LEVERAGING PHARMACEUTICAL ECONOMIC OUTCOME DATA

By: Ed Roberts

Currently, pharmaceutical companies must complete four phases to bring a drug to market:

1. Pre-clinical testing (drug discovery)-Non humans
2. Phase 1-Determine safety & dosage on human volunteers
3. Phase 2-Evaluate effectiveness and side effects on human
4. Phase 3-Verify effectiveness & monitor adverse long term use

The third step is critical in the process. Clinical trials determine whether a drug is safe and effective in treating certain illnesses. If not, the FDA will not approve its production. But clinical trials aren’t only of use to the pharmaceutical companies manufacturing the drugs, insurance companies also evaluate the data to determine which drugs to offer on their formularies. In comparing the trial data of competing drugs targeting the same illnesses, they make decisions about which are the most cost-effective, while also providing the most effective form of treatment.

While this data is necessary and useful, what’s missing from this evaluation is a comparison of the value of a drug, which is different than the cost. This type of data requires an economic study that analyzes monetary acquisition cost, the drug’s efficacy, and the direct and indirect health interventions eliminated or required when the drug is administered.

This type of data focuses on humanistic outcomes that save the health system time and money in the long term, such as the number of years added to a patient’s life as a result of the drug, or details on how the drug improved a patient’s overall quality of life and productivity.

In recent years, fueled by the ACA, there has been a push for pharmaceutical economic outcomes data by insurance companies, providers, and patients. Rather than waiting for health insurance providers or consumers to ask for such data, some pharmaceutical companies have begun promoting economic studies via their account management and Health Economics Outcomes teams earlier in the lifecycle of a product. We see these proactive studies taking place especially for drugs that are joining a category with one or more entrenched competitor. The resulting data is invaluable in formulary decision-making and price negotiations with insurance companies.

Leveraging economic data

Of course, once you launch a study and have the data, what do you do with it? That’s where we come in. The fact of the matter is that pharmaceutical account managers need a specific skillset to ensure that they are using this data appropriately and effectively in meeting their objectives.

The Brooks Group specializes in making measurable improvements in the communication skills of those in the healthcare field. We can help you position and understand the customer value of your economic outcome data and:

• Drive Account Management (AM) skills for internal business case creation and presentation to internal teams, as the AM advocates on behalf of their customers to get studies funded and completed.
• Master value-based negotiation for conversations with insurance companies
• Understand and explain relevant financial information to key stakeholders
• Manage stakeholder financial and patient outcome expectations
• Craft messaging around the results of the study

To ensure that these skills are fully developed, we recommend attending one of our training classes. All of these classes are available by request, though we offer many of them on an on-going basis via our public training calendar.

Pharmaceutical Value-Based Negotiating

Participants of this course will learn to apply negotiation skills throughout company and customer interactions as a way to drive business results. Learning objectives include discussing the planning and preparation necessary for negotiations, understanding what motivates people and how that impacts negotiations, considering options/alternatives for negotiations, and determining how to build a value base.

Matrix Team Management and Selling

By the end of this course, participants will be able to identify customers’ business needs in order to effectively sell as a highly integrated team. Throughout the program, we will facilitate team gapping meetings with customers, conduct team solutions presentations with customers, and describe the critical points involved in managing without direct authority.

Executive Level Presence

This program will teach participants how to communicate clearly and concisely while in any situation. This one-day skill enhancement program enables business executives to develop and deliver high-impact presentations that drive their business agenda.

To learn more, contact Peter Haines. Put the work in now to reap the return on investment for your drug.

This blog was originally posted at https://thebrooksgrouponline.com/2016/08/leveraging-pharmaceutical-economic-outcome-data/

THE LEARNING & DEVELOPMENT HOLY GRAIL: ATTENTION

 

Authored by: Matt Toresco, VP of Account Management & Business Process Training

Let’s take this into the world of Learning & Development (L&D), where we as L&D professionals are trying to reach Account Managers in their daily interactions with customers. How do we do that in such a crowded content marketplace? Learning & Development is already a constant fight for the attention of our learners, but there are several tips you can keep in mind to ensure that you capture (and keep) the attention of your learners.

Here’s what you need to consider when creating content that will stand out:

WIIFM: “What’s in it for me?” is the question learners are asking, so we have to make sure we make the answer very obvious as early as possible. In today’s busy world, if the value isn’t clear, then no one will stick around for the message. Hook your learners early and help them understand why what you’re providing is vital to their success by answering questions such as:

• Why should I take the time out of my busy day to take this training module?
• How will this training affect my relationships with my key accounts?
• Will this training help to speed up my close cycle?
• Will this training offer me ways to manage my tasks better, freeing up additional time that I can put to good use?

Micro-Learning: I previously wrote about the micro-learning concept here. Micro-learning is paramount in a world where our learners are flooded with content from a variety of sources. If we expect the learner to digest what we need them to know, it must be snackable and take up just 8-10 minutes at a time.

Focused: This relates to both of the previous points. When content is focused, it easily answers WIIFM and maintains brevity. Only focus on what the learner needs to know at that very moment. Whether it’s a new product rollout, new talking points, or a new competitor – only share what they NEED to learn NOW.

Mini-Assessments: Schedule small check-in assessments with your learners. Not only will you feel more informed about your impact on your learners, but your learners will have a better understanding of what they’ve learned and how it benefits them. This will also allow sales management to facilitate follow-up coaching activities to pull through the knowledge and offer any additional assistance.

It’s important to remember that it’s not just about the actual content you’re providing, you also have to consider how you structure and share that content. Ultimately, a learner wants direct value. Make it obvious why your content is valuable, and then structure the content for easier digestion and retention. With this in mind, you’ll have satisfied learners who will walk away with an understanding of exactly what they’ve gained from your training.

The Brooks Group offers customized Learning & Development programs for professionals at all stages of their careers, as well as consulting on e-learning. Our programs can be completed in person or via an online course. You can learn more on our website or contact me directly at matt.toresco@brooksgroupinc.biz.

This blog was originally posted at https://thebrooksgrouponline.com/2016/07/the-learning-development-holy-grail-attention/