Health Economics and Outcomes Research (HEOR) and market access are two concepts that often need clarification. However, they are interconnected and have much to do with drug companies, consumers, and healthcare. In this article, let’s try to understand what the two concepts mean and their relationship.
What is HEOR
HEOR is a healthcare research field that evaluates the effectiveness and cost-effectiveness of various medical technologies, including drugs. HEOR also assesses the impact of specific medical interventions or medications on overall population health, economics, and quality of life.
The studies use clinical trial data, data from medical technologies or drugs, and economic data. Economists in HEOR research conduct cost-benefit analyses of medical technologies and studies to assess their effectiveness and efficiency.
Such studies may include:
- economic and health effects modelling – https://digitalho.com/health-economic-modelling/
- budget impact modelling – https://digitalho.com/budget-impact-model/
- assessing the quality of life of patients;
- Analysis of the financial and economic consequences of using a particular medical technology;
- assessing the social and economic impact of diseases and other types of studies.
HEOR research seeks to determine which medical technologies are most effective and cost-effective. This, in turn, helps to determine which health care and health services solutions and strategies should be implemented to meet the population’s health care needs best and improve people’s quality of life. In other words, HEOR research contributes to more cost-effective, efficient, and equitable use of health care resources. You can learn more about HEOR research by going to https://digitalho.com/blog/heor/.
What is Market Access
Market access is the ability of companies to sell their products or services in a certain market. Market access for each new product depends on many factors. Among them:
- Government regulatory agencies are responsible for the quality, safety and efficacy of drugs.
- Research and development. Drug manufacturers conduct research and development to create or improve new drugs. These processes require a significant investment of time, resources, and money. At the same time, the research results must meet strict regulatory requirements.
- Competition. To gain market access, a new drug must compete with existing drugs and prove efficacy, safety and advantages over competitors.
- Legislation. Different countries have different rules and laws about access to the drug market. Some rules may differ depending on whether the drug is prescription or over-the-counter, new or pre-existing.
- Marketing Efforts. Success in the drug market depends not only on the efficacy and safety of the drug but also on a company’s ability to attract customers and market its product. In this, they are helped by modern communication tools of market access. You can see examples on the website: https://digitalho.com/value-tools/.
Market access is important for business development, economic growth, and society. It allows companies to:
- improve public health – competition among manufacturers promotes the development of more effective and safer drugs that can help treat and prevent various diseases;
- ensure access to medicines – access to the market also helps drug manufacturers ensure access to medicines for the population, especially for those who need treatment but may face financial constraints;
- invest in research and development – market access allows drug manufacturers to invest in additional research and development, which can create new and more effective medicines.
Overall, market access is key to the success of drug manufacturers because it allows them to sell their drugs, make a profit, and invest in new research and development.
How HEOR and market access are related
Drug manufacturers can use HEOR data to gain market access by demonstrating the efficacy and appropriateness of their drugs, which can be an important factor in deciding whether to insure drugs or recommend their use in clinical practice.
Drug manufacturers can conduct HEOR studies to collect data on various aspects of their drugs, such as their clinical effectiveness, safety, treatment costs, and patient quality of life improvements. This data can be used to make a case for the value of medicines and provide important information to the following stakeholder groups:
- for healthcare organisations that make decisions about drug coverage;
- for potential customers;
- for investors;
- to representatives of government health care organisations.
HEOR data can play an important role in a drug manufacturer’s strategy to gain market access, as they provide the evidence base for the efficacy and cost-effectiveness of developed drugs.