Value Scrutiny & Intensifying Competition
Value scrutiny and intensifying competition remain key elements in the markets for biopharmaceuticals and medical devices. Other important factors include generic encroachment, the launch of biosimilars, along with general macroeconomic austerity and health reform. Today, payers require proof of value and comparative effectiveness, physicians need better evidence
of clinical efficacy and safety, patients want more assurance regarding tolerability and convenience, and policy-makers demand confirmation of real-world benefits and risks in large
nationally representative populations.
The Complexity of Proving Value
With each stakeholder group requiring different evidence, demonstrating value has sharply risen in complexity. Understanding what type of information and level of evidence to communicate to each stakeholder is critical for drug and device manufacturers, yet not easily accomplished. This was confirmed in a recent report titled The Value Challenge1, based on an Economist Intelligence Unit (EIU) survey, sponsored by Quintiles in 2012, consisting of nearly 400 senior executives from the life sciences industry. The report suggests that although 64% of survey respondents believe that demonstrating value is a significant challenge facing their business, only 55% find that the pharmaceutical sector is adjusting well to increasing demand for proof. This number drops to 36% for traditional biopharmaceutical companies alone. Companies are actively experimenting with a variety of ways to address the value challenge; however, they have yet to converge on a clear set of solutions.
Global Market Access and Commercialization, a core practice from Consulting at Quintiles, stands ready to help you navigate the value substantiation process, from developing and demonstrating your product's value platform to assisting in winning a preferred position on payer formularies and negotiating favorable pricing and reimbursement. Quintiles offer fully integrated solutions from disease modeling through late phase research and patient-centric programs, backed by broad and deep experience with specialty and primary care products. Leveraging our global team, we specialize in diagnosing the complexities of healthcare systems worldwide, evaluating the relative risks and benefits of your product compared with the competition, and use this information to develop tailored information to differentiate and drive value.