RESEARCH TRIANGLE PARK, N.C.--(BUSINESS WIRE)--Pharmaceutical companies can no longer launch a product without providing managed markets organizations detailed health economics and cost-effectiveness metrics, according to a new study. This is how health economics teams began to form; when companies realize the importance of collecting this data to clear the way for a product’s launch.
Cutting Edge Information’s recent study, “Health Economics and Outcomes Research: Aligning Clinical and Commercial to Meet Payer Demands and Win Reimbursement,” found that drug companies only formalized their pharmacoeconomics in the last 10 years. Pharmacoeconomics, also called health economics, teams are now crucial entities within drug manufacturers’ organizational structures.
“Our survey data shows that the average age of a health economics group at US drug companies is 10.6 years,” said Michelle Vitko, senior research analyst at Cutting Edge Information. “This means US organizations that deal with multiple managed markets have more mature health economics teams than those in Europe, Australia and Canada.”
According to surveyed pharmaceutical companies, Top 20 drug manufacturers have had health economics teams in place for the longest time at more than 10 years. The longevity of Top 20 pharmacoeconomics teams highlights these companies’ successes in global markets, due partly to the health economics and outcomes research that they conducted. Top 50 and smaller pharmaceutical companies have had these teams for an average of seven and four years, respectively.
Medical device companies have felt similar pressure from payers in recent years. The average team age at device companies is 5.4 years, though two larger medical device companies profiled in Cutting Edge Information’s study have had teams for eight and 10 years.
“Health Economics and Outcomes Research: Aligning Clinical and Commercial to Meet Payer Demands and Win Reimbursement” (http://www.cuttingedgeinfo.com/research/market-access/health-economics/) explores HEOR teams across all company sizes, and in key geographic areas. This study is designed to help companies build effective health economics teams and improve their internal implementation, as well as communication with payers. This study helps companies:
- Structure Efficient Health Economics Teams to Increase Reimbursement Possibilities
- Benchmark Pharmacoeconomics Teams’ Spend and Time Allocation to Stay Competitive
- Overcome the internal and external challenges facing HEOR Teams
For more information about health economics and outcomes research or market access, contact Cassie Demeter, 919-403-6583.