricing & market access, Lundbeck A/S.
- Katrien De Groote, founder, INNOSENS bvba. D
- Adam Plich, head of market access Europe at Teva Pharmaceuticals Europe.
- James A Bianco, MD, president & CEO at CTI Biopharma, Inc.
- Ashok Jha, European HEOR leader at a European pharma company.
- Kalipso Chalkidou, founding director of NICE's international programme.
- Rob Johnson, managing partner at Alacrita, a pharmaceutical, biotechnology and life science consultancy.
- Matt Storer, partner at Windrose Consulting Group, a healthcare consultancy.
- Robert Nauman, principal, BioPharma Advisors, a biopharma, medical device and healthcare consultancy.
- Leela Barham, independent health economist and policy expert.
- David Stern, chief commercial officer at Celmatix, a personalized medicine company focused on genetic diagnostics for fertility.
FirstWord is an innovative industry intelligence leader serving over 240,000 Pharma and MedTech professionals worldwide. FirstWord offers a range of products and services designed to help your company gain a competitive edge by making key business decisions with speed and confidence.
FirstWord Pharma PLUS is a personalised and comprehensive intelligence service delivering up-to-the-minute pharma news, insight, analysis and expert views of importance to your company’s success.
FirstWord Reports deliver timely, need-to-know intelligence about your products, your competitors and your markets. Covering biosimilars, market access, medical affairs, sales & marketing, technology and therapy areas, FirstWord Reports provide expert views and intelligence on the challenges facing pharma today.
1. EXECUTIVE SUMMARY1
1.1. The market access environment is changing1
1.2. Defining the ‘value’ of a product1
1.3. Using story to demonstrate value 1
1.4. Creating the value story.2
1.5. Communicating value.2
2. RESEARCH OBJECTIVE AND METHODOLOGY 3
3. INTRODUCTION5
3.1. Defining market access 5
3.2. The impact of pricing.6
3.3. Value and time to market.8
4. THE MARKET ACCESS ENVIRONMENT IS CHANGING 10
4.1. Healthcare budgets are under pressure.10
4.2. The value story balances benefits, risks and costs 11
4.3. The market access environments differs across Europe and the US.12
4.4. Pricing and value is the main barrier to getting drugs onto reimbursement lists13
4.5. Who are the key decision-makers? 15
4.6. HTAs have increasingly important roles in market access 20
5. DEFINING THE ‘VALUE’ OF A PRODUCT 22
5.1. Defining the value 22
5.2. Value definition and perception is variable.23
5.3. Showing the value is important in market access 25
6. USING STORY TO DEMONSTRATE VALUE 27
6.1. The value story demonstrates the value of the drug over the price27
6.2. Focusing on the patient benefits.28
6.3. The quality of the story and the evidence is important29
6.4. Different perspectives of value: Company, patient and payer31
7. CREATING THE VALUE STORY 33
7.1. The aim of the value story 33
7.2. The teams involved 34
7.3. When to begin considering value 35
7.4. At what stage does a value story start to take shape?37
7.5. The shape of the value story40
7.6. Finding value post-approval 45
7.7. payers look for in a value story.49
7.8. Tailoring the value story to the audience.51
7.9. Working with the payers53
8. COMMUNICATING VALUE.56
8.1. Picking the time: Sharing product value information.56
8.2. Who in the organisation is responsible for delivering the story?57
8.3. Channels for effective communications58
8.4. Measuring the effectiveness of value messages 59
9. WHAT’S NEXT FOR VALUE ACCESS STORIES? 60
9.1. Including real world evidence.60
9.2. Improving the cost-effectiveness of drug development 60
9.3. Merging the different notions of value 60
9.4. Improving communication 61
9.5. Sharing costs with social care 61
10. KEY TAKEAWAYS: THE CHALLENGES AND SOLUTIONS 62
10.1. Understanding why the value story is important.62
10.2Knowing the key decision-makers 62
10.3. Shaping the story.62
10.4. Making sure that the stories are credible 62
10.5. Having the right evidence 62
10.6. Ensuring that payers take the long-term view.63
10.7. Bringing in the experts63
10.8Communicating the story.63
1.1. The market access environment is changing1
1.2. Defining the ‘value’ of a product1
1.3. Using story to demonstrate value 1
1.4. Creating the value story.2
1.5. Communicating value.2
2. RESEARCH OBJECTIVE AND METHODOLOGY 3
3. INTRODUCTION5
3.1. Defining market access 5
3.2. The impact of pricing.6
3.3. Value and time to market.8
4. THE MARKET ACCESS ENVIRONMENT IS CHANGING 10
4.1. Healthcare budgets are under pressure.10
4.2. The value story balances benefits, risks and costs 11
4.3. The market access environments differs across Europe and the US.12
4.4. Pricing and value is the main barrier to getting drugs onto reimbursement lists13
4.5. Who are the key decision-makers? 15
4.6. HTAs have increasingly important roles in market access 20
5. DEFINING THE ‘VALUE’ OF A PRODUCT 22
5.1. Defining the value 22
5.2. Value definition and perception is variable.23
5.3. Showing the value is important in market access 25
6. USING STORY TO DEMONSTRATE VALUE 27
6.1. The value story demonstrates the value of the drug over the price27
6.2. Focusing on the patient benefits.28
6.3. The quality of the story and the evidence is important29
6.4. Different perspectives of value: Company, patient and payer31
7. CREATING THE VALUE STORY 33
7.1. The aim of the value story 33
7.2. The teams involved 34
7.3. When to begin considering value 35
7.4. At what stage does a value story start to take shape?37
7.5. The shape of the value story40
7.6. Finding value post-approval 45
7.7. payers look for in a value story.49
7.8. Tailoring the value story to the audience.51
7.9. Working with the payers53
8. COMMUNICATING VALUE.56
8.1. Picking the time: Sharing product value information.56
8.2. Who in the organisation is responsible for delivering the story?57
8.3. Channels for effective communications58
8.4. Measuring the effectiveness of value messages 59
9. WHAT’S NEXT FOR VALUE ACCESS STORIES? 60
9.1. Including real world evidence.60
9.2. Improving the cost-effectiveness of drug development 60
9.3. Merging the different notions of value 60
9.4. Improving communication 61
9.5. Sharing costs with social care 61
10. KEY TAKEAWAYS: THE CHALLENGES AND SOLUTIONS 62
10.1. Understanding why the value story is important.62
10.2Knowing the key decision-makers 62
10.3. Shaping the story.62
10.4. Making sure that the stories are credible 62
10.5. Having the right evidence 62
10.6. Ensuring that payers take the long-term view.63
10.7. Bringing in the experts63
10.8Communicating the story.63
