››Value Proposition – Strategy

››Summary:

A “Value Proposition Strategy” from Bruce Wong & Associates will contain a comprehensive pathway to the creation of a complete value proposition for your product. 

•  The strategy for revealing the “unmet medical need” for disease area your product is entering, where to do this and how to do this.
• High level value propositions statements for your product, followed by the questions that need to be answered and a research or data generation plan to fill in this core part of the value proposition.
•  A modeling plan for your product which will show to payers the long term cost-effectiveness of your product, comparative cost-effectiveness and budget impact.
•  Integrated recommendations concerning the inter-relationship of the clinical/regulatory development plan and the value proposition strategy.

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What is this?  What does a value proposition strategy look like?  What are some of the key tensions in its’ development?  How does it relate to the clinical development of a pharmaceutical or the regulatory approval for marketing authorization of a pharmaceutical?  Why is it even needed?

These are key questions you certainly need to answer before engaging in the creation of a “Value Proposition” Strategy or even consider and engagement with Bruce Wong & Associates in this space.

A “Value Proposition strategy” simply is the roadmap or storyboard that defines the logic that a patient, payer or physician will believe your product is valuable i.e. willing to consume, pay for/reimburse (at a superior price) or prescribe respectively.    By definition the value proposition for each constituent must be compelling to them and contain data elements which is persuasive and actionable.   The diversity of the target groups (patient, payer, physician) define the early challenges of a “Value Proposition Strategy” in that the scope must incorporate diversity in each of the targets.

The strategy will typically contain a hierarchy of descriptors, usually half a dozen or so high level value statements for the product, the most recognizable product related attributes to create the core of the product value proposition.  Each high level statement then will require a sequence of questions to be answered and then data elements to each answer each question.  Data elements may come from existing knowledge or from recommended ‘new’ knowledge or studies.  Weaving together all of these data elements would provide a pathway to the core of the “value proposition” for the product.

The core of the product value proposition will require support elements within the strategy.  Data around the “unmet medical” need for the product or in other words the disease epidemiology of the target condition.  The higher the appreciation of the unmet medical need by a payer the more likely market access will be achieved.   These elements will be recommended within the overall “Value Proposition Strategy”.

Every payer today asks questions about therapy that are essentially answered by “models” long term consequences of therapy with your agent and questions concerning the use in populations outside of those directly studied and there is now a growing need for data on ‘comparative’ efficacy and effectiveness (especially when each no direct comparisons exist), with the additional question of what is the likely impact of your therapy on my budget (budget impact).  All of these questions can only be answered by extremely large and expensive studies or through modeling.  A value proposition strategy will include a “modeling strategy” component.

If this doesn’t seem challenging enough, a value proposition strategy must be developed in close alignment with the overall clinical development, recognizing that the clinical development strategy will have a primary marketing authorization/regulatory target.  Simultaneously a product “value proposition” must be founded on clinical value and the clinical value choices must balance the most enable tenable “value proposition” logic while meeting the needs of regulatory authorities.  This is a subtle but important shift in pharmaceutical development that is now shaping the industry with companies coming to this realization at different speeds and with different implications for their organizations. This particular balance is one that requires an original blend of talents within the matrix of the organization.  Bruce Wong & associates has a unique blend of experiences and an external perspective which allows us to facilitate this blend for your organization.

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Bruce Wong & Associates