The Inflation Reduction Act (IRA) of 2022 aims to improve the accessibility and affordability of prescription drugs for Medicare beneficiaries. The Inflation Reduction Act adjusts the Part D benefit design, reforms drug price negotiations between the Centers for Medicare and Medicaid Services (CMS), and establishes a program that allows Part D beneficiaries to pay prescription…
As healthcare is continuously evolving, pharmaceutical companies are searching for innovative tactics to engage healthcare professionals (HCPs). As sales representatives are being turned away, and the traditional “door-knocking” selling model changes, new pharmaceutical marketing solutions are needed for life science companies to reach HCPs more effectively. At Magnolia Market Access, we’ve identified several pharma marketing…
Many factors go into launching a new pharmaceutical product. The process of gaining approval and the commercialization of a new pharmaceutical product is deeply complex and can take many years of careful planning, coordination, and execution across multiple stages. At Magnolia Market Access, we work closely with our pharmaceutical and biotechnology clients to ensure success…
Field Reimbursement Managers (FRM) assist healthcare professionals (HCPs) in navigating payer requirements to expedite access for patients and streamline reimbursement for products administered in the office. The need for FRMs has grown in importance as pharmaceuticals and the reimbursement landscape have evolved, and provider practices—especially those in specialty areas like oncology—may be experiencing staffing shortages and…
Top 5 Marketing Strategies Used by Pharmaceutical Companies Given the increasingly complex healthcare landscape and the myriad concerns that pharmaceutical companies need to juggle to ensure their products are effective and utilized in the market, pharmaceutical companies use a variety of marketing tactics to bring awareness and demonstrate value of their products. Below, we will…
A payer, or payor, is an entity, organization, or individual that acts as an intermediary between patients and healthcare professionals (HCPs), ensuring that all costs of healthcare services are covered and managed efficiently. Payers play a crucial role in managing treatments and the finances that enable patients to receive treatments and medical services. They are…
What Is Market Access in Healthcare? Market Access in healthcare includes several strategies that ensure market entry and consumer availability of pharmaceutical and healthcare products developed by life science companies. Market access spans healthcare and is pivotal for ensuring patients receive their treatment in a timely and affordable way. Market access involves a variety of…
A payer value proposition is a comprehensive statement that articulates the unique benefits and value of pharmaceutical, biotechnology, or medical device treatments. This value proposition to payers can include the impact to providers, pharmacies, patients, and the healthcare system. It goes beyond clinical efficacy and safety to fully encompass the economic, humanistic, and social impacts,…
What Is Payer Segmentation? Segmentation is the process of dividing a market into subsets of stakeholders who share common characteristics. In the pharmaceutical industry, segmentation of payers is a crucial process that helps companies navigate the complex healthcare landscape by identifying key influencers and connection opportunities to inform market access strategy. Why Is Payer Segmentation…
Measuring Medication Adherence Using Claims Data Medication adherence measurement is associated with better clinical outcomes and lower healthcare costs, and therefore is an important measure in health economics and outcomes research (HEOR) studies. Medical claims data offer a rich source of information about prescription fill patterns and patient behavior, allowing researchers to evaluate adherence in…