Pharmaceutical Institute Launches New Managed Markets Training Series
RALEIGH, N.C. (April 13, 2009)—Pharmaceutical Institute, the leading provider of specialized training solutions for the pharmaceutical and biotech industry, today announced the release of a new e-learning series titled Managed Markets Excellence™. The series was developed following a recent benchmarking initiative, including senior training leaders from 17 large and midsize pharmaceutical and biotech companies. The study found that managed markets knowledge emerged as a top-three need, while the need to increase technology to deliver high-quality training, also emerged as a top need.
The Managed Markets Excellence™ series, developed in partnership with subject-matter experts from Campbell Alliance, is a comprehensive series of e-courses designed to fill the critical need for basic and advanced managed markets knowledge for commercial professionals.
- Introduction to Managed Markets – This course provides team members with the managed markets foundation they need to be able to engage in thoughtful discussions about managed care, including proper terminology, the managed markets buying process, the various channels and stakeholders involved in managed markets, the influence of the Pharmacy & Therapeutics (P&T) Committee, how payers and health plans control drug utilization and selection, and the impact of tier placement and generic availability on market share.
- Reimbursement – The reimbursement environment for pharmaceuticals and healthcare services is extremely complex. This course helps team members understand the various processes and systems used in the industry, including the basic structure for both Medicare and commercial healthcare coverage, coding and billing systems, prospective payment systems, key distinctions in reimbursement systems, and major trends in reimbursement and coverage of specialty drugs.
- Commercial Managed Care – Managed care plans come in many varieties and serve different purposes. This course looks at the characteristics of the different types of managed care organizations (MCOs), the different types of benefit and formulary design, the various mechanisms that plans use to manage drug utilization and costs, the impact of patent expiration and generic utilization on branded products, tactics health plans use to drive generic utilization, and potential future trends in managed care.
- Medicare – With the launch of the Medicare Part D drug benefit, Medicare’s impact on pharmaceutical and biologic product sales has dramatically increased. This course provides team members with the necessary background to understand and effectively sell to this segment of the market, including the four key components of Medicare: Parts A, B, C, & D, the characteristics of the Medicare population, the current structure and potential changes to the Part D drug benefit, and the common questions about the Medicare program.
- Medicaid – The role and importance of Medicaid has been transformed by the Medicare Part D drug benefit. This course helps team members understand how this program has evolved and how it is managed. Topics covered in this course include, understanding the characteristics of the Medicaid population, changes to Medicaid as a result of Medicare Part D, the role of preferred drugs lists in Medicaid utilization management, and the priorities and challenges for the government in managing and paying for drugs.
- Specialty Pharmacy – Specialty products are under increasing financial pressure in the current reimbursement environment. This course helps team members understand the management structure and economics of a physician practice that utilizes specialty products, including the day-to-day roles and responsibilities of practice managers, as well as their key challenges, the methods of assessing the financial health of a physician practice, and recent trends impacting practice managers.
“With payers now managing upwards of 80% of prescription drug costs, the managed markets landscape is one in which all organizations must operate in order to be successful. This landscape continues to evolve and change, affecting multiple departments within a given organization. Companies will be at a huge disadvantage without an optimal understanding of this landscape and further potential changes on the horizon,” says Dan Blue, Executive Director of the Pharmaceutical Institute.
Additional courses are currently in development and will be added to the series. For more information on the Managed Markets Excellence™ e-course series, please visit http://www.pharmainstitute.com/training-solutions/managed-markets/index.cfm
About the Pharmaceutical Institute
Pharmaceutical Institute is a leading provider of specialized training programs for the pharmaceutical and biotech industry. We partner with subject matter experts from our parent company, Campbell Alliance to develop highly-impactful distance learning solutions for professionals within all major pharmaceutical company functions including Brand Management, Business Development, Clinical Development, Managed Markets, Medical Affairs, Sales, and Trade and Distribution. The Pharmaceutical Institute is based in Raleigh, N.C. For more information, please visit www.pharmainstitute.com
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