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2 Jul 2024

What are the differences between pharma market access and pharma forecasting?

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Pharma market access and forecasting are two distinct but interconnected areas within the pharmaceutical industry.

Pharma market access involves ensuring that patients can obtain the quality medicines they need, at a affordable price. Whereas Pharma forecasting involves predicting future sales, demand, and trends for pharmaceutical products.

Here’s a detailed comparison of the two:

Pharma Market Accesspharma market access training course by royed training

Definition:

Pharma market access involves ensuring that patients can obtain the medicines they need, at a price they and their healthcare systems can afford. It focuses on the strategies and processes required to make a drug available to the patients who need it, in different markets.

Key Activities:

Mentioned below are the key activities involved in pharma market access.

  • Health Technology Assessment (HTA): Evaluating the clinical and cost-effectiveness of a drug to justify its price and reimbursement.
  • Pricing Strategies: Determining the appropriate pricing model for different markets.
  • Reimbursement Negotiations: Working with payers and healthcare systems to secure coverage for the drug.
  • Regulatory Compliance: Ensuring the drug meets all regulatory requirements for market approval.
  • Stakeholder Engagement: Communicating and negotiating with healthcare providers, policymakers, and patient advocacy groups.

Goals:

Key designated goals in market access is as follows:

  • Patient Access: Ensuring patients have timely access to new treatments.
  • Market Penetration: Achieving widespread adoption and use of the drug.
  • Economic Viability: Ensuring the drug is priced and reimbursed in a way that is economically sustainable for the company and affordable for healthcare systems.

Pharma Forecasting

Definition:

  • Pharma forecasting involves predicting future sales, demand, and trends for pharmaceutical products. It is an analytical process used to estimate future market behavior to inform business decisions.

Key Activities:

  • Sales Forecasting: Predicting future sales volumes and revenues.
  • Demand Forecasting: Estimating future demand for a drug based on market trends, epidemiology, and competitive landscape.
  • Financial Planning: Informing budgeting and resource allocation based on forecasted sales and demand.
  • Scenario Analysis: Evaluating different market scenarios and their potential impacts on sales and demand.
  • Data Analysis: Using historical data, market research, and statistical models to make informed predictions.

Goals:

  • Strategic Planning: Providing insights for strategic decision-making and long-term planning.
  • Resource Allocation: Ensuring optimal allocation of resources based on anticipated market needs.
  • Risk Management: Identifying potential risks and opportunities in the market to make proactive adjustments.

pharmaceutical forecasting models

Comparison

  • Focus:
    • Market Access: Centers on making the drug available to patients and obtaining reimbursement.
    • Forecasting: Centers on predicting future market conditions and sales performance.
  • Timeframe:
    • Market Access: Often involves short to mid-term strategies for immediate and ongoing access.
    • Forecasting: Involves both short-term (e.g., quarterly sales) and long-term (e.g., multi-year trends) predictions.
  • Stakeholders:
    • Market Access: Engages with regulatory authorities, payers, healthcare providers, and patients.
    • Forecasting: Engages with internal stakeholders such as finance, marketing, and supply chain teams.
  • Outcomes:
    • Market Access: Success is measured by market entry, patient access, and reimbursement rates.
    • Forecasting: Success is measured by the accuracy of predictions and the ability to inform business strategies.

In summary, while pharma market access focuses on the practical and strategic aspects of making a drug available to patients, forecasting is about predicting future market behaviors to guide business decisions. Both are crucial for the commercial success of pharmaceutical products.

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