Understanding market dynamics to enhance your product's success across regions
What is the secret recipe for unlocking market access?
Unlocking market access is a complex challenge that requires a comprehensive approach. Bramley explains three essential factors for success: broad market access, stakeholder engagement, and high product differentiation. Cencora helps biopharma companies navigate the intricate landscape of market access by addressing five key areas:
- Determining funding path or benefit coverage
- Evaluating clinical and economic value
- Determining reimbursement rate
- Negotiating price and contract
- Managing utilization
When considering market access, Bramley advises biopharma companies to ask themselves these questions:
- Why do patients need this?
- What am I currently paying for treatment of this disease?
- How is your drug better than the alternatives in my specific setting?
- How much is your drug and why is it worth the cost?
- Can I afford it and what part of my budget will I use to fund it?
- What are the consequences of not funding?
- Which patients should get it and how can use be limited to appropriate patients?
How does a cost-effectiveness model in the UK influence healthcare decisions?
Bramley uses the current cost-effective model in the United Kingdom to explain the pivotal role it plays in healthcare decisions, focusing on delivering value for money. Quality Adjusted Life Years (QALYs) measure the cost per year of life gained in perfect health. With a threshold of GBP 20,000 to GBP 30,000 per QALY, the NHS evaluates treatments based on their ability to improve quality of life.
Another launch factor you need to consider across all markets is price referencing strategy. As Bramley explains in the clip above, we’re well-equipped to help with implantation across geographies and Cencora’s consultants can help you determine the best sequence of countries in which to launch your product and how to be disciplined in pricing decisions.
What is the value of local support with global expertise?
Key differentiators:
- Local presence and knowledge across major geographies
- Comprehensive regulatory and market access support
- Seamless integration of consulting and distribution services
By answering critical questions about safety, efficacy, and value for money, Cencora accelerates market entry and optimizes health outcomes. Navigating the complexities of market access requires a deep understanding of local dynamics, cost-effectiveness models, and strategic stakeholder engagement. Bramley's insights at ThinkLive Trade provide a roadmap for achieving successful product launches across the globe.
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