PAREXEL Global Survey Results Identify Top Concerns of Biopharma Industry in Achieving Commercial Success
BOSTON, March 15, 2012 /PRNewswire/ -- PAREXEL Consulting, a leading global consultancy serving the biopharmaceutical and medical device industries, of PAREXEL International (NASDAQ: PRXL) today announced results of a survey conducted during its recent webinar entitled "Issues Impacting Commercial Decision Making and Patient Access in the Biopharmaceutical Market." PAREXEL polled biopharmaceutical industry professionals across a broad range of functions including Health Economics and Outcomes Research (HEOR), medical affairs, marketing, reimbursement, and managed markets about the integration of reimbursement strategies in the product development cycle.
The PAREXEL survey results revealed that the majority of respondents (75%) feel that the top concern with being able to achieve commercial success is establishing a product price that is reimbursed and accepted by the market. Other respondents (25%) believe that developing an Academy of Managed Care Pharmacy (AMCP) or Global Value Dossier supporting favorable review by payers is the top commercialization concern.
Approximately 63% of respondents claim their organizations wait until Phase III clinical trials to start involving various internal commercialization personnel, including reimbursement, market access, pricing, and HEOR functions, in supporting a product. Only 37% involve these functions in product support as early as Phase II.
"Our analysis shows that the industry is waiting too long to incorporate reimbursement, patient access, and payment considerations into development. With the industry's top concerns being product price acceptance by the market and favorable payer review, a full complement of commercialization strategies should be analyzed and designed as early as possible in the development process," said Charles A. Stevens, JD, MBA, Vice President and General Manager, Commercialization Strategy, PAREXEL. "More than ever, it is imperative in this market to prove products demonstrate value to patients, providers, and payers. Better reimbursement positioning enables companies to maximize commercial success and support patients in getting access to important products."
With expertise in regulatory affairs, medical affairs, integrated product development, and reimbursement and market access, as well as HEOR, PAREXEL helps biopharmaceutical companies to maximize the value of their products through launch and over the entire product lifecycle. For more information about commercialization services from PAREXEL visit: http://www.PAREXEL.com/services-and-capabilities/consulting/reimbursement-market-access/.
About PAREXEL International
PAREXEL International Corporation is a leading global biopharmaceutical services organization, providing a broad range of knowledge-based contract research, consulting, and medical communications services to the worldwide pharmaceutical, biotechnology and medical device industries. Committed to providing solutions that expedite time-to-market and peak-market penetration, PAREXEL has developed significant expertise across the development and commercialization continuum, from drug development and regulatory consulting to clinical pharmacology, clinical trials management, medical education and reimbursement. Perceptive Informatics, Inc., a subsidiary of PAREXEL, provides advanced technology solutions, including medical imaging, to facilitate the clinical development process. Headquartered near Boston, Massachusetts, PAREXEL operates in 71 locations throughout 52 countries around the world, and has approximately 11,300 employees. For more information about PAREXEL International visit www.PAREXEL.com.
This release contains "forward-looking" statements regarding future results and events, including, without limitation, statements regarding expected financial results, future growth and customer demand. For this purpose, any statements contained herein that are not statements of historical fact may be deemed forward-looking statements. Without limiting the foregoing, the words "believes," "anticipates," "plans," "expects," "intends," "appears," "estimates," "projects," "will," "would," "could," "should," "targets," and similar expressions are also intended to identify forward-looking statements. The forward-looking statements in this release involve a number of risks and uncertainties. The Company's actual future results may differ significantly from the results discussed in the forward-looking statements contained in this release. Important factors that might cause such a difference include, but are not limited to, risks associated with: actual operating performance; actual expense savings and other operating improvements resulting from recent and anticipated restructurings, including the anticipated additional restructuring charges of approximately $2.0 million in the third quarter of Fiscal Year 2012; the loss, modification, or delay of contracts which would, among other things, adversely impact the Company's recognition of revenue included in backlog; the Company's dependence on certain industries and clients; the Company's ability to win new business, manage growth and costs, and attract and retain employees; the Company's ability to complete additional acquisitions and to integrate newly acquired businesses or enter into new lines of business; the impact on the Company's business of government regulation of the drug, medical device and biotechnology industry; consolidation within the pharmaceutical industry and competition within the biopharmaceutical services industry; the potential for significant liability to clients and third parties; the potential adverse impact of health care reform; and the effects of exchange rate fluctuations and other international economic, political, and other risks. Such factors and others are discussed more fully in the section entitled "Risk Factors" of the Company's Quarterly Report on Form 10-Q for the quarter ended December 31, 2011 as filed with the SEC on February 9, 2012, which "Risk Factors" discussion is incorporated by reference in this press release. The Company specifically disclaims any obligation to update these forward-looking statements in the future. These forward-looking statements should not be relied upon as representing the Company's estimates or views as of any date subsequent to the date of this press release.
PAREXEL is a registered trademark of PAREXEL International Corporation, and Perceptive Informatics is a trademark of Perceptive Informatics, Inc. All other names or marks may be registered trademarks or trademarks of PAREXEL International Corporation, Perceptive Informatics, Inc. or their respective owners and are hereby acknowledged.
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