LONDON, February 4, 2016 /PRNewswire/ --
A new report from business intelligence provider GBI Research - Evolving Market Access Strategies - Pricing and Reimbursement Landscape in Major Developed Pharmaceutical Markets - states that pharmaceutical companies can optimize market access by analyzing real-world trends in different treatment spaces, and assessing existing and expected levels of competition.
This kind of analysis, known as Health Economics and Outcome Research (HEOR) is a key element of market access that covers real-world data, quality of life, budget impact, and cost-effectiveness, along with clinical efficiency. HEOR is crucial to understanding and addressing the rising cost of drugs and pricing pressures that are shifting the dynamics of the healthcare market.
Managing Analyst Rodrigo Gutierrez Gamboa says: "Traditionally, once a drug was registered in a country, it was automatically reimbursed and available for an eligible population of patients. However, regulatory approval no longer guarantees market access, as the cost-effectiveness of any given drug must be thoroughly demonstrated before it receives coverage in a health system.
"HEOR offers some solutions to this aspect of drug development and marketing, as it helps to collect the evidence that demonstrates the impact of new therapies on healthcare budgets, which in turn will help to price products optimally.
"Cost-effectiveness takes into consideration the concerns of regulators and payers, which helps speed up a product's entry into the market. Hence, such studies should be carried out alongside clinical trials by including end points of interest in the design."
GBI Research's study also suggests that a significant number of European payers, continuing to play a key role in pricing decisions, expect companies to conduct comparator trials for easy evaluation of drug effectiveness in order to list the drugs on formularies.
Gutierrez Gamboa notes: "Ultimately, this might change the information basis for investment decision and commercial expectations. Therefore, it is important not only to gather the relevant information from the market, but to ensure that this information has the right weight and presence."
Sample pages of GBI Research's report into Evolving Market Access Strategies are available upon request
About GBI Research
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SOURCE GBI Research