Here Are 8 Essential KPIs Your Market Access Teams Should Be Looking At
The route to market for any given drug is rarely a straight line. There are many obstacles to overcome and expectations are high. You need to achieve the best price and broadest possible access in the shortest possible time across the greatest number of markets, all the while communicating value to payers.
There is much to do leading up to dossier submission, including getting your evidence strategy right, developing CE/BI models, payer value story, P&R strategy, and much more – work that starts years before launch.
So it’s no surprise that some areas of market access don’t get the attention they deserve. In fact, the whole area of market access performance isn’t on the radar for 90% of market access teams. By ‘market access performance’, we mean tracking a number of key metrics to achieve the following:
- Deliver critical insights to help track as well as shape your launch strategy.
- Demonstrate performance of the access function in numbers.
- Learn from past mistakes and be better prepared for future launches.
- Make the access function more successful and improve the chances of achieving your P&R goals.
Where Market Access KPIs Fit In
You’re a global market access director and are responsible for the P&R strategy for your drug. You’re launching next year and you’ve done everything you can to dot the i’s and cross the t’s. You’re feeling nervous, but confident in the strategy you’ve put in place. Now the regulatory approvals come in thick and fast and the race is on to get your product through submission, contract negotiation and into reimbursement lists at a price that’s in line with your strategy.
But how do you know if you’ve done a good job? How well did you actually perform on your objectives? This is where KPIs (Key Performance Indicators) come in.
By not implementing KPIs you’re missing out on valuable insights that could help you understand how well you’re performing on key access metrics. You’re also losing an opportunity to further refine your strategy throughout the launch phase.
Thankfully, it is easier to track performance than you might think. In fact, you don’t need to put in any extra time or effort to track KPIs. There are tools out there to help.
But first, you need to know what to track. You might be monitoring some of them already. But it’s unlikely you’re tracking all of them.
These 8 KPIs aren’t something we dreamt up one afternoon. They are the result of a long journey, following many years of helping top brands track performance and conducting hundreds of interviews across global and country teams.
Including these KPIs for your own products will give you a more complete picture of how well your launch is going and enable you to make improvements for the future.
We split the 8 KPIs into three groups addressing the most common P&R objectives. They are: Speed-of-access, Breadth-of-access and Price Performance. The diagram below provides a visual summary:
