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Ensuring Profitable Patient Adherence Programs: Using Analytics to Release the Hidden Value in Brands
Eularis, June 2011, Pages: 49
This report examines adherence among today’s Pharmaceutical consumers, analyzing the statistics, clinical costs, and reasons for non-adherence. Current approaches to improving adherence are explored, along with key elements of successful Pharma Company adherence initiatives. We also investigate the elusive ROI and discuss the complex issues surrounding adherence initiatives and return on investment. Finally, a case study on utilizing analytics to improve adherence programs demonstrates the best methods to leverage existing clients, making the most of what specific companies (and the greater Pharma Industry) already have.
Pharmaceutical Companies spend nearly 97 percent of their marketing budgets to capture initial market share. But this vast majority of spending may not have the effect that companies desire. Industry news today is headlined by reports of drug safety issues, declining sales, greater competition, weaker pipelines and increasing pressure to reduce direct-to-consumer (DTC) advertising.
Companies miss a valuable opportunity to increase sales and market share by not adding more focus on keeping their existing customers. Since the majority of spending goes towards attracting new consumers, efforts at retention are given short shrift, with a paltry three percent of budgets. The existing situation with patients and adherence leaves much to be desired and offers numerous opportunities.
Today, an estimated 70 percent of patients who begin a Pharmaceutical therapy discontinue it within 1 year, even those with chronic conditions that require ongoing treatment or those taking chemotherapy to prevent cancer recurrence. This costs the global Pharmaceutical Industry an estimated $30 Billion a year. Put another way, increased adherence for a product with approximately $1 Billion in sales would translate to an additional $30 to $40 Million in annual revenue.
Plus, since it costs six times more to attract new patients than to retain current patients, increasing the focus on and yields from adherence mean additional money saved and earned.
Pharmaceutical Companies can no longer ignore the hidden value available by increasing patient adherence. Companies who implement strategies to increase adherence and persistence with their products can better face the numerous challenges in today’s market and increase their share of profits.
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