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253. Explain what store of value means.
A value story should be a succinct, flowing narrative that addresses the key questions stakeholders ask when making decisions on the value of a new product. It should clearly communicate ‘the problem’: what burden (for patients, physicians, payers) is associated with the disease, the limitations of current treatments and the need for a new therapy. Based on this, the value story should then outline how the new product meets this need in terms of effectiveness, safety and quality of life. Is the product affordable and a good use of healthcare resources, i.e. good value for money?
The value story is both an internal and external resource. It helps achieve alignment within a company on realistic product value drivers and how these link to commercial opportunity. Externally, it is used to:
Help stakeholders understand the problem and where the product delivers added value
Drive market access processes (Health Technology Appraisals [HTA], reimbursement applications, formulary access)
Support pricing, reimbursement and market access negotiations at a national, regional and local level.
Payers use the company generated value dossiers as part of their review of a new product. There is a great deal at stake for companies to communicate their value story well, because value drives price. Companies need to achieve a fair price that reflects the true value of their product. Without a company value story, payer decisions will only be made based on cost and price.
What makes a good value story?
A clear, concise value story that meets the needs of all external and internal stakeholders is vital for market access success. A good value story should start with identifying the key decision makers and understanding their needs. It should be tailored to different stakeholder needs e.g. engagement with local decision makers requires an understanding of local issues and barriers to uptake, such as capacity, resource limitations
255. Explain what globalization means.
Globalization essentially means free movement of goods, services, people, and capital across national borders. This creates global markets for goods, services, labor, and capital. However, the term globalization has also come to mean something more: economic and cultural hegemony on the part of industrial enterprises, such as MNCs, and industrialized nations, particularly the United States. Those who oppose globalization use the term to describe these negative phenomena and to raise the specter of a world controlled by a handful of MNCs. We are discussing MNCs and globalization together because they are related. An MNC benefits from free movement of goods, services, people, and capital across national borders, just as
U.S. companies have benefited from that situation in North America. As a corporation, an MNC has one main objective – to make a profit – and the free movement of goods, services, workers, and capital enhances profitability. It does that by giving management freer access to the factors of production and the ability to make decisions based more purely on cost and revenue considerations. Also, MNCs promote globalization by their very existence and business practices. When McDonald’ s introduces its “customer experience” and its menu, even in modified form, to another culture, it begins to change that
culture. When Ford sets up an assembly plant in Brazil, it attracts workers from the countryside and changes their economic aspirations, for better or worse. Similarly, the agenda of the World Bank and the IMF generally favour freer trade – a force for globalization – but many developing nations find free trade to be a mixed blessing. The key problem in talking about MNCs and globalization, aside from the emotions they stir up, is that they are both creatures of the industrialized world. That is an undeniable fact, whether you oppose or support MNCs and globalization. The poorest nations in the world are not launching MNCs. Given that economically powerful entities rarely aim to benefit the poor, those who oppose MNCs and globalization – regardless of how emotionally they state their case – do have a case.
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