This blog post was written by John Yu, Vice President, Patient Experience at Phil. Getting prescribed medications – especially those that treat more complicated, chronic conditions – into the hands of patients is like navigating a maze filled with roadblocks. Consider that out of all the products launched in 2019, only 1 out of 3 patients who tried to initiate a treatment could get it filled – with over half facing a formulary restriction and others abandoning due to cost
Editor’s Note: Prescription based digital therapies (PDTs) show tremendous promise for expanding access to care and providing treatment alternatives to help individuals improve their health. These organizations are investing heavily in bringing these treatments to patients and generating clinical evidence indicative of their clinical efficacy. These organizations, though noble in their pursuits, are beholden to the same financial realities all for-profit businesses face that operate in the life sciences industry
Workflows within physician practices have drastically evolved over the last few decades. This shift is due to the transition to value-based payment models, technological advancements, and changing patient expectations for a modern access experience. Additionally, health insurer policies designed to manage growing healthcare resource utilization continue to disrupt the natural flow of patient care by introducing new administrative requirements that create challenges for providers
Editor’s Note: The cost of medication nonadherence is high for all stakeholders involved in the healthcare system. It’s also an issue that is highly complex, multifaceted, and personal. The reasons for nonadherence vary amongst patients and medications
In an era where life sciences companies face unprecedented costs to bring novel therapies to market and declining expected returns upon launch, conventional commercialization strategies are insufficient to deliver brand success. The traditional approach of driving demand to the top of the funnel through clinical differentiation, expensive media campaigns, and large field sales forces no longer guarantees adequate product adoption and long-term financial viability under the constraints of intricate utilization management requirements. Thus, a paradigm shift is in order – one that centers around an integrated commercial strategy that is laser-focused on patient access and underpinned by gross-to-net optimization
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