Please login to the form below

Not currently logged in
Email:
Password:

Pharma must 'embrace the new reality' and meet payers' needs

This means capturing better health economic data during product development, says Takeda's Trevor Smith

Pharmaceutical companies operating in Europe have got to face up to change in the healthcare environment and do more to prove product value, according to Trevor Smith.

Speaking exclusively to PMLiVE, Takeda's head of commercial operations for Europe and Canada said the European pharma market is getting harder and the speed at which this occurs is increasing.

“The industry has to embrace the new reality and prepare to meet the needs of payers with the data that's required to justify price and reimbursement.

“It's more than saying, 'We think this is important and we think you should pay'. There's the need to demonstrate your product can meet that unmet need.”

Smith said he would like to see payers become more open to receiving quality data at an earlier stage than they currently do.

But improving the uptake of medicines must also involve the pharmaceutical industry upping its game, he added.

“Industry needs to get better at preparing itself for the needs of payers, [with] better quality health economic data captured through the development of products,” he said.

Capturing health economics outcome data from new products as they are developed is “a high priority” for Takeda, Smith added.

“It is very visible now within the organisation. I'm not sure I could have said that five or six years ago. Now it most definitely is, [particularly] after the acquisition of Nycomed.”

Takeda's €9.6bn purchase of Nycomed, which was finalised last October, significantly increased the Japanese pharma company's European footprint, giving it complete coverage in the region for the first time.

The deal also allowed the company to diversify its product portfolio and build up what Smith said is a “growth story [of] five new products over the next two years, up to 20 over the next five years”.

• An in-depth interview with Takeda's Trevor Smith will feature in the forthcoming October issue of PME

12th October 2012

From: Sales, Healthcare

Share

Tags

Featured jobs

Subscribe to our email news alerts

PMHub

Add my company
Indigenus

Indigenus is the largest global network of independent healthwellness communication companies, delivering a full-service menu of strategic, creative, and digital...

Latest intelligence

More of the same: The importance of strategic communications planning for biosimilar entry
GCI Health's Hannah Morris considers the importance of strategic communications planning for biosimilar entry, a market anticipated to deliver between €8-26bn in savings across the European Union by 2020....
Online Physician Communities
How can pharma realise the power of digital?
Firstly, by making it owned and driven by the most senior leadership team in the business...
Remapping the market: Does Pharma's global model need a shake up?
For patients, carers and professionals, wherever they are in the world, digital technology is inherent in their everyday lives. Digital is, so to speak, a global language. The success of...