In the rapidly changing landscape of global markets, staying ahead of the curve is crucial for businesses aiming to expand and thrive. As we step into 2024, the realm of market access undergoes dynamic shifts influenced by technological advancements, policy changes, and evolving consumer behaviors. There are the usual suspects like evolving provider models, the continued transition to value-based care and pharma/biotech companies increased investment in “access,” but there are two trends that are at the top of the “what we’re watching” list for 2024. That is, the use of generative AI and the prioritization of health equity.
- The use of Generative Artificial Intelligence (AI):
The application of artificial intelligence (AI) will be a catalyst to advance market access. For example, AI will expedite the acquisition of clinical trials’ findings, revolutionize the way economic and medical data are gathered and deciphered, unravel the insights of key opinion leaders (KOLs), decipher competitive drug landscapes, and assemble a rich tapestry of market insights to better model patient outcomes and unravel the complex relationship between pricing, reimbursement, and access of medicines.
Artificial Intelligence will also facilitate the implementation, interpretation of results and generation of personalized healthcare recommendations. Pharma/Biotech companies will continue to tailor their market access strategies locally to maximize patient outcomes and drive commercial value. Personalized healthcare plans, driven by AI and fueled by integrated data streams from claims, electronic health records (EHR), and social determinants, are set to be the new norm. This tailored, local approach to treatment, when blended with the wonders of cutting-edge testing and genomics, is poised to be a game-changer, promising not only better patient outcomes but also improved resource efficiency.
- Market Access will prioritize Health Equity:
Healthcare remains a locally delivered and consumed good! The healthcare landscape will continue to experience a significant shift towards prioritizing health equity in market access. This shift is driven by studies that have confirmed access disparities based on geography and race, particularly when it comes to essential medications. These findings emphasize the critical need for pharma/biotech manufacturers to incorporate considerations of social determinants of health (SDoH) into their market access strategies. Factors such as socioeconomic status, education, access to healthcare, and nutrition are integral components that need to be included in this strategy. As a result, pharmaceutical and biotechnology manufacturers are actively reassessing their approach to market access, reorienting their emphasis towards SDoH, patient support programs (PSPs), and creating a more comprehensive patient journey, with a specific focus on those who are socially and economically disenfranchised.
A growing recognition exists concerning the importance of engaging meaningfully with key stakeholders and grasping the diverse perspectives on value. Pharma/Biotech companies are ideally positioned to assume the role of guiding partners along the patient journey, particularly for historically underserved patient populations. Through a concerted effort to address SDoH and by fostering close collaborations with payers, these companies can play a pivotal role in shaping a more equitable and efficient healthcare system that benefits all segments of the population. The prevailing trend of promoting health equity in market access signifies a strong commitment to leveling the playing field and advancing healthcare outcomes for individuals, irrespective of their background or circumstances.
As we traverse through 2024, businesses must adapt to these emerging trends in market access. Flexibility, innovation, health equity, and consumer-centric approaches will define successful market entry strategies. Embracing technological advancements while remaining agile in response to regulatory and geopolitical shifts will be key to unlocking global markets and ensuring sustained growth.
In this dynamic landscape, businesses that proactively anticipate and adapt to these trends will find themselves at the forefront of market access, fostering growth, and thriving in an ever-evolving global marketplace.
Learn more from EVERSANA INTOUCH Market Access experts. Contact us.