The anatomy of a value story

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In the face of financial headwinds, payers increasingly demand to know what the economic impact of a new product will be. As a result, market access teams are growing in importance and value communication is now an essential part of the product launch process.

This isn’t something pharma companies have had to do much of before, leading many in the business to ask the question - ‘what does an effective value proposition for payers look like?’

This is an area that we’ve built up a lot of expertise in. For the last five years, our platform has been used in-house by the life sciences industry to create apps for customer engagement.

BaseCase apps are used by the field team to engage with payers and providers. Working with eight of the ten biggest pharma firms, we’ve learned a lot about the anatomy of a value story.

We’ve learned that the most effective customer engagement apps are simple, adaptable and customer-centric. Here is what that means for the market access team:

Simple

When developing a value story for a product, it can be tempting to include anything that the key account manager might possibly need. In our experience, it’s better to focus on the most persuasive arguments about your product, and tailor them to each client’s particular situation.

Payers and providers typically have only a limited amount of time for a discussion, so it’s important to use the time wisely. Our advice is to create a simple and compelling argument around a single message per page. Further information should be put within easy reach of the client on a separate ‘layer’ from the main narrative - a popup or a separate page. Field teams can also use the PDF report function in BaseCase to email the client a more detailed argument for later consideration.

Adaptable

It’s key to be able to reach every payer type in every market. To do this effectively, you need to have tools that can easily be adapted to suit different countries in terms of the local competition, pricing, language differences and more.

The BaseCase country adaptation process

One of the key benefits of the platform is that it lets you create a global ‘core app’ to be adapted by local affiliates. This gives global market access teams the oversight and control they need, while allowing country affiliates to bolster the value proposition with local insight and awareness.

To get the maximum benefit from the BaseCase country adaptation process, you should decide on the most effective strategy to roll out really effective apps. We often recommend the ‘80/20’ rule - that is, create an app with 80% of the core messages and allow affiliates room to add the remaining 20%. Country affiliates simply log in to the platform and modify the app themselves - this requires about as much technical expertise as it does to create a PowerPoint presentation or a model in Excel.

Customer-centric

One of the most important considerations is the ability to tailor a value message to a particular client. Generic slides with aggregate, country-level data are of limited use, even in the realm of prescriber marketing where there is less of a focus on HEOR-based value messages.

The most effective approach is to be able to say to a payer - ‘given your population and your circumstances, this will be the impact on your budget, when you adopt our product’.

Our clients tell us that, before using BaseCase, this kind of customer-centricity could be accomplished in one of two ways. They could either create an Excel spreadsheet or spend hundreds of thousands on a custom-built app.

A spreadsheet is no longer good enough - the most successful companies are using dynamic and interactive apps to convey value messages. But using a consultancy means losing control of your timeline; the apps they produce are expensive, and they can’t easily be adapted or modified to meet a rapidly changing pharma market.

Our software is designed to give market access teams the power of a spreadsheet with the dynamic impact of a modern presentation app. That means key account managers can offer an interactive presentation on an iPad to deliver highly tailored, customer-centric value messages.

Wondering why we haven’t posted in a while?

Our blog has moved to a different location.
Visit http://blog.basecase.net to check out our latest blog posts.