With HEOR and Market Access dynamically growing and changing I was keen to share my thoughts and experiences across the industry.
The need for HEOR and Market Access has grown exponentially over recent years and will continue to do so with the constant increase in hi-tech drugs coming to market, legislation is growing tighter and there is a greater requirement for HEOR and Market Access in assisting the healthcare market in making informative and cost effective decisions.
My personal experience within this area has definitely been the shift towards consulting, specifically more boutique, niche consulting. In line with a number of different industries, specialism is becoming increasingly difficult to compete with and this is the same within the Life Science remit. Large Pharmaceutical firms and consultancies are finding it difficult to compete with the boutique, niche HEOR and Market Access options because of their core focus within this area.
For these firms to be successful, they need to build pipelines of projects and maintain the ability to work across various disease and therapeutic areas. A large amount of this work stems from Pharmaceutical firms outsourcing their HEOR and Market Access services. A way of showing this shift can be seen on the graph below (See Figure 1. Cutting Edge Information) with a total of 316% in 2014 of HEOR services being outsourced by Medical Device companies through to Large Pharmaceuticals.
It would come down to 3 key reasons as to why Pharma’s outsource their services:
Consultancies can clearly understand a client’s objectives, budgets, timelines and have the internal capacities to achieve these
They know the market inside out – it’s their area of expertise and they can implement clients’ needs through this knowledge and various networks across the market
Through that experience across the market, consultancies can identify the best possible solutions for their clients
It’s very important we understand that the Healthcare industry as a whole is always going to continue to grow. Regardless of financial downturns or upturns there is always going to be a need for drugs and medicines. The demand for cost effective and informative healthcare is always going to be surplus to the supply hence the steady but rapid growth the HEOR and Market Access scene is experiencing.
The market is definitely moving towards the more specialist areas and the need for Health Economic Modelers has become a clear area of need from a consulting point of view. A number of the most reputable companies through to some of the smallest start-up firms have near extremities for this niche skill and a market that is crying out for talent to meet the demand is definitely an exciting area to currently be a part of!
I am currently recruiting for a number of unique opportunities across the HEOR and Market Access remit. Get in touch if you would like to explore anything;
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