Penetrating the World of Pharmaceuticals
One of the biggest hurdles in creating a new medicine isn’t actually creation and testing (not that that is easy—it’s not) is sinking all of that time and money into a new cure or health aid product, only to hear crickets upon release. This makes having pharma market access one of the pivotal needs for any new pharmaceutical product.
What is Market Access?
Unlike other types of products, marketing a new medicine or healthcare device is less about reaching the consumer and more about selling the doctors and healthcare professionals on your new product. After all, patients will typically only get the medicine that their doctor gives them a prescription for. While certain major medications have seen results from television advertising campaigns, the consumer is still often at the mercy of their doctor.
Market access in the pharma industry is your ability to reach the medical professionals so they know about your product, know what it does, and have enough trust in it to recommend it to their patients.
How to Achieve Market Access
Unfortunately, there is no one size fits all answer. But here are some tips to help your cause.
Be as open as possible about the development process and what your product does—good and bad. If you can, publish findings. The more you are respected, the more likely the doctors will pay attention when you have a product.
2. Be visible
Suddenly popping a new product in the laps of medical professionals won’t be effective. You need to be visible prior to the launch of your new medicine. Go to relevant conventions. Set up informative booths in the vendor hall. Interact with people who stop by. Get pens with your product name made up to give away.
3. Have a competitive product pricing strategy
Pricing is a tough one. On the one hand the lower your price, the more likely you will be to catch the interest of consumers. On the other hand, you have to be able to pay back investors and off-set marketing costs and, ultimately, make money. Finding that sweet spot can be hard, so look toward the pricing of similar products.
4. Investigate a government contract
Did you know that the government purchases a large portion of pharmaceuticals? Getting a government contract gives you an automatic outlet for your product. Government contract management can be a time-consuming process, but in the end it will be worthwhile. Your government contract management will require constant monitoring in order to maintain the contract.