Constant refinement of USP and value proposition is one of the main principles of modern marketing and it has found a reflection in Market Access too. It is important for pharmaceutical and medical devices companies to know their customers’ perceptions, needs and expectations. To meet and satisfy the demand for specific information or clinical evidence and to assign a fair market price in ever changing and evolving healthcare evidence and Real World Data (RWE).
HEOR is a field of Economic Evaluations of Healthcare Technologies
Health Economics and Outcomes Research (HEOR) is an area of economic analyses that deals with the studies and mathematical models (simulations) based on available clinical, epidemiological, economic data and published evidence to inform rational and evidence based decision making. HEOR deals with allocation of funds for healthcare purchasing, evaluations of the value for money of healthcare technologies, drugs and medical devices in order to inform budgeting and change in clinical practice decisions. Healthcare payers (government, insurance companies, hospitals) operating under constrained budgets are always seeking to maximise the output (value, health, procedures) subject to limited financial resources and other constraints (technical, time, legal, management changes).
Pharma and medical devices companies put a lot of effort into development of their product value story. The value story often takes a form of an MS Excel file or a Power Point deck containing detailed information on burden of illness, product profile, clinical differentiators and health outcomes.
The question is – do these conventional document formats communicate product value story effectively ? Most probably not. With modern digital tools Key Account Managers (KAM) and Medical Science Liaisons (MSL) can present health data and evidence to payers and healthcare providers more effectively.
MS Excel, SAS, SPSS, R, Stata, Matlab and other statistics and modelling software packages are of great help when it comes to model core and logic development. These tools became available in mid eighties. They are around for 30 years already, but are they good enough for communication in modern digital era?
iPad budget impact model apps – communication tools for engagement with payers and prescribers
Budget Impact Model (BIM) is the health economics type of model which calculates the net cost of including a new drug or therapy into certain healthcare system or payer, hospital settings. Budget impact model app (budget impact analysis) quantifies the financial impact of a new therapy (drug, medical device, vaccine) for a decision maker (payer), thus allowing pharmaceutical and medical device companies to clearly and persuasively communicate the product cost and clinical value. It is accomplished through measuring the net cumulative cost of particular drug or therapy for a specific number of patients, with at least two (including and excluding the product in question) comparative scenarios.
Usually when sales rep has a meeting with doctor, payer or provider, the time frame is very tight. It is a matter of minutes for the rep to bring the key message to a target audience. It is important to spend the time rationally and present the core idea alongside strong arguments, while being as laconic as possible.
However, this does not mean that the presentation shouldn’t contain supplementary information and specific details the payer might potentially be interested in. It should, together with evidence for all possible answers for the questions that may occur. In other words, the rep must be ready to be as precise and informative, as the audience requests.
The goal was clear and the challenge was accepted.
Despite the prevailing trend of “consumerization of information technologies”, many mathematical models in various industries (life science, financial, R&D etc.) remains Excel-based. Yet a few years ago, IT was mostly associated with technical specialists – people with sufficient software/hardware knowledge and skills, but recently IT has become more accessible and easy to use for wider audience. Thus, removing main barriers for transformation of mathematical models (health economics, financial, etc) into a more interactive and customer-oriented form with much wider scope for development and customization.
Needless to say, custom development, as against traditional Excel, also enables new presentation layer options, which usually take the form of nice looking and interactive dashboards, while model inputs are done in the form of interactive sliders, drop boxes, radio buttons, checkboxes etc.