At the World Pharma Pricing and Market Access conference in London next month, I will deliver a presentation titled, “Next Generation Launch Sequencing.” But, what does that really mean? It’s much more than marketing hype, and in my talk, I will explore in detail the three factors that define a next generation approach.
The Most Advanced Analytics
Thanks to the complexity of International Reference Pricing (IRP), your chance of selecting the optimal launch sequence for a new pharmaceutical product is one in more than a trillion. IRP is the complex system most countries use to determine the price of a new drug based on its price in other countries with similar economies. With those odds, advanced analytics are critical to planning and can play a major role in reducing global price erosion.
The traditional analytical approach to this problem is sampling. And, while it’s a good approach, it’s not the best approach anymore. There is now a better technique based on rigorous mathematical optimization that can deliver the most optimal launch sequence. It is helping pharmaceutical companies make the best decisions at launch and throughout the remaining product life cycle.
An Intuitive, Easy-to-use Platform
The most advanced optimization algorithm is worthless if you can’t use it to address real business issues because it’s too complex or takes too long to deploy. Perhaps the best thing about the next generation approach to pharmaceutical launch sequencing is that it can be deployed in days. As such, companies can immediately begin using the new technology to make informed decisions for launch and beyond.
Also critical is your ability to gain alignment and build trust internally. Any approach to global price intelligence should be fully transparent and have business intelligence tools built in for better visualization of key insights.
Accurate, Current IRP Data
Finally, due to the ever changing and complex nature of International Reference Pricing, it is critical to have access to the most accurate and up-to-date IRP data for running optimizations. Obviously, the best analytical technique can’t compensate for incorrect or outdated data, which is why data quality is just as important as the analytics.
Advanced analytics is poised to transform market access and pricing decisions in the pharmaceutical industry, making this an exciting time to be on the forefront of new technology for pharma at SAS.
Look forward to seeing you in London, my presentation is on 20th March at 11:25am. Come and talk to us at Stand 46, or alternatively visit our website pages on Life Sciences