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elandas blog

New Drug Success Can Hinge on Market Access Predictions

Aaron van Vulpen

by Aaron van Vulpen

In today’s high-stakes world of drug launches, top pharma teams are discovering that even before new products hit the market the ultimate secret weapon in their success arsenal can be the intelligence being gathered and effectively shared by members of their own team day-by-day.  

With millions of dollars and lives at stake- setting the stage for a new drug’s success trajectory is crucial in the early stages. And certainly more important than ever, is access to decision influencing data that can enable a launch team to course correct its strategy in real time.

Just because you are in the pre-launch stage of a new drug’s lifecycle it doesn’t mean you have settle for being left in the dark when it comes to future market access visibility. Collecting projection information via your team in the field can actually be a very coordinated, precise, and yes accurate process. One that yields valuable insights that are impactful when it comes to making the appropriate shifts in your brand’s strategy leading up to launch.

How purpose-built business intelligence tools can help: 

With the right pharma-specific business intelligence tools, you don’t have to be caught flat-footed when it comes to having a clear view of your product’s projected market access. Or, end up in a people hours eating death spiral of Excel sheet updates that for many teams used to look something like the following. Pharma X Company Field Director, David, had a big spreadsheet and would call 50 plus account managers responsible for a particular set of insurance companies, and ask them, “Okay, what they are telling you about how this drug will be covered?”  Sometimes he would reach out to them via email too. It was a very manual process that he would have to refresh every 14 days as it’s critical having all of this information up-to-date during Pre-Launch, and it ate up 80% of David’s time. 

That’s quite a bit of effort for something that with the right technology solution can be done with a click of a report button. Even better, the information is both highly accurate because of built-in access data validation which is key to making accurate predictions, and it’s able to be locked down so that only approved stakeholders within an organization have access. Key to all of this is finding a system that offers the kind of high configurability that can be tweaked to meet your team’s ongoing needs for new and expanded insights.

 


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At the end of the day during the pre-launch phase the age old looming questions of, “What is the likely success of a new drug is going to be? And, what is the likelihood of it being prescribed?” still remain. The difference now though is that with the right business intelligence tools in place they become much easier to predictably answer.

To learn more about how your team can gain the information edge they need to succeed click here.

 

Topics: Knowledge Management, Turn Data to Advantage, Product Launch