The Changing World of Managed Markets
As anyone that has visited a doctor or pharmacy has experienced, the days of a doctor selecting his preferred branded drug, with no oversight, are over. With payers and PBMs systematically exerting more and more control over the drug writing process, the job of the Managed Markets Account Manager is becoming all the more important and difficult. With pressure to use generics first line and then a tiered formulary framework of branded drugs, how does an account manager (AM) stay effective against such complexity and odds?
Additionally, with the implementation of the Affordable Care Act, up to 30 million more Americans are expected to gain health insurance. While this creates more market opportunity for the AM, it also increases the power and influence of the MCOs. It’s a lot of information to manage and with so many data sets available – from payer formulary status and number of lives, to Rx sales to HCP top plans – using the data strategically to increase sales and pull-through becomes all the more relevant.
So, what is the solution to this quandary? In the past, a contract win may have been enough to work with Field Sales to get the word out. Today, that is not enough. The AM must have a holistic understanding of not only his drug formulary status, but the entire competitive landscape both at a macro and detailed level. What this means is that the AM should be able to easily target those accounts with the most lives, negotiate a preferred position for the drug and then selectively target those physicians most inclined to write the drug – and measure the success of these efforts and make campaign adjustments accordingly.
A good solution will integrate all these factors and make it easy to conduct his business, as AMs may not necessarily be the best analysts. Oftentimes, Account Managers are next in line after Field Sales for home office analytical support. So, the most effective solution will not only integrate all of these disparate data sets, but help the AM in his day-to-day work.
How should this solution work? It should put powerful, real-time analytics in the hands of the AM. By displaying the data in an easy to understand format and proactively alerting the AM to changes in sales patterns (such as volume increasing and decreasing accounts), it will allow the AM to stay on top of the business without getting mired down in various spreadsheets and reports. Having one source allows the AM to see trends early on.
Is an account gaining volume? Maybe it’s time to review the formulary status.
Had a recent contract win? Define campaign parameters to target exactly those doctors that need to hear that message – and get that list to the Field for message implementation.
More importantly, track the success of the campaign over time – not only against your own goal, but against non-targeted physicians (is there uplift vs. targets?), and other campaigns within the payer, PBM and across the nation. Having the ability to rapidly make these comparisons enables the entire Managed Market Team to share what is working well, and what isn’t – and make sales campaign adjustments accordingly to increase pull-through. For example, maybe one campaign created a formulary status leave-behind with the physician, showing your preferred status over the completion. Or, perhaps another campaign targeted a subset of physicians that write a lot of the branded drug that you just won preferred status over.
Want to learn more? Check out our white paper “Taking Care of Business – Why Not to Overlook Your Managed Markets Team”.