Communicate the value of your product to payers
At Two Labs, we believe the right payer strategy takes a holistic approach, one that considers the unique business objectives of various payers – as well as other influential voices, including physicians and patients – to develop strategies that seek to maximize script volume and profitability.
A significant part of that is developing the right value messaging for payers. For us, this starts with a substantial amount of research and insight-gathering, often in coordination with branding teams, to ensure we’re delivering a powerful, effective, and supported story.
1) Definition of the Key Value Drivers and Value Proposition
First and foremost, we must identify what moves the motivational needle for payers. While some think this is solely about providing great rebates, it’s a much more nuanced matter that relies on the ability to understand all of the motivating factors in play, including patient demand and physician preferences. Once we’ve identified these key value drivers, we can begin developing a core value proposition that will serve as the primary piece of value messaging.
2) Development of the Value Story
Each new drug on the market has to be able to communicate the reason for its existence. If it’s not the best solution in some way, payers, physicians, and consumers are unlikely to express a preference for your product. Hence, we work with you to flesh out the story behind your product, why it’s the best option, and why it’s existence is not only justified but needed.
3) Identification and Management of Evidence Gaps
Behind your value story is evidence – including proof of unmet need, improved patient outcomes, and cost-effectiveness of your product. An important part of communicating your message effectively is by identifying gaps in this evidence early on and allocating resources to close them, ensuring that your value messaging has legs to stand on. We often complete advisory boards in conjunction with our value proposition analyses to obtain the insight needed to move forward.