Market Access Innovations Helping Pharma Industry in 2021
What is Market Access? Ask anyone in the pharmaceutical industry and you may get very different answers. In a world that is separating relative to product types, product affordability, and product access, the term Market Access can have very different meanings. At its core, however, it is about a patient having access to the right product, in the right location at the right time, and at an affordable price.
Innovations in Patient Care Options
The definition of Market Access is changing, being driven by technology that is allowing for Patient Engagement in new and innovative ways. Patient Engagement if done correctly, happens in real-time. This is driven by digital technologies that collect information to use as data sources for analysis to discover insights for improving outcomes. These insights are gathered by direct interaction with stakeholders primarily the Patient and the Physician. Using technology allows the Patient (i.e., the Consumer) to experience healthcare similar to how they experience other digital aspects of their life – using digital technology that is convenient, flexible and happens in real-time. In addition, collecting data about prescription medication, as an example to support compliance and persistency benefits all the stakeholders. This is critically important for patients who are on specialty medications for rare diseases such as Rheumatoid Arthritis, Multiple Sclerosis, Hepatitis, and Cancer among various other diseases. If a patient is not strongly engaged in self-care, the patient may fail to take their meds on schedule, in the correct amounts, that provide the best treatment outcomes. Patient engagement strategies driven by digital technologies increase patient engagement by encouraging self-reporting, provide real-time counseling and provide information and education regarding the value of appropriate medication adherence.
Innovations in Healthcare Delivery
Market Access is also being driven by technological innovation that in the life sciences proceeds at a rapid pace that is exponentially increasing. Driven by the Covid-19 epidemic, Patients, Healthcare providers and Health Systems alike have adjusted to the fact that digital interaction can mean “separated but still effective”. The surge in telehealth is but one example where healthcare has had to adjust. Of course, one of the challenges is that not all entities adjust to a changing market at the same time. There have been multiple examples of Payers having to aggressively change their policies related to telehealth in order to adjust to the shutdowns caused by the pandemic. The surge in telehealth has also led some large entities to reevaluate their patient care models – note Walmart’s recent acquisition of MeMD. This still however doesn’t address the need to find low-cost methods to mentor and coach patients between visits. This is where additional patient engagement strategies can be added. Digital Engagement solutions that interact with patients, providing additional support to the patient between physician visits. These tools can capture additional Patient-reported data that can assist in providing information for the next Physician/Patient interaction, whether in person or digital.
Using digital solutions has also proven to address Market Access to healthcare for even the poorest populations. According to a 2016 World Development Report, the poorest of households are more likely to have a mobile phone than a toilet. Wow!
Market Access – redefined - opens the door for innovative products and services with long-term improvements that can positively impact patient care, while taking cost out of the delivery of healthcare. In immediate access, real-time world, these solutions must be easy to access and intuitive to use. Pharma companies invest a fortune of US$ billions in drug development. They have also invested a fortune in traditional, call center solutions that have been extremely challenged during the Covid-19 pandemic. The past year has changed the game in that all stakeholders have seen the value in remote patient interaction. Using digital solutions to innovate Market Access can result in more engaged patients and creates a result where a patient is getting more from their healthcare experience.
Reach out to D2 consulting to discuss the innovative and proven digital strategies for improved market access.