Effectively communicating the price of a new medicine is as critical as determining the price itself. Transparent communication ensures that all stakeholders understand how the price aligns with the total value proposition. Doing this well allows your organization to focus your time and energy on what matters most, the benefits the medicine delivers to patients.
Craft a Compelling Narrative
The first step is a narrative that explains the clinical, economic, and humanistic benefits of the medicine. Focus on how the therapy improves upon existing treatments, cost-effectiveness, and impact on patients’ quality of life. This narrative not only validates the pricing strategy but underscores the medicine’s holistic value.
Tailor Messaging to Stakeholder Needs
Engage Early and Often
Engaging stakeholders prior to approval and establishing the price is crucial. This conversation can help you understand what aspects of the new medicine are most important to the different stakeholder groups while allowing an assessment of how the medicine aligns with these priorities. For payers, it can provide early insight into potential therapeutic impact and budget considerations. Physicians need time to assess how the treatment fits into their practices. Early, consistent engagement builds trust and allows for proactive strategy adjustments, paving the way for smoother market entry.
Ensure Internal Alignment & Training
It’s crucial teams within the company such as sales, marketing, medical affairs, market access, government affairs and media relations to have a unified understanding of the value the medicine will deliver relative to the price being charged. This consistency helps ensure a cohesive set of messages that resonate across the broad set of stakeholders and allows field teams to effectively handle objections and refocus on the value proposition.
Leverage Multiple Communication Channels
Use a mix of platforms: formal presentations for payers and providers, educational materials for patients, and digital platforms for broader outreach.
By following these strategies, companies can effectively communicate new medicine pricing, ensuring broad understanding, adoption, and optimal patient access.