Parexel Consulting, a global consultancy service and subsidiary of Parexel International, has released results from a survey polling biopharmaceutical industry professionals, finding that 75% feel the top concern about achieving commercial success is establishing a product price that is reimbursed and accepted by the market.
The survey was conducted at a recent webinar and covered a broad spectrum, including Health Economics and Outcomes Research (HEOR), medical affairs, marketing, reimbursement, and managed markets about the integration of reimbursement strategies in the product development cycle.
While 75% of respondents were concerned with establishing a product price, the remaining 25% believed that developing an Academy of Managed Care Pharmacy (AMCP) or Global Value Dossier supporting favorable review by payers is the top commercialization concern. Furthermore, approximately 63% of respondents claim their organizations wait until phase III clinical trials to start involving various internal commercialization personnel, including reimbursement, market access, pricing, and HEOR functions, in supporting a product, while only 37% involve these functions in product support as early as phase II.
"Our analysis shows that the industry is waiting too long to incorporate reimbursement, patient access, and payment considerations into development. With the industry's top concerns being product price acceptance by the market and favorable payer review, a full complement of commercialization strategies should be analyzed and designed as early as possible in the development process," said Charles A. Stevens, JD, MBA, vice president and general manager, commercialization strategy, Parexel.
"More than ever, it is imperative in this market to prove products demonstrate value to patients, providers, and payers,” Stevens added. “Better reimbursement positioning enables companies to maximize commercial success and support patients in getting access to important products."