Top 10 Trends Shaping the Pharmaceutical Industry in 2021 - Part 2

 

 

In part one of this blog post we discussed emerging trends in the pharmaceutical industry, such as the growing use of AI, increased interest in precision medicine, biologics, cloud technology etc.

We are back with part two to discuss more emerging trends in the pharmaceutical industry, and how The Brooks Group can help your brand utilize these trends to maximize profits and growth in 2021.

Discounts and Rebates

Overpriced medications have been the focus of much public ire in recent years, especially when the drugs are considered life-saving. For this reason, both lawmakers and governmental agencies have made it a goal to reduce the cost of drugs with discounts and rebates.

With the growing concern over the prices of life-saving drugs like insulin and epinephrine, it is likely that this pattern of drug price scrutiny will continue into 2021 and beyond. Brooks Group’s managed care training seminars help sales and account managers understand the future of the healthcare market and how it will impact drug pricing.

Biologics

Over the past few years, there has been a growing body of research on the role genes play in disease resistance and susceptibility. This has created a rapidly growing interest in the fields of pharmacogenetics, epigenetics, and genomes.

In other words, pharmaceutical researchers are beginning to focus more on unique genetic factors when developing new treatments for cancers, viral infections, and other conditions. It is expected that genetics will be at the forefront of clinical research and development moving forward.

Focus on R&D

One of the key challenges for research-focused pharmaceutical companies is to make R&D a more efficient process. R&D efficiency is measured by the successful approval of New Molecular Entities (NMEs) and therapies versus the monetary investment required.

With the growing need for research, pharmaceutical companies are having to come up with novel ways to create meaningful R&D without hurting their bottom line. The rapid development of the COVID-19 vaccine has been a marvelous achievement of the biotech and pharma industries in 2020.

Note: The Brooks Group can provide pharma companies with market research to help explore how emerging technologies can improve their R&D efficiency.

Consumerization of the Patient

Now more than ever, patients are expecting more out of their pharmaceutical provider. Given the saturation of the pharmaceuticals market, patients have more control over the medications they choose to take. This means that pharmaceutical companies can no longer just provide medication, they have to take a more personalized, customer-centric approach to drug distribution and marketing.

Creating a more empathetic approach to drug marketing will help pharma companies set themselves apart from the competition.

Pharma companies can learn the right insights that will help them understand the needs of patients and personalize treatments with The Brooks Group’s market research offering for patient advocacy in the pharmaceutical industry.

Digital Training

Digital training is a great way to ensure that employees are properly utilizing new technologies. In the pharmaceutical industry, digital training ensures that employees are operating within the strict parameters of regulatory compliance. Additionally, this form of training maximizes employee efficiency.

The Brooks Groups' digital training programs help ensure that employees are properly utilizing new technology to boost efficiency and reduce compliance violations. The Brooks Group can save organizations money by training personnel on-demand from anywhere.

The Brooks Group Can Help You Leverage These Trends

Understanding what the future has in store for the pharmaceutical industry will allow you to effectively manage your marketing and R&D strategies to keep up with emerging trends.

With The Brooks Group, you can count on expert training, market research, consulting, and instructional design services to help your pharmaceutical brand maximize its growth and profits.

Here is a look at our learning demo sheet for a peak at the kind of insights and training we have to offer. Contact us here for more info.

This blog was originally posted on https://thebrooksgrouponline.com/2021/02/top-10-trends-shaping-the-pharmaceutical-industry-in-2021-part-2/

Understanding Managed Care in 2020 and Beyond

The foundation of sales or account management is understanding clients’ needs. Keeping up with managed care trends and knowing where the market is headed, helps with anticipating needs and providing a higher level of service to clients.

Here are the major trends impacting the healthcare landscape in 2020 and beyond.

The Changing Healthcare Landscape

Managed care began with a simple goal: to decrease the cost of healthcare in the United States. But while most managed care plans were focused on cutting costs, they didn’t give much thought to consumers. Managed care became a one-size-fits-all healthcare solution for everyone.

To provide personalized care at an affordable cost, there have been several advancements in the managed care landscape including Accountable Care Organizations (ACO) and the Affordable Care Act (ACA)—otherwise known as Obamacare. The ACA offers consumers more options to choose and fine-tune their healthcare coverage, while ACOs allow healthcare providers to focus on the quality of care rather than cost.

This has led to changing the healthcare landscape from cost-based to consumer-based. Plus, as more people are becoming eligible for Medicaid due to its expansion, managed care plans are being forced to change their products, programs, and benefits to be more consumer-centric to keep up with the increased demand.

Looking Beyond 2020

The future of managed care is consumer-focused. Instead of focusing on how to pay for care, most managed care plans are now centered around what consumers need and how to compete in the changing landscape. Here are some of the major trends impacting the future of managed care:

1. Telehealth and Remote Healthcare Options

Telehealth has seen significant adoption in the healthcare industry over the past several years. More and more healthcare providers are choosing to offer remote, virtual care to their patients to help cut costs both on their end and for their patients.

While many might think of telehealth as a trend born of the COVID-19 pandemic, research shows that remote healthcare is here to stay. Over 83% of patients expect to continue using virtual appointments even after the pandemic is resolved.

2. Medicaid Expansion

In 2018, new legislation was introduced to expand Medicaid coverage to even more Americans. Of course, the wheels of the government move slowly, so many states have yet to adopt the new legislation and referendums.

In the upcoming years, expect states to continue expanding Medicaid coverage. Health systems will need to care for an increased number of patients without sacrificing quality. To support the increased demand, small healthcare organizations and hospitals will need to merge and contract more specialty services with other companies to handle the workload. This means a more collaborative healthcare landscape.

3. Machine Learning and Artificial Intelligence (AI)

Trillions of dollars have been poured into advancements in machine learning and artificial intelligence to create a space where data modelling is readily available to patients, healthcare providers, and industry professionals. 

For managed care providers, this means access to more meaningful data than ever before. It’ll become simpler to research trends and use predictive analyses to anticipate needs, leading to a higher quality of personalized patient care.

4. Consumerism

Patients now have more access to information and managed care choices. People are looking for the lowest cost managed care plans that best suit their unique needs. With this switch to consumerism, government bodies have been pushing healthcare providers to offer transparent pricing and quality scores to simplify choices for consumers.

Stay in the know with our Managed Care Seminars

Account managers in the pharmaceutical and biotech industries are expected to have a strong knowledge of the changing trends in the healthcare system and the factors driving it, so that they can anticipate the implications of their customers and address their needs and concerns with competence.

The Brooks Group offers managed care training seminars to get your team to understand and keep up to date with the latest trends in the managed care landscape. 

If you’re interested in learning about our other healthcare executive training programs, contact us. You can also register for classes using our online portal. Custom classes for your team are available upon request.

This blog was originally posted on https://thebrooksgrouponline.com/2020/12/understanding-managed-care-in-2020-and-beyond/

MANAGED CARE 101: A MUST FOR SALES AND ACCOUNT MANAGERS IN PHARMA

Managed care is a process that gives patients an option to receive care at a reduced cost through their healthcare plans that have specialized contracts with healthcare providers. Managed care’s primary focus is on wellness and prevention, though it also supports better utilization of healthcare services, better healthcare quality, and lower costs.

In other words, managed care can benefit both patients and providers through a coordinated approach; patients get access to lower-cost benefits while providers gain access to an efficient process for acquiring new patients and managing receivables.

Managed care plans come in a variety of options, including Health Maintenance Organizations (HMOs), Preferred Provider Organizations (PPOs), Point Of Service (POS) Plans, And Medicaid Managed Care. Population survey data shows that over 70 million Americans have been enrolled in HMOs, and nearly 90 million have been involved with PPOs. It is fair to say that managed markets are a focal point of modern healthcare – and pharmaceutical personnel need to understand how the interplay of various participants in managed care affect their sales and operations.

The Role of Pharmaceutical Sales and Account Managers in Managed Care

Pharmaceutical sales reps bear a heavy burden. As product specialists and provider liaisons, sales reps have more to do than simply memorize spec sheets. Succeeding in managed care requires an understanding of the general market environment, the economics of managed markets, and how to match their products and solutions to the potential buyers based on the critical business issues faced by the key decision makers.

Sales reps need a deeper understanding of influencing factors such as regulations in product pricing, prescribing restrictions, authorizations, copay management, and more. Account Managers on the other hand need to be able to have tremendous insights into the concerns and challenges of the Key Decision Makers, and based on that build and deliver a unique value proposition that speaks undeniable value and long-term engagement.

This is why, in addition to the standard account management training, most pharmaceutical companies require their sales and account reps to go through managed care training seminars to gain a deep understanding of the system.

Managed Care Training Offers a Competitive Edge

In order to be able to deliver the above-mentioned value, pharma sales and account managers must be well versed in the intricacies of the managed market.

This involves-

• Understanding managed healthcare & the different components
• Identifying the providers & how they impact managed healthcare
• Defining quality & identifying quality initiatives in addition to the leading quality organizations
• Understanding the U.S. healthcare market framework

Pharma managers and sales reps are most effective when they are coached by those familiar with the specialized needs of managed markets. As a leading healthcare consulting firm, The Brooks Group has accumulated a wealth of knowledge and experience in this field.

The Brooks Group offers a dedicated course called “Managed Care 101” – a training course specifically designed for account managers, field sales reps, and senior level sales professionals looking for insight into the various strategies and techniques used to support managed care markets. Registration is available through open-enrollment sessions at The Brooks Group or by a custom course with your team/organization.

If you’re interested in learning more about our managed care training curriculum or about our healthcare executive training programs, contact us today for more information.

This blog was originally posted on https://thebrooksgrouponline.com/2020/11/managed-care-101-a-must-for-sales-and-account-managers-in-pharma/