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Commercial Model Design

Choosing Between Food and Medicine: Long-Term Health Consequences of the COVID-19 Induced Recession

Choosing Between Food and Medicine: Long-Term Health Consequences of the COVID-19 Induced Recession

Choosing Between Food and Medicine

The COVID-19 induced recession has taken another ominous turn as the Census Bureau recently reported that almost 30 million Americans responded in a survey that they did not have enough food to eat at some point during the week before July 21 [1]. A record number of people are also going to food banks [1]. The reason for this situation is the combination of COVID-19 mandated shutdowns with their resulting effects and the economic consequences from high unemployment generated from these business closures. This turn of events is not surprising as similar effects were seen during the Great Recession of 2007-2009. The economic fallout from the COVID-19 induced recession is much more severe, with the unemployment rate still above 10% (the Bureau of Labor Statistics reported a 10.2% rate for July 2020) [2]. This means people are increasingly having to make tough choices about where to spend scarce dollars for necessity items like food, medicine, rent/mortgage, or essential utility bills.

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Are Pharma Companies Prepared to Improve Dramatically How Economic Dynamics are Incorporated into Commercial Analytics?

Are Pharma Companies Prepared to Improve Dramatically How Economic Dynamics are Incorporated into Commercial Analytics?

 

“U.S. Economy Sees Record Downturn” 

The headline on the record drop in U.S. GDP for Q2 2020 at an annual rate of 32.9% and 9.5% from the previous quarter, The Wall Street Journal, print published July 31, 2020 [1]. 

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Covid-19 impact on Pharma Commercial Models

Impact of COVID-19 on the Commercial Models of Pharmaceutical Companies in the US

 

“The Chinese use two brush strokes to write the word 'crisis.' One brush stroke stands for danger; the other for opportunity. In a crisis, be aware of the danger--but recognize the opportunity.” 

John F Kennedy

The US pharmaceutical industry, which is racing to develop a vaccine to beat the novel coronavirus, is facing never-before-seen challenges. The hurdles include public policy mandates (e.g., shelter-in-place orders and closing of non-essential businesses) and sweeping restrictions placed on industry representatives from entering offices and hospitals to meet healthcare professionals (HCPs). These policy mandates and restrictions are causing pharmaceutical companies to rethink their go-to-market strategy.

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What Managed Care Analytics Means to Pharma Brand Success – Part 2

In Part 1 of this two-part series, we learned about what managed care analytics means for pharma brand success and the factors that pharma companies need to keep in mind while planning their managed care strategy. In this part, we will explore how pharma account managers can leverage managed care analytics, in their constant endeavor of optimized contract performance, better formulary positions, and improved patient access and health outcomes.

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Managed Care Analytics

What Managed Care Analytics Means to Pharma Brand Success – Part 1

Operating in the managed care system in the US healthcare market is challenging due to the complex environment. It is incredibly volatile and fragmented, with stakeholders ranging across various categories:

  • Healthcare delivery systems like Integrated Delivery Networks (IDNs) and Preferred Provider Organizations (PPOs).
  • Care systems like the Accountable Care Organizations (ACOs), Managed Care Organizations (MCOs), and Health Maintenance Organizations (HMOs).
  • Governmental Point of Service (PoS) systems like Medicare and Medicaid.
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Direct and Indirect influence of Key Account Managers in Pharma Sales

Measuring Direct and Indirect Influence of Account Managers

As part of Axtria’s exciting presentation lineup, David Wood, Senior Principal, and Shubham Lahoti, Associate Director, will be presenting on the topic of “Measuring Direct and Indirect Influence of Account Managers”.

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Enabling Smarter Commercial Model Experimentation

Enabling Smarter Commercial Model Experimentation

Numerous publications, blogs, etc. have reported how quickly the pharmaceutical industry is changing and how manufacturers need to modify their approaches and structures to survive the competition. The pace of change necessitates that Pharma companies undergo a transformation; with organizations expanding the capabilities of their commercial models through smarter experimentation, scalable measurement, faster learning, and dynamic decision making regarding their commercial models.

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Why Pharma needs to evolve Sales Strategies?

Prescribing decisions in the institutional setting differ considerably from the retail setting. As noted in the figure below, HCPs are influenced by several parties, both internal and external. While the health of the patient and safety of medications continue to be of paramount importance, over the past several years, financial considerations have increased attention on quality of care. No longer is a hospital’s survival dependent on the “hotel model” (where higher occupancy equals greater profitability), rather insurance companies, in an effort to control costs, are incentivizing institutions (IDNs) to keep patients healthy, reduce the length and frequency of hospitals visits, etc. Further, as new information systems and technologies are implemented (many driven by requirements outlined in the Affordable Care Act) the ability of key payers to manage costs and processes will improve. This will continue to drive the behaviors of healthcare professionals and their employers.

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