Promising interim results turn to gold as the clinical trial your team have been working on for years has shown amazing results. Time to pop the champagne corks and watch for doctors rushing to use your new drug, product, device to give their patients the best result possible? … Not yet.
The healthcare market in the UK is awash with exciting innovations and “amazing” scientific data but the products themselves have achieved very little and the end patients are not being able to see the benefit of all of that passion and research because nobody will pay.
In the current healthcare climate the most important thing for life science companies is to be truly able to demonstrate and quantify the “value” of the intervention within the clinical and funding patient pathway.
Feedback from NICE experts show that too many submissions are not being written in a way that clearly show a level of benefit beyond what is currently available and also unrealistic acquisition prices. The whole package being presented to NICE needs to clearly represent the value to the patient, healthcare professionals and to the paying body whether this be the CCG or NHS England with regard to specialised commissioning.
Patient Access Schemes (PAS) are another hotly debated topic which again tend to be relatively poorly understood in terms of what will help get a product accepted and ones that will lead to an expensive route of rejection.
In recent years we seen the launch of the Early Access to Medicines Review which outlines the timelines involved for regulatory submissions and also the potential for products to receive a PIM (Promising innovative medicine) designation. The Accelerated Access review was also published in 2016 by the Wellcome Trust which gave an independent review of innovative medicines and medical technologies which is an interesting read but when it comes down to a life sciences company looking to tailor their breakthrough to ensure funding the most important component to achieving success is:
NETWORK, INSIGHT and APPLICATION
Network with the right stakeholders to map out the TRUE value of your intervention.
Insight gathering from all of the stakeholders to produce a value proposition as the basis for the cost effectiveness argument.
Application of your knowledge to present your case for funding in the most positive, insight driven way.
Don’t let your passion get lost in the ether of financial pressure…. Let the true value shine!
Lancaster Hammond Ltd are an award winning agency in Cambridgeshire and provide market access and insight expertise across many disease areas.