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Last updated on 2024年6月21日

How do you communicate the clinical and economic benefits of your product to payers and providers?

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If you work in the life sciences industry, you know how important it is to demonstrate the value of your product to payers and providers. But how do you communicate the clinical and economic benefits of your product effectively and convincingly? In this article, you will learn some key tips and strategies to craft a compelling value proposition and tailor your messages to different stakeholders.

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1 Understand your audience

Before you start communicating your product's value, you need to understand who you are talking to and what they care about. Payers and providers have different perspectives, needs, and expectations when it comes to evaluating new products. For example, payers may be more interested in the cost-effectiveness, budget impact, and comparative effectiveness of your product, while providers may focus more on the clinical outcomes, safety, and quality of life of their patients. Therefore, you need to do your research and segment your audience according to their characteristics, preferences, and decision-making criteria.

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THARIQ RAFEEQ

Strategic Marketing Specialist ?? Cultivating Strategic Business Relationships
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Effectively convey your product's value! Simplify complex data into compelling stories. Highlight clinical outcomes that resonate with providers – emphasize patient improvements. Use real-world evidence to showcase economic benefits; link cost savings to positive patient outcomes. Tailor messages to address payer concerns, emphasizing long-term value. Collaborate with key opinion leaders to build credibility. Develop concise, accessible materials for both payers and providers. Engage in two-way communication; understand their needs and concerns. Leverage case studies and success stories to illustrate impact. Building relationships is as crucial as presenting data – foster open dialogue and trust.

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Lalitha P. Chandrashekhar

Market Access and HEOR Strategist | Entrepreneur | StartUp Advisor | MM+M 40 Under 40 | PM360 ELITE 100 '23 | Certified MWBE (WBENC/NMSDC/SBA)
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Clinical outcomes are the entry ticket - if your product doesn't pass from an efficacy and safety perspective, the value story will end up becoming irrelevant. This article is focused on product value, but don't forget the importance of prelaunch market shaping and PIE.

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2 Define your value proposition

A value proposition is a clear and concise statement that summarizes the benefits of your product for a specific target group. It should answer the question: why should they choose your product over the alternatives? To craft a compelling value proposition, you need to identify the unmet needs or gaps in the current market, the unique features or advantages of your product, and the evidence or data that supports your claims. You should also consider the potential barriers or objections that your audience may have and how you can address them.

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Kai Wai Lee

Market Access and Health Economics
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Crafting a compelling value proposition is essential in my work and our company's strategy. We meticulously analyze the market landscape to identify unmet needs and differentiate our product. This involves highlighting unique features and providing evidence to support our claims. Anticipating potential objections, we proactively address barriers to adoption. Our value proposition succinctly communicates why our product is the best choice, fostering trust and driving customer engagement.

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3 Tailor your messages

Once you have defined your value proposition, you need to tailor your messages to suit the needs and interests of each stakeholder group. You should use language and terminology that they understand and relate to, and highlight the benefits that matter most to them. For example, you may use clinical endpoints, patient testimonials, and quality indicators to appeal to providers, and economic models, budget scenarios, and value frameworks to persuade payers. You should also anticipate and respond to the questions or concerns that they may have about your product, such as its efficacy, safety, affordability, or accessibility.

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Lalitha P. Chandrashekhar

Market Access and HEOR Strategist | Entrepreneur | StartUp Advisor | MM+M 40 Under 40 | PM360 ELITE 100 '23 | Certified MWBE (WBENC/NMSDC/SBA)
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It's all about storytelling! Once there is a clear value proposition in place and you have a clear understanding of the various stakeholders, it is essential to highlight the most relevant components of the story that considers what is important to each stakeholder. For example, the tailored value story changes from a health plan to a health system to an employer.

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4 Use multiple formats

Different formats can help you communicate your product's value in different ways and reach different audiences. You should use a mix of formats that suit your objectives, such as brochures, slide decks, white papers, infographics, podcasts, or videos. You should also consider the channels and platforms that your audience uses, such as websites, social media, newsletters, or webinars. You should ensure that your formats are consistent, engaging, and easy to understand, and that they follow the relevant guidelines and regulations for your industry and market.

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5 Provide evidence and credibility

Evidence and credibility are essential to communicate your product's value and build trust with your audience. You should use reliable and relevant sources of data and information, such as clinical trials, systematic reviews, meta-analyses, or real-world evidence. You should also cite your sources and references appropriately and transparently, and avoid making exaggerated or unsubstantiated claims. You should also leverage the expertise and endorsement of key opinion leaders, such as clinicians, researchers, or patient advocates, who can vouch for your product and influence your audience.

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Lalitha P. Chandrashekhar

Market Access and HEOR Strategist | Entrepreneur | StartUp Advisor | MM+M 40 Under 40 | PM360 ELITE 100 '23 | Certified MWBE (WBENC/NMSDC/SBA)
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I agree with this 100%, but I think from a chronological perspective, this should be placed in either the #1 or #2 spot in this article. The evidence and credibility of the value proposition comes when the content going in is well referenced.

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6 Seek feedback and improvement

Communication is not a one-way process. You should seek feedback and improvement from your audience and other stakeholders, such as regulators, policymakers, or industry associations. You should listen to their opinions, suggestions, and criticisms, and use them to refine and optimize your value proposition and messages. You should also monitor and measure the impact and outcomes of your communication efforts, such as the awareness, adoption, or satisfaction of your product. You should use tools and methods, such as surveys, interviews, focus groups, or analytics, to collect and analyze data and insights.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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How do you communicate the clinical and economic benefits of your product to payers and providers?

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1 Understand your audience

2 Define your value proposition

3 Tailor your messages

4 Use multiple formats

5 Provide evidence and credibility

6 Seek feedback and improvement

7 Here’s what else to consider

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