Crossix analysis reveals 18 percent increase in patient redemption of Rx savings offers
By Mia Burns (mia.burns@ubm.com)
Patient redemption of prescription savings offers has increased by nearly 20 percent during the past year, according to consumer healthcare marketing analytics firm Crossix Solutions. The study covered the period from second quarter 2012 to the second quarter of this year. In addition, the savings offers included co-pay offers, savings vouchers, and free trial offers.
Based on a sample of prescription transactional data across more than 400 branded drugs, the company’s Rx Offer Market Intelligence syndicated data showed that for brands that had any type of offer during the respective time periods, the percentage of all Rx transactions for which a savings offer was processed increased from 6.4 to 7.6 percent, constituting an 18 percent lift in 12 months. The lift in offer redemption is particularly noteworthy, considering that the percentage of drugs with any type of offer program actually declined by 3 percent during this period. This decline was primarily driven by a 15.6 percent decrease in drugs with a free trial offer, as well as a 2.6 percent decrease in drugs with a co-pay offer.
“It is the first time that Crossix has more broadly publicized this data, but we have been measuring and tracking Rx offer performance and trends across multiple condition categories and pharma brand clients for several years,” says Asaf Evenhaim, Crossix CEO and co-founder.
The Crossix study compared offer redemption across each major drug category, with 14 of 27 categories exhibiting increases and the other 13 categories exhibiting decreases. Redemption increased markedly in categories including oral anticoagulants, hypertension, diabetes - insulin, cholesterol lowering and bipolar/schizophrenia, while redemption decreased in categories such as COPD, ADHD, urology, depression and erectile dysfunction. The study also examined trends in patient co-pay amounts paid. While offer redemption increased, the median co-pay amount paid by patients for co-pay offers declined by 10 percent, from $19.29 to $17.35 during that same time period.
According to Evenhaim, pharma companies can learn from the data. “Particularly in highly competitive categories, pharma companies must have a more informed understanding of and appreciation for how their patient acquisition and retention efforts – including offer programs – are impacted over time by shifting marketplace dynamics, such as LOE, the rise of generics, and new brand launches,” he told Med Ad News Daily. “And in many cases, companies can leverage this data to adjust and optimize their offer programs proactively, by identifying category benchmarks and anticipating how their efforts will be impacted by market events, before they actually happen.”
Crossix is eager to understand how offer usage across the industry-- and within specific categories--has been impacted by industry competition heating up over the past year. “It can be argued that the pharma landscape is more competitive now than ever before, with market-leading brands losing exclusivity, the rise of generic drugs, and the influx of new branded drug launches,” Evenhaim told Med Ad News Daily. “Consumers today have more options when it comes to the prescription treatments available to them, and not surprisingly, price is perceived as one of the most important points of differentiation when making treatment decisions. And in order to attract new patients and retain existing patients, it’s imperative that pharma brands attempt to minimize consumers’ price burden – or at least their perceptions of price burden – by promoting compelling savings offers.”
As the implementation of the Affordable Care Act draws closer, Crossix is planning additional redemption studies for the future. “We plan to monitor redemption trends on a regular basis, to determine how potentially game-changing marketplace events – such as the Affordable Healthcare Act – influence both patients’ purchasing behavior and pharma companies’ offer strategies,” Evenhaim says.
New Study Reveals Notable 18% Increase in Redemption of Rx Savings Offers
Patient redemption of prescription savings offers has increased by nearly 20 percent during the past year, according to consumer healthcare marketing analytics firm Crossix Solutions. The study covered the period from second quarter 2012 to the second quarter of this year. In addition, the savings offers included co-pay offers, savings vouchers, and free trial offers.
Based on a sample of prescription transactional data across more than 400 branded drugs, the company’s Rx Offer Market Intelligence syndicated data showed that for brands that had any type of offer during the respective time periods, the percentage of all Rx transactions for which a savings offer was processed increased from 6.4 to 7.6 percent, constituting an 18 percent lift in 12 months. The lift in offer redemption is particularly noteworthy, considering that the percentage of drugs with any type of offer program actually declined by 3 percent during this period. This decline was primarily driven by a 15.6 percent decrease in drugs with a free trial offer, as well as a 2.6 percent decrease in drugs with a co-pay offer.
“It is the first time that Crossix has more broadly publicized this data, but we have been measuring and tracking Rx offer performance and trends across multiple condition categories and pharma brand clients for several years,” says Asaf Evenhaim, Crossix CEO and co-founder.
The Crossix study compared offer redemption across each major drug category, with 14 of 27 categories exhibiting increases and the other 13 categories exhibiting decreases. Redemption increased markedly in categories including oral anticoagulants, hypertension, diabetes - insulin, cholesterol lowering and bipolar/schizophrenia, while redemption decreased in categories such as COPD, ADHD, urology, depression and erectile dysfunction. The study also examined trends in patient co-pay amounts paid. While offer redemption increased, the median co-pay amount paid by patients for co-pay offers declined by 10 percent, from $19.29 to $17.35 during that same time period.
According to Evenhaim, pharma companies can learn from the data. “Particularly in highly competitive categories, pharma companies must have a more informed understanding of and appreciation for how their patient acquisition and retention efforts – including offer programs – are impacted over time by shifting marketplace dynamics, such as LOE, the rise of generics, and new brand launches,” he told Med Ad News Daily. “And in many cases, companies can leverage this data to adjust and optimize their offer programs proactively, by identifying category benchmarks and anticipating how their efforts will be impacted by market events, before they actually happen.”
Crossix is eager to understand how offer usage across the industry-- and within specific categories--has been impacted by industry competition heating up over the past year. “It can be argued that the pharma landscape is more competitive now than ever before, with market-leading brands losing exclusivity, the rise of generic drugs, and the influx of new branded drug launches,” Evenhaim told Med Ad News Daily. “Consumers today have more options when it comes to the prescription treatments available to them, and not surprisingly, price is perceived as one of the most important points of differentiation when making treatment decisions. And in order to attract new patients and retain existing patients, it’s imperative that pharma brands attempt to minimize consumers’ price burden – or at least their perceptions of price burden – by promoting compelling savings offers.”
As the implementation of the Affordable Care Act draws closer, Crossix is planning additional redemption studies for the future. “We plan to monitor redemption trends on a regular basis, to determine how potentially game-changing marketplace events – such as the Affordable Healthcare Act – influence both patients’ purchasing behavior and pharma companies’ offer strategies,” Evenhaim says.
New Study Reveals Notable 18% Increase in Redemption of Rx Savings Offers
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