Study by Best Practices, LLC Explores How the Pharmaceutical Industry is Utilizing the Role of Medical Affairs to Enhance Payer Interactions

CHAPEL HILL, N.C., June 16, 2017/PRNewswire/ -- Pharmaceutical companies depend on their relationships with payers to gain formulary access for their products. With payers laying greater emphasis on patient outcomes and economic value, many pharma organizations have turned to their medical affairs function to effectively interact with payers regarding their product's medical information.

Yet this is a relatively new role for the medical affairs function and therefore some companies are struggling to identify the staffing and activity requirements for successful payer interactions.

To inform these efforts and to probe current trends and best practices regarding the role of medical affairs in payer interactions, research and consulting leader Best Practices, LLC conducted a primary research project. The study produced a benchmarking report, "Medical Affairs' Critical Role in Payer Interactions," that examines the role of medical affairs in critical payer interactions and highlights strategies for building and maintaining effective payer relationships.

The study results illustrate that this issue is clearly pushing medical affairs' leaders to adjust their staffing: 75 percent of the participants said they expect growth in staffing for their market access and payer activities within the next 24 months. In addition, almost a quarter of the participants expect more than 30 percent growth in payer and market access activity staffing. Aside from gathering current medical affairs trends around resourcing, this new study examines issues regarding structure, strategies, and training for medical affairs to effectively interact with the payer community. 

This study:

• Illustrates how leading Pharma and Biotech companies structure and organize their payer groups and Medical Affairs' involvement
• Highlights strategies for building and maintaining effective relationships with payers
• Informs Medical Affairs in talent acquisition and training for their payer groups
• Explores strategies for identifying, segmenting and prioritizing payers

Twenty-nine medical affairs leaders at 27 biopharmaceutical companies participated in this research. Responses in this study have been presented in two segments: regional (US only and global companies) and company size (large, medium-sized and small companies).

To learn more about this report, download a complimentary report excerpt at http://www.best-in-class.com/rr1452.htm.

For related research, visit the Best Practices, LLC Web site at www.best-in-class.com/. 

ABOUT BEST PRACTICES, LLC
Best Practices, LLCis a leading benchmarking, consulting and advisory services firm serving biopharmaceutical and medical device companies worldwide. Best Practices, LLC's clients include all the top 10 and 48 of the top 50 global healthcare companies. The firm conducts primary research and consulting using its comprehensive proprietary benchmarking tools and analysis.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/study-by-best-practices-llc-explores-how-the-pharmaceutical-industry-is-utilizing-the-role-of-medical-affairs-to-enhance-payer-interactions-300475424.html

SOURCE Best Practices, LLC