Henry Oyewole
September 2024
The past year has been transformative for market access, with significant shifts in how data is utilized, analyzed, and applied. As the landscape continues to evolve, it’s crucial to understand the challenges and opportunities that lie ahead.
Shifting Data Needs in Market Access
In recent years, data has become the lifeblood of market access strategies. Successful marketers are now scouring data to identify opportunities for better pull-through and market positioning. This shift reflects the market’s growing complexity, where decisions are increasingly informed by granular data analysis rather than broad outreach efforts.
Additionally, the rise of specialty products means that many more therapy options require additional clinical and administrative steps than in years past. For these products, market access teams must shift from focusing solely on formulary coverage to a more nuanced understanding of coverage policies and criteria for use.
The Role of AI and Other Emerging Trends
Artificial intelligence (AI) is poised to significantly impact market access. Companies are beginning to explore how AI can solve real-world problems more efficiently, particularly as they face tighter budgets and the need for faster solutions. While the potential of AI is immense, the industry is still in its early stages of adoption.
In addition to AI, other overarching trends include resource cutbacks and the need for creative problem-solving. As companies reassess their labor forces, they increasingly turn to external market access solutions to bridge the gaps left by downsizing. This trend underscores the importance of agility and innovation in navigating a tightening economy.
Key Recommendations for 2025 Market Access Planning
As companies begin planning for 2025, taking stock of your current standing and developing strategies based on a thorough analysis of market data is crucial. Consider these recommendations as your team prepares for the year ahead:
- Analyze Your Current Position: Understanding your market share and how you compare to competitors is the first step in developing a successful strategy.
- Leverage Data Effectively: Not everyone knows how to mine and analyze data. To stay ahead of the competition, it’s essential to have a clear strategy for data utilization.
- Consider Non-Personal Promotion: Explore creative ways to promote products and ensure all efforts are coordinated and driven by data.
- Be Aware of Risks: Every day that you’re not aware of market changes puts you a day behind. Companies must stay vigilant, especially regarding new product launches that could disrupt their market position.
The market access landscape is becoming increasingly complex, driven by advancements in data analysis and the emerging role of AI. Companies that can navigate these changes with agility and foresight will be well-positioned to succeed in 2025 and beyond.
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