HEOR and market access are the two separate domain or functional area within pharma Companies. But they work with similar objective.
Both are having objective to gain market approval for a drug by determining how much it should cost, and why.
Market Access is the process to ensure that all appropriate patients who would benefit, get rapid and maintained access to the brand at the right price. Market access is the process to ensure that all appropriate patients who would benefit, get rapid and maintained access to the brand, at the right price. Success in practical terms means understanding fully the implications and requirements of each of the words in green in this definition.
On the other hand, Health Economics and Outcomes Research (HEOR) is an area of economic analyses that deals with the studies and mathematical models (simulations) based on available clinical, epidemiological, economic data and published evidence to inform rational and evidence based decision making.
HEOR deals with allocation of funds for healthcare purchasing, evaluations of the value for money of healthcare technologies, drugs and medical devices in order to inform budgeting and change in clinical practice decisions.
HEOR (Health Economics and Outcomes Research) and Market Access are related but distinct concepts in the field of healthcare and the pharmaceutical industry. We will explore what is HEOR and Market Access respectively.
What is HEOR (Health Economics and Outcomes Research)?
HEOR is a multidisciplinary field that focuses on evaluating the economic and clinical outcomes of healthcare interventions. It involves the assessment of the cost-effectiveness, safety, efficacy, and real-world impact of healthcare treatments, drugs, or interventions. HEOR research helps healthcare decision-makers, such as clinicians, policymakers, and payers, make informed choices about which healthcare interventions to adopt or cover. It plays a critical role in supporting evidence-based medicine and healthcare resource allocation. HEOR studies often use methodologies like cost-effectiveness analysis, cost-utility analysis, and health-related quality of life assessments to provide insights into the value of healthcare interventions.
What is Market Access?
Market Access, on the other hand, is a specific aspect of the pharmaceutical and healthcare industry that focuses on ensuring that a new healthcare product, such as a drug or medical device, gains market acceptance and is accessible to patients who can benefit from it. Market Access strategies involve navigating the complex healthcare environment to achieve optimal pricing, reimbursement, and formulary placement for a product. This often requires understanding the economic and clinical value of the product, addressing regulatory and health technology assessment (HTA) requirements, and negotiating with payers and healthcare decision-makers. Market Access professionals work to overcome barriers and facilitate the successful launch and adoption of healthcare products.
HEOR is a broader field that encompasses research and analysis to assess the value and outcomes of healthcare interventions, while Market Access is a specific function within the pharmaceutical and healthcare industry that focuses on optimizing the commercial success of healthcare products by ensuring their access and reimbursement in the market. HEOR research can be a part of the evidence base used in Market Access strategies, but they serve different purposes within the healthcare ecosystem.