Personalized medicine is on the rise, and with it comes an increased interest in the role pharmaceuticals play in patient care. But in contrast, research and development budgets are being slashed, meaning many pharmaceutical companies are left trying to do more with less.
As new healthcare laws change how consumers not only use pharmaceuticals, but also who pays for them, and how much they will pay, many companies are uncertain as to what the future holds. In the face of industry consolidation, the need is even greater for a comprehensive assessment and understanding of how best to align a company’s product portfolio, research strategy and commercial model to deliver against value, not just clinical outcomes.
Some core factors driving the transformation of global research approaches and local commercial planning are the use of performance measures tied to reporting and payment for providers of all types and strategies to align and harmonize clinical practice beyond an institution’s four walls. To further complicate matters, companies must navigate between a confusing array of new decision-makers who are evaluating the value of new medications and dynamic local markets where providers are consolidating and are in different stages of risk-taking.
Finally, robust patient assistance programs and establishing a more comprehensive approach for engaging patients – in selecting areas of investment, research study designs, and quality improvement programs – can differentiate a pharmaceutical company and are valuable assets for any company in today’s age of consolidation. Being able to work with partners, whether in the form of consumers, payers, providers, clinicians or other manufacturers, raises the profile of the company and product.
When a company has the right analytics at the right time to position itself as a partner in creating value, and has the essential data and research to support better patient outcomes at lower cost, new opportunities present themselves.
Consolidation within the pharmaceutical industry is inevitable. But, with the best supporting research available, and a keen analytic assessment, it doesn’t have to mean the end of one company, but rather the beginning of a new era.
For more information on how Avalere can help you make sense of the changing landscape, contact Tanisha Carino.