The world is spinning at digital speed – and so are its markets. Companies are being challenged to find real pockets of opportunity in an increasingly complex marketplace, driven by the digital experience economy. And with many product launches failing to meet revenue expectations, it is time to rethink and embrace change and innovation with a new perspective. In this regard Health is no different.
To be able to innovate from within in this new Health world 4.0, it is important to understand the dynamics of the landscape. Several forces are at play. There is the shifting power away from healthcare professionals (HCPs) and towards decision-making by the individual patients and payers. All are empowered by the easy access to information on healthcare that is so prevalent in this digital age.
And in the midst of this environment, pharma has to prove constantly and consistently that it can serve the new needs of such a diverse group of stakeholders that includes payer institutions and caregivers. Their changing demands cover the range from pre-launch to launch and beyond.
Here, a new variety of outcomes being delivered is key to a novel product’s or service’s success:
- Multi-stakeholders, from HCPs to payers, are demanding real-world evidence, not solely clinical-trial data, to be convinced of a product’s value.
- The age of the blockbuster drug driving success has faded into the background. And it has been overtaken by the importance of the value story and the need to demonstrate case-by-case cost benefits while, at the same time, making lives easier for the front line HCPs and improving the patient’s individual disease experience.
- The key question is: how do you navigate through this mire of complexity successfully? Think about the breadth of stakeholders! Engage with institutions, with payers, HCPs, patients and caregivers to understand their various needs: What are the outcomes they expect from pharma – across the whole spectrum of a therapy area? Exactly how do the powers of decision making change along the product’s life cycle? What about the patient’s willingness to pay? Here is where market access expertise becomes integral to innovative solutions.
To develop innovative solutions, pharma must embrace complexity, integrating various types and sources of information from various streams and drawing from market access specialists together with market researchers.
But the search for opportunities does not need to start from scratch every time. There are unique sources of information available already that should systematically be utilized to quickly get to the core – without oversimplifying matters. For example, GfK uses a holistic approach to analyzing markets with its Disease Atlas. This large-scale study fully integrates information and insights from physicians and patients to payers and KOLs on a global level. To augment the perspective of the needs of patients and in the wider population and expand the search for innovation opportunities, GfK has the market access specialists who know how to drive the value story. And GfK also offers the advantage of the Global Roper Diabetes Patient Program as well as global consumer panels & trend parameters. By leveraging integrated solutions organized around client needs and drawing from a full breadth of market research, unique information sources and market access resources, it means the “kiss of life” for your future innovations. It’s no surprise that this kiss of life comes from your multi-stakeholders.
This article was co-authored by Heike Tombrink in Health, Susanna Meyer in Health and Ben Walton in Health.
For further information, contact Jan Guse at email@example.com.