A new survey of 76 health plans by Prudential Equity’s Tim Anderson suggests the updated version of Effexor, which the drugmaker hopes to market as a salve for hot flashes and other menopausal symptoms, won’t even be a flash in the pan.

Keep in mind that Pristiq approval has been delayed until at least July while the FDA reviews additional data. Meanwhile, drugmakers aren’t supposed to promote their meds to payors in advance of approval, but they can provide so-called “pipeline updates” to discuss new products in development. But Wyeth doesn’t seem to be reaching out very well. The pharmacy and medical directors at the plans, which cover a combined 203 million lives, had this to say:

• The majority of payors, or 82 percent, say they haven’t yet received an update from Wyeth about the product. Of the 15 percent, or 12, that did get an update, 7 say the product profile is “not very compelling,” 4 described it as ‘’somewhat compelling,” and only was wowed.

• In terms of formulary coverage, 64 percent say they’re “not very likely” or ”not likely at all” to provide Tier 2 coverage. Only one respondent said their plan was “very likely” to offer favorable formulary coverage.

“Generally, respondents did not appear to be terribly impressed with Pristiq as a treatment for vasomotor symptoms,” Anderson wrote in an investor note this morning. “This suggests that Wyeth will need to target managed care and PBMs more effectively, and that Wyeth will need to create significant demand at the physician and consumer level to help overcome this resistance by payors.”

Anderson forecasts worldwide Pristiq sales of $420 million next year and $1.24 billion in 2012. These forecasts encompass use in treating both VMS and depression (Wyeth hppes the depression indication will be granted early next year).

[tags]Pristiq, Wyeth[/tags]