Trends, Insights & Analysis

The Single Question You Are Missing From Your RFP

 

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“Can’t see the forest for the trees” is a commonly used expression to describe someone who is too involved with the details of a problem to see the bigger picture.

We’d like to think about this analogy when it comes to designing your copay program, specifically when you craft your Request for Proposal, or RFP, to help find your program’s newest strategic partner.

Creating an RFP is the first step in building your program, but it also needs to be designed to find the partner that will help you achieve the best final outcomes. Before outlining the RFP, strategize your company’s end goals and prioritize them against your milestones. Upon receiving your proposals and reviewing your options, ask yourself: Are you focused on the complete picture, or just a small piece of the pie? Are you focused more on how your partner will perform individual program aspects, or how they can get your toward your goals?

Let’s look at an example:

Assume you spend $102 million on a copay program – $100 million to patient benefit and $2 million to program administration. If you reduce the admin cost by 20%, you achieve savings of $400,000. Alternatively, if you leverage your copay partner’s expertise to reduce your entire patient benefit cost by 2%, you achieve savings of $2 million – 5 times the budget saved by just focusing on program administration.

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Therefore, while managing and understanding detailed program costs are important and a key part of any RFP process, make sure you don’t miss the forest for the trees. Ask the most important question you may not be asking now: “Is this the right partner to help me get the most out of the big piece of the pie?” Your strategic partner should take a holistic approach to program cost as they design an efficient and effective program; you should take this same holistic approach when selecting a strategic partner to lead your copay program efforts.

Questions? Contact us.

The Truveris Patient Access Services team is committed to providing insights and analysis to help pharmaceutical brand teams make the most informed decisions. This post on RFP best practices was originally published last year, but we’ve updated it to reflect the most current statistics and information from across the prescription drug landscape.

 

Topics: Trends, Insights & Analysis

Posted by

Fendi Liu

Fendi Liu is a member of Truveris’ Life Sciences Team. In her role as Operations Manager, Fendi oversees the operations of patient access programs at Truveris. Fendi has a Bachelor’s Degree in Business Administration and International Business & Marketing from The George Washington University.