
One of the first steps we take at WellMed when considering a proposed funding plan for New Zealand (NZ) is to conduct financial modeling.
This modeling is crucial as it serves as the foundation of any Pharmac negotiation. Understanding the historical context and creating forecast estimates are essential to help your organization grasp the opportunity.
Importantly, this can facilitate internal negotiations regarding the pricing to be offered to Pharmac. I have always found these negotiations to be more challenging than negotiating with Pharmac itself. You can focus on the value of the deal rather than the average selling price (ASP) per pack.
The modeling is also critical for any Pharmac proposal. Providing your expenditure estimates can expedite discussions, and it can lead to future consensus with a shared perspective. This removes many uncertainties and helps establish trust and transparency, which are vital for successful negotiations.
At WellMed, over the years, we have perfected the art of modeling that provides all the necessary information for all parties to move forward. Understanding the right structure and how to use analogs to facilitate uptake is key.
Pharmac is always pleased when WellMed is involved; they immediately trust the numbers, and discussions can progress significantly more swiftly.
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