Evolving healthcare provider (HCP) needs and expectations have disrupted conventional customer engagement methods. The traditional reach and frequency model that had long been successful for pharma companies no longer delivers on brand goals. Several factors are driving this change
Branded retail and specialty-lite pharmaceutical manufacturers must be acutely aware of the changes occurring within the retail pharmacy channel because they directly impact access and commercialization efforts. The evolving landscape – marked by the transition of retail pharmacies into primary care providers, the reduction of chain pharmacy footprints, the rise of mail order and online pharmacies, and critical labor shortages – directly influences how branded prescription medications are distributed, accessed, and managed. The following retail pharmacy trends are strong indicators that manufacturers must consider and adopt an alternative channel strategy in 2024 and beyond
Patients struggling with complex medical conditions face a growing number of barriers to access, afford, and adhere to the innovative therapies their providers prescribe. In 2022, out-of-pocket costs led to the abandonment of 94 million prescriptions. And in a 2023 survey, 97% of medical practices said their patients had experienced care delays or denials due to increased prior authorization requirements
By Scott Hughes, Vice President of Business Development at Phil A major challenge for life science companies that manufacture specialty-lite therapies is finding a channel strategy that offers the level of access services patients and healthcare providers (HCPs) need at a price point that supports the brand's financial health. Typically, brand teams string together a network of brick-and-mortar retail or specialty pharmacies and either work with multiple vendors to build a traditional call-center-based hub or rely on the specialty pharmacies to provide these services. The result is that the brands' gross-to-net cannot sustainably support this channel strategy
The pharmaceutical industry finds itself at the crossroads of innovative treatments and technological advancements redefining how patients access prescribed therapy. However, this tremendous innovation has also presented unique challenges in securing patient affordability and access to therapy. These five key trends should be considered and will influence how manufacturers should think about shaping their services programs heading into 2024
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