During our tenure as biopharma executives, and now as advisors, we have observed, first-hand, very common missteps organizations make when building and executing their market access strategies. In fact, we haven’t just seen them, we have made some of these mistakes ourselves.
- Initiating market access activities far too late (i.e., after pivotal trial results are known).
- Over indexing on input from physicians and regulatory authorities at the expense of hearing from payers, patients, and other influential stakeholders.
- Assuming premium pricing is achievable based on modest, incremental clinical benefits, unique mechanisms of action, and/or simple delivery and convenience advantages.
- Failure to establish unique value propositions for each indication and unique stakeholder group.
- Relying on novel pricing models as an “easy way” to address misalignments between price and value.
- Focusing solely on the launch list price without understanding and planning for mandatory discounts and price concessions that result from payer actions and competitive dynamics.
- Failing to plan for future pricing complexities due to a medicine’s follow-on indications.
- Not leveraging distribution for BOTH strategic and financial value.
These common missteps often lead to unnecessary access barriers for patients, provider frustration and lagging sales performance. Want to learn from our experience and avoid these common pitfalls? E-mail us at info@a3access.com