Competition for constrained healthcare budgets continues to increase and, as a result, pharma and medtech companies are coming up with more flexible arrangements to negotiate contracts with payers. The increased use of mobile technology within the life sciences industry—particularly during payer engagements and value communication—has also meant that contracting arrangements are increasingly implemented using interactive mobile tools.
An example of these interactive tools is the use of outcomes-based agreement tools, which are often used to secure market access for products that, for example, have a high initial budget impact. This contracting model directly links reimbursement to the outcomes achieved, allowing payers and manufacturers to enter into risk-sharing agreements.
In outcomes-based tools, a value metric relating to treatment effectiveness is clearly defined. The main benefit of demonstrating performance in the real world is the removal of utilization management and access barriers, thus guaranteeing patient access to the therapy.
With the growing presence and use of real-world data in the life sciences industry—especially in market access and payer engagement—there is an increased demand for contracting tools to incorporate datasets that can be used to demonstrate a product’s value. Therefore, using the right software to visualize and present real-world data to payers in a transparent, easy-to-understand, and relevant fashion, can be a unique market advantage.
The above extract was taken from our guide, 3 Common Contracting Tools for Market Access. The guide identifies three of the most common contracting tools currently being used in the field and discusses their benefits, alongside the necessary considerations for implementing them as mobile tools.