From Development to Delivery: Prioritizing Market Access in Biotech and Pharma
Scientist
on
October 31, 2024
The U.S. healthcare landscape is undergoing significant restructuring, as companies navigate evolving challenges around pricing, reimbursement and payer negotiations, placing market access (MA) at the forefront of pharmaceutical innovation. In a recent webinar hosted by Scientist.com and in partnership with FingerPost Consulting, industry experts discussed the critical role market access and health economics and outcomes research (HEOR) play in early commercial decision-making for biotech and large pharmaceutical companies. Catherine Bacon, CEO of FingerPost, kicked off the discussion by highlighting the need to prioritize MA early in drug development, which then triggered a conversation around how researchers, investors and payers can better manage the complexities of drug pricing, reimbursement and real-world evidence generation throughout the development pipeline.
The panel consisted of Dr. Mel Walker, Managing Director and Senior Advisor, Life Sciences/Healthcare at BioPharma Futures Limited; Dr. Joep Muijrers, General Partner, Venture & Growth at Gilde Healthcare; Dr. Sandeep Duttagupta, Vice President and Head of Global Pricing and Market Access at Alnylam Pharmaceuticals; Sahil Kirpekar, MD, Chief Business Officer at atai Life Sciences; and Hilary Hutton-Squire, MChem, MSc, Vice President and Head of Global Value and Access at Gilead Sciences.
Dr. Walker, from BioPharma Futures, began the discussion by emphasizing that addressing market access considerations early on is crucial for successful commercialization in the biotech sector. Representing the investor perspective, Dr. Muijrers stressed that companies must consider payer requirements from the outset to avoid developing products that may not be commercially viable. Dr. Duttagupta added that MA is now a central factor in a product’s success, with investors closely examining pricing and access from the onset.
“Imagine saying you have no idea who will use your product or if anyone is willing to pay for it. That’s unacceptable in today’s environment.” - Dr. Joep Muijrers
Sharing insights from her experience with larger pharmaceutical companies, Hilary Hutton-Squire MChem, MSc, noted that market access plays a vital role in deal evaluations, particularly as the Inflation Reduction Act (IRA) has shifted how U.S. companies approach pricing and reimbursement. Lastly, Dr. Kirpekar focused on how aligning clinical development with MA strategies helps companies de-risk their projects and ensure they meet payer expectations early in the process.
“Don’t stick your head in the sand. If you’re not thinking about market access from the start, you’ll face significant challenges later.” - Dr. Joep Muijrers
A core theme that emerged throughout the discussion was the notion that market access should be viewed as something other than an isolated concern to be addressed after regulatory approval. Instead, it must be integrated into the strategic decision-making process from the early stages of drug development.
“Start with the end in mind. Understanding the power of addressing the issue of market access early on ensures the creation of genuine value for investors and patients.” - Dr. Mel Walker
This integration is vital for large pharmaceutical companies and especially for smaller biotechs, where resource limitations can amplify the risks associated with poor planning. The panel agreed that engaging market access considerations early can prevent costly mistakes and missed opportunities later in the commercialization process.
By taking a proactive approach to market access, smaller biotech companies can avoid common pitfalls, ensure better valuation in deal-making and ultimately more efficiently bring innovative therapies to patients. If you are interested in learning more, you can view the full webinar, Transforming Biotech Commercial Decisions through Market Access, on demand.