What is market access?
Market access refers to the ability of patients to access drugs quickly and continuously. It also encompasses reasonable prices for drugs that align with the drug’s effectiveness in treating disease.
Essentially, market access means that patients get the proper medication at the right time and for a fair price.
Market access consists of a range of tasks, including:
- Providing eligible patients with consistent, rapid, and sustained access to medicine.
- Generating and communicating data regarding the adoption and funding of the drug to biopharma stakeholders.
- Ensuring medications and services are fairly priced and reimbursed.
Why is market access important in healthcare?
An effective market access strategy is crucial to ensure pharmaceutical and biotechnology companies receive the best reimbursement possible for their product or service while guaranteeing that these products are still affordable and attainable for payers.
A proper balance between these components allows companies to receive adequate compensation for their medical advancement, encouraging further growth, while allowing patients to access new and effective therapies as soon as possible and at a reasonable cost.
With market access, the patients who need the drug most can be prescribed it.