As the role of the market access function continues to evolve, tracking its performance is becoming more important. Today, market access is the bridge between clinical and commercial functions and plays a pivotal role in launch (and overall business) success.
With market access performance becoming increasingly on the agenda at board and leadership level, understanding why it matters becomes paramount. That’s why we are rounding up our top 5 reasons to track market access performance to help market access teams work smarter, faster, and more efficiently.
1. Understand if we are making improvements:
One of the primary benefits of tracking market access performance is the ability to gauge whether improvements are being made. By using benchmarks such as competitor data or our own historical data, companies can set targets or adjust them in line with changing market conditions and evaluate their progress over time. This enables them to identify areas of success and areas that require further attention. Regular assessment of market access performance ensures that strategies are continuously refined and optimised to achieve better outcomes.
2. Quantify market access success:
Tracking market access performance allows professionals to quantify the value they bring to the business from a price and access perspective. Measurable figures allow market access professionals the chance to showcase their value to wider commercial teams. These figures help tell the story of the business, showcasing the impact of pricing and access strategies on the company’s overall success. This quantitative evidence strengthens their position and highlights the value they bring to the organisation.
3. Make better predictions:
Market dynamics are constantly evolving, making it crucial for businesses to anticipate and plan for the future. By tracking market access performance, companies can build on information from the public domain and their previous pricing or access strategies. This enables them to make more accurate predictions and informed decisions regarding future product launches. Looking both backward and forward allows organisations to learn from past experiences and adapt their strategies to align with changing market conditions.
4. Build institutional knowledge:
Tracking market access performance generates a wealth of data that can be consolidated into an accessible dashboard. This centralised platform ensures that all stakeholders can stay informed and build their institutional knowledge. By leveraging this knowledge, businesses can make informed decisions and seize opportunities while mitigating potential pitfalls.
5. Navigate changing market conditions:
With the volatility of drug pricing, understanding value-based pricing is critical. By continuously tracking market access performance, companies can identify trends and patterns over time. This insight allows them to adapt pricing and access strategies to align with evolving market dynamics. By staying ahead of the curve, businesses can navigate changing market conditions effectively and maintain a competitive edge.
As we look ahead to the future, it is evident that the trends shaping market access performance will continue to gain momentum, especially with the rapid advancements in technology. By monitoring and evaluating market dynamics, companies can identify areas for improvement, quantify their value, make accurate predictions for the future, build institutional knowledge, and navigate changing market conditions. Through the continuous refinement of market access strategies, businesses can enhance their product launch strategies and ultimately benefit patients, who can get faster access to lifesaving healthcare.
The 5 reasons to track market access performance are also available as an infographic, download below.