Key Steps To Creating A Successful Market Access Strategy

Understanding Health Technology Assessment (HTA) requirements during product development is crucial for a successful market access strategy, increasing the likelihood of receiving a fair price and positive reimbursement decision from HTA authorities. In this blog, we will guide you through the key steps to creating a successful market access strategy for your pharmaceutical product.

Market access encompasses activities and processes that pharmaceutical and biotech companies undertake to secure pricing and market sales for their products. It varies globally: in the US, it focuses on policy changes in access and coverage, such as Medicaid and Medicare updates, while in Europe, it emphasizes evidence generation and value communication to secure reimbursement and pricing.

Reimbursed products in Europe are primarily covered by government grants. Without positive reimbursement recommendations, it is challenging for pharmaceutical companies to introduce new products to the market. Reimbursement processes differ based on whether the product is a prescription or hospital drug. For instance, hospitals may have high-cost drug lists with significant reimbursement from national agencies, while over-the-counter (OTC) medicines are paid out of pocket by consumers.

It's important to note that drug reimbursement in Europe is subject to local rules, which vary by country. In Germany, most medicines are reimbursed at 100% from launch, covered by insurance funds. In the UK, securing reimbursement from the National Institute for Health and Care Excellence (NICE) is essential for market entry.