Applying effective healthcare marketing strategies is as much an art as it is a science. One reason for this reality is that the dynamic pharmaceutical landscape demands adaptation. The best asset development strategists, therefore, continuously look ahead to the changes in this fast-paced market, and anticipate the challenges and opportunities that lie ahead.
1. Shift towards outcomes measures One of the most impactful recent changes in the pharmaceutical market is the transition from fixed-pricing to performance-based pricing mechanisms. This transition demands a new set of strategies, to which many pharmaceutical groups have responded by reaching out to expert consultants to handle necessary restructuring.
2. Increasing burden of proof With increasing competition comes increasingly critical stakeholders. Today, most assets have a tougher gauntlet with payers and providers than ever before. Payers are tougher to entice as stakeholders, requiring extensive hard analytics and epidemiological proof that an asset is worth the investment. Meanwhile, providers are essentially so short-circuited by pharmaceutical “push” marketing that they are harder than ever to reach. In other words, pharmaceutical groups are called upon to make a solid case for their early assets, which often requires soliciting outside expertise.
3. e-Prescribing and payer dynamics Major effects of sweeping regulatory changes in healthcare – such as those surrounding electronic medical records within the past decade – often result in market changes felt long after any initial transitions are complete. With the rise of EMRs, e-Prescribing has subsequently increased generic prescription rates, which adds yet another layer of requisite stakeholder communication and cooperation with both payers and providers.
4. The upcoming rise in differential pricing Separate from performance-based pricing, another major pricing change on the horizon is the introduction of differential pricing resulting from globalization. While pharmaceutical organizations have largely managed to avoid the headaches of differential pricing in the past, increasing demand and market advancements in developing countries are forcing many companies’ hands in order to stay competitive.
5. Preparing for the era of live licensing Of the market transitions set to change the dynamics of the pharmaceutical industry, live licensing stands to effectively rewrite a significant component of the narrative. Disrupting clinical stages into separate, controlled launches of their own will change the processes of market research, early asset development, and relationships with stakeholders, to name only a few areas of impact. Even so, these changes could stand to be extraordinarily fruitful if pharmaceutical companies respond in a strategic manner.
It’s an easy task to view the last decade’s changes in the early asset development landscape as challenges – but equally, they are opportunities. Drivers of these market changes include fast-paced policy amendments, corporate responsibility trends, an uptick in patient involvement, and more. Savvy players in the pharmaceutical development industry understand these changes as opportunities to forge more fruitful stakeholder engagement, create more penetration and value, and out-navigate competitors. Partnering with healthcare consultancies can offer pharmaceutical groups significant advantages throughout these changes, and lead to more stable transitions and predictable returns.