NewswireToday - /newswire/ -
Durham, NC, United States, 2013/06/20 - Market access priorities shift from market research to health economics research during the launch process, finds Cutting Edge Information - CuttingEdgeInfo.com.
Pharmaceutical companies focus their attention on market research in Phase 3a to market approval, and on health economics and outcomes research (HEOR) from launch to six months post-launch, according to a study published by Cutting Edge Information.
Market access is instrumental in informing future brand strategies. The study,“Launching Pharmaceutical Brands: Formulas for Commercialization Success,” found that between market approval and launch, market research and HEOR resources even out, receiving 11% and 10% of the average budget, respectively. Market access categories’ financial support lessens from launch to six months post-launch. During that timeframe, HEOR becomes the market access priority with 9% of the average total budget while market research receives only 6%.
“Time and again, interviewed executives emphasized the importance of understanding the markets when aiming to achieve a quick sales uptake,” said David Richardson, research manager at Cutting Edge Information. “However, once they achieve this understanding, pharmaceutical companies are free to focus on other important market access categories.”
Surveyed brands focused on market access throughout the commercialization and launch process, though specific attentions changed from Phase 3a to post-launch. Pharmaceutical companies must support many different commercialization efforts to ensure a brand’s successful launch.
During the early stages of commercialization Phase 3a to market approval surveyed companies allocate an average of 17% of their budget to market research. This category is the highest financial priority among market access concerns. At the same time, HEOR receives only 6% of the average budget, less than both market research and pricing and reimbursement concerns.
Cutting Ede Information’s study,“Launching Pharmaceutical Brands: Formulas for Commercialization Success," explores 15 individual pharmaceutical brands’ launches in the US, Canada, Europe and Asia. Use this report to:
• Plan budgets and win necessary resources for commercialization and launch;
• Know when and how much to invest in specific areas of advertising and promotion, market access, decision support and medical affairs;
• Use benchmarking data to identify investment levels and patterns among comparable brands.
For the latest research on global pharmaceutical marketing and brand launch strategy, contact Cassie Demeter.