Pharma Industry Landscape Changing to Accommodate Consumers
By Mia Burns (mia.burns@ubm.com)
Pharma customers are revamping the ways in which they purchase drugs and their role in drug use as they face increasing out-of-pocket costs, and complex treatment plans. Customers are also armed with new social media tools and more information. This shift facilities a valuable opportunity for the life sciences sector to benefit from deeper insights that the individuals using their products may bring, according to a new report by PwC’s Health Research Institute (HRI).
Customer experience in the pharmaceutical sector: Getting closer to the patient, includes survey results from more than 700 U.S. consumers about their preferences and behavior in drug treatment selection and use. Drug companies have long communicated directly with patients – through advertising and focus groups.
Additional key findings within the report included: Consumers are seeking the same convenience they receive in other settings. In general, consumers are willing to pay 19 percent more for a “no wait time” prescription. Affluent baby boomers and Gen Xers with chronic conditions are willing to pay 52 percent more; treatment costs are the top reason people stop taking medications. An estimated $213 billion is lost each year in the United States due to wasteful or unnecessary treatment linked to lack of adherence and medication mismanagement; baby boomers with multiple chronic conditions have less medication adherence than average but are willing to do something about it. Some 41 percent want do-it-yourself pharmacy health screening stations and 37 percent want a mobile app to monitor vitals and provide contextual understanding of their prescriptions; and almost all respondents said that pharmaceutical companies did not play a role in their diagnosis and treatment decisions, suggesting that current pharmaceutical education and communication has had limited impact.
Karla Anderson, principal, pharmaceuticals & life sciences, PwC told Med Ad News Daily, “As disease information and companion diagnostics become more sophisticated, there is an opportunity for the manufacturer to play a key role in patient education and awareness in terms that help patients understand their diagnosis and treatment choices. Obviously, the diagnosis and treatment decisions occur between the patient, the caregivers, and their providers. Empowering the patient with the right information to enable appropriate care decisions is an opportunity for manufacturers.”
PwC executives say that in today’s complex and competitive environment, a more sophisticated customer segmentation strategy is needed. “A more sophisticated customer segmentation strategy is defined by gaining insights into sub-segments of customers based on behaviors and preferences,” Anderson told Med Ad News Daily. “More precise and targeted insights allow manufacturers to refine their messages and interactions to have a more engaged consumer of services.”
Pharma customers expect the same focus on their needs that they experience in other industries such as retail, banking, and travel, according to PwC. When drug makers adopt a more customer-centric approach, the result is more engaged patients who “own” their treatment plans and better manage their conditions.
HRI identified four defining elements of the next-generation patient within the report: appetite for personalized information and real-time feedback; active participation in care and treatment; focus on convenience and on-demand services for busy lives; and value-hunting through comparison shopping.
Drug companies have a rich history of attempting to speak directly to patients, according to the report. In 2012 alone, the industry spent $27 billion on direct-to- consumer promotions. But as new drugs aim for more targeted populations, companies must go beyond focus groups and mass market advertisements to better exploit the complex and highly relevant real-world experiences of individual patients. Company executives say that understanding customer behavior isn’t a one-time event. Instead, it should cover the full life cycle of a drug. Some next-generation consumer approaches are coming from outside pharma. Device makers, technology, and wellness companies are all in the mix. They are devising ways to continuously engage consumers through education, self-motivation, and progress trackers for treatments and disease management.
The report covers how more consumers want to be actively engaged in their treatment decisions. Quality of life, side effects, and cost can influence those decisions to varying degrees across therapeutic areas. Drug makers have a ripe opportunity to embrace the many facets of the emerging consumer who is increasingly at the core of the health system’s success.
Changing Consumer Expectations and Behaviors Reshaping Pharmaceutical Industry, According to PwC’s Health Research Institute
Pharma customers are revamping the ways in which they purchase drugs and their role in drug use as they face increasing out-of-pocket costs, and complex treatment plans. Customers are also armed with new social media tools and more information. This shift facilities a valuable opportunity for the life sciences sector to benefit from deeper insights that the individuals using their products may bring, according to a new report by PwC’s Health Research Institute (HRI).
Customer experience in the pharmaceutical sector: Getting closer to the patient, includes survey results from more than 700 U.S. consumers about their preferences and behavior in drug treatment selection and use. Drug companies have long communicated directly with patients – through advertising and focus groups.
Additional key findings within the report included: Consumers are seeking the same convenience they receive in other settings. In general, consumers are willing to pay 19 percent more for a “no wait time” prescription. Affluent baby boomers and Gen Xers with chronic conditions are willing to pay 52 percent more; treatment costs are the top reason people stop taking medications. An estimated $213 billion is lost each year in the United States due to wasteful or unnecessary treatment linked to lack of adherence and medication mismanagement; baby boomers with multiple chronic conditions have less medication adherence than average but are willing to do something about it. Some 41 percent want do-it-yourself pharmacy health screening stations and 37 percent want a mobile app to monitor vitals and provide contextual understanding of their prescriptions; and almost all respondents said that pharmaceutical companies did not play a role in their diagnosis and treatment decisions, suggesting that current pharmaceutical education and communication has had limited impact.
Karla Anderson, principal, pharmaceuticals & life sciences, PwC told Med Ad News Daily, “As disease information and companion diagnostics become more sophisticated, there is an opportunity for the manufacturer to play a key role in patient education and awareness in terms that help patients understand their diagnosis and treatment choices. Obviously, the diagnosis and treatment decisions occur between the patient, the caregivers, and their providers. Empowering the patient with the right information to enable appropriate care decisions is an opportunity for manufacturers.”
PwC executives say that in today’s complex and competitive environment, a more sophisticated customer segmentation strategy is needed. “A more sophisticated customer segmentation strategy is defined by gaining insights into sub-segments of customers based on behaviors and preferences,” Anderson told Med Ad News Daily. “More precise and targeted insights allow manufacturers to refine their messages and interactions to have a more engaged consumer of services.”
Pharma customers expect the same focus on their needs that they experience in other industries such as retail, banking, and travel, according to PwC. When drug makers adopt a more customer-centric approach, the result is more engaged patients who “own” their treatment plans and better manage their conditions.
HRI identified four defining elements of the next-generation patient within the report: appetite for personalized information and real-time feedback; active participation in care and treatment; focus on convenience and on-demand services for busy lives; and value-hunting through comparison shopping.
Drug companies have a rich history of attempting to speak directly to patients, according to the report. In 2012 alone, the industry spent $27 billion on direct-to- consumer promotions. But as new drugs aim for more targeted populations, companies must go beyond focus groups and mass market advertisements to better exploit the complex and highly relevant real-world experiences of individual patients. Company executives say that understanding customer behavior isn’t a one-time event. Instead, it should cover the full life cycle of a drug. Some next-generation consumer approaches are coming from outside pharma. Device makers, technology, and wellness companies are all in the mix. They are devising ways to continuously engage consumers through education, self-motivation, and progress trackers for treatments and disease management.
The report covers how more consumers want to be actively engaged in their treatment decisions. Quality of life, side effects, and cost can influence those decisions to varying degrees across therapeutic areas. Drug makers have a ripe opportunity to embrace the many facets of the emerging consumer who is increasingly at the core of the health system’s success.
Changing Consumer Expectations and Behaviors Reshaping Pharmaceutical Industry, According to PwC’s Health Research Institute
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