|By Marketwired .||
|September 22, 2016 08:54 AM EDT|
RESEARCH TRIANGLE PARK, NC--(Marketwired - September 22, 2016) - A new study published by Cutting Edge Information found an average $2 million increase in total market access spending by Top 10 pharmaceutical companies over a two-year period.
Surveyed Top 10 companies spent, on average, $7.5 million on market access activities in 2014. But that number increased to $9.5 million by 2016. These large teams typically support much larger product portfolios than other drug manufacturers. As a result, they require proportionally larger investments in outcomes research and payer engagement initiatives.
The new study, Global Market Access Strategies: Building Payer Relationships Through Comprehensive Value Stories, found that Top 50 pharmaceutical companies did not exercise the same annual spending tactics as Top 10 companies on market access. In 2014 and 2015, Top 50 firms reported average annual market access budgets of $1.9 million. In 2016, this amount dropped to $1.6 million dollars for average annual market access spending. However, small drug companies reported an average annual increase in their market access budgets of $300,000 from 2014 to 2015 and another $400,000 average annual increase from 2015 to 2016.
"Companies have to consider a number of key variables when allocating budgets for market access functions," said Jacob Presson, senior consultant at Cutting Edge Information. "Region is a significant factor that plays a role in annual market access spending. A lot of differences emerge across company sizes, but on average, the US and European or Canadian teams operate with similar budgets."
In 2014, US teams reported spending approximately $3.6 million on annual market access activities, while Canadian teams averaged $3.9 million the same year. However, by 2016, surveyed US teams had a higher annual average market access budget at $4.7 million than Canadian teams did at $4.1 million.
Global Market Access Strategies: Building Payer Relationships Through Comprehensive Value Stories, available at http://www.cuttingedgeinfo.com/research/market-access/market-access-and-reimbursement/, explores emerging trends impacting market access teams and the best practices they implement to obtain better pricing and reimbursement around the world. The study contains detailed market access performance metrics, including ideal time frames for involving market access teams in supporting new product launches. Use the report's benchmarks and market access team priorities to:
- Set market access budgets
- Analyze market access subfunctions -- such as HEOR -- and activities that receive higher priority and larger resource allocations
- Develop stronger payer relationships by deploying account managers and incorporating third-party perspectives
- Develop unique launch sequence strategies to capitalize on product value
- Learn how market shifts and uncertainty will have a greater impact on pharmaceutical pricing activities
For more information about Cutting Edge Information's market access research, visit http://www.cuttingedgeinfo.com/library/market-access/.
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Senior Director, Commercialization
Cutting Edge Information
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