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Market Access within the Pharmaceutical Industry

May 28, 2013

market accessThe term market access has become the new buzzword for business, but what does it really mean? And more importantly, what does it mean for you? The phrase is often used within the context of the pharmaceutical field, referring to the relationship between the product and its environment. The new product affects the market once it is introduced. The market conditions in turn will affect the product and its sales. In addition, you can influence the industry’s acceptance of your product, and the customer’s willingness to try your product. In short, it is making your product attractive to all potential customers by releasing it at the best time and presenting it in the best manner to meet their needs.

Holding with the pharmaceutical industry, inpharma market access it is critical to focus on the consumer as well as the prescribing physicians, and medical institutions as a whole. A product that is accepted and requested by consumers is more successful in its release compared to an unknown product. It is why company strategy has to be multi-faceted, involving sales and marketing whenever possible.

With regard to market access pharma companies also need to consider government contracts and potential business opportunities within other agencies. A contract is an agreement between two agencies to provide a product or service. There is a commitment on both parts, so any sort of agreement will require contract management. Once the commitment is made, then there is a fair expectation on both sides and as with all else, there should be regular review. The contract lifecycle management, for the life of the agreement, should work to strengthen the relationship and in turn increase market access.

Government contracts also exist, which could expand business opportunities and also offer new areas for growth. As with all other contracts, government contract management would also be necessary to ensure that both sides are upholding the agreement. Government contracts tend to be much more specific and last for a specified amount of time. They encourage competition, because the potential business is so great for the winning contract. It is another piece of market access, and any company looking to negotiate government contracts should work with a legal team and dedicate employees specifically to the needs of government clients.

In order to grow as a company, you have to align yourself with all opportunities. Market access recognizes the deep impact from all angles, and encourages a company to expand their marketing plan and approach. Contracts secure a certain amount of business for a specified amount of time, allowing you to build a solid relationship with a customer.

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