For pharmaceutical companies, social responsibility extends beyond innovation—it’s about delivering those innovations to the people who need them most. Market Access is the critical connector that turns breakthroughs into societal benefits. Delve into the comprehensive reports of Environmental, Social, and Governance (ESG), and you will find that the strides made in Market Access are often overlooked. This raises a pivotal question: Is the full societal impact of Market Access truly reflected in the ESG metrics we rely on?
Market Access: The Beating Heart of Pharma's ESG Strategy
The quest of the pharmaceutical industry to elevate health and well-being is a relentless one, driven by a stream of innovations. The catalyst for ensuring these advances benefit as broad a population as possible is Market Access. It should, by all means, take the spotlight in Pharma’s ESG narrative. What could be more aligned with societal values than ensuring equitable access to life-saving treatments?
The Intersection: Pharma's Mission Meets Market Access and ESG
Within the ESG ecosystem, the Environmental aspect focuses on reducing our ecological footprint, resonating with Sustainable Development Goals (SDGs) like Responsible Consumption and Production (SDG 12) and Climate Action (SDG 13). The Social side underscores the impact on communities, with health improvements and patient care at its core, in tune with SDGs such as Good Health and Wellbeing (SDG 3) and Reduced Inequalities (SDG 10). Governance calls for integrity and ethical practices, upholding standards like Decent Work and Economic Growth (SDG 8).
Access to treatment is frequently highlighted in the Social domain of ESG, with companies like AstraZeneca, BMS, GSK, Novartis, and Roche leading the way on the themes of Access to Health and Access to Medicines. Others, such as AbbVie and Sanofi, emphasize patient access and affordability, while global health and health equity are championed by firms like GSK, Merck, AstraZeneca and Johnson & Johnson. Meanwhile, Pfizer focuses on global access and pricing strategies. However, Market Access is a vital but often understated component. Let me explain why.
Connecting The Dots: Integrating Core Market Access Activities in ESG Reporting
Significant strides have been made through noteworthy initiatives, including voluntary licensing facilitated by the Medicines Patent Pool (MPP), the formation of specialized teams addressing access challenges in lower-income regions, providing (a portion of) the portfolio in low- and middle-income countries (LMICs) on a not-for-profit basis, as well as through grants, donations, and patient assistance programs. Yet, the business-critical activities of Market Access often seem fragmented from the broader narrative within ESG reporting.
The business-critical activities of Market Access often seem fragmented from the broader narrative within ESG reporting.
Some companies, however, are bridging this gap. For example, AbbVie, AstraZeneca, GSK, Merck, Novartis, and Sanofi have woven Market Access core activities into their ESG reports, highlighting value-based agreements, the rise of novel patient-centric endpoints through Health Economics and Outcomes Research (HEOR) efforts, responsible pricing strategies, and launch commitments, that display a commitment to sustainable and equitable access.
Aligning Market Access: Spotlighting and Advancing Societal Contributions into ESG Metrics
The role of Market Access departments is undeniably crucial, and it is high time their societal contributions are fully represented in ESG metrics. For Market Access teams to be able to proactively contribute to ESG reporting frameworks, they should identify overlaps with Corporate Strategy and ESG values, undertake their own materiality assessments, set priorities that reflect key societal contributions, and define key performance indicators for ongoing enhancement.
During this process, Market Access leaders should enhance organizational awareness of the evolving value assessment landscape. The incorporation of manufacturers’ ESG strategies into future value assessment frameworks and criteria is certain to significantly influence the attainable level of commercial success.
As the industry forges ahead with innovation and faces growing scrutiny from payers regarding company ESG efforts, recognizing the pivotal role of Market Access in crafting an ESG narrative consistent with critical business activities is paramount. Integrating the essential Market Access activities with the broader ESG framework enables pharmaceutical companies to showcase their dedication to improving patient access while ensuring a harmonious balance between ESG considerations and a sustainable business model.
For those seeking to grasp how to encapsulate sustainable access within ESG goals, we stand ready to facilitate this vital dialogue.