How to: Avoid Falling Back in Medical Affairs
The Healthcare sector has been adjusting to a new era of changing policies. While the importance of Health Economics Outcomes Research increases, so does the prominence of Key Opinion Leaders (KOLs). Many healthcare professionals agree that Medical Affairs takes on an enormous importance in guiding the healthcare sector’s ongoing transition from simply drug marketing, to playing an essential role in dealing with a wide-range of stakeholders who influence market access. Although Medical Affairs’ impact is becoming more crucial, few companies are fully aware of the necessary structural and strategic steps required that will allow them to effectively engage payers, providers and patients.
As depicted in the infographic below, the importance of the Medical Affairs function varies depending on industry and area. Despite this, a strong Medical Affairs function is essential in meeting current challenges in clinical development, market education, and regulatory compliance – regardless of industry or area.
In order to encourage success within the ever-changing environment of Medical Affairs, leaders must look ahead to the future of the function & their organization. A key finding from our recent research on the topic included:
- Health Outcomes Importance on the Rise: As the industry becomes more sophisticated and data-driven, Medical Affairs needs to rely increasingly on health outcomes as a driver for both the success of the function as well as the company and its products. Healthcare payers in the mature markets want more value for their money and, as a result, the industry must show that their treatments reduce the overall use of resources and let patients remain as healthy as possible, for as long as possible.
Executives can avoid falling back in Medical Affairs by understanding exactly what areas of the function are changing. Despite this fact that budgets and staffing are slightly increasing at many benchmarked companies, the roles taken on by Medical Affairs executives is increasing at much quicker rate. Learning how to remain efficient and key costs down is a struggle that many companies are being challenged with.
To learn more about how to build and maintain a high-performing Medical Affairs function, check out our webpage on the Medical Affairs Consortium.