As of March 31, there are 857,487 confirmed coronavirus cases and 42,107 deaths globally. On March 27, the U.S. became the official epicenter of the disease, with confirmed tallies surpassing Italy, Spain, and China. Currently, countries’ ongoing lockdowns follow Wuhan, China’s strict measures during the early outbreak, which have only now begun to ease amidst a slowing spread, according to reports.
As per a systemic review1 published in Annals of Internal Medicine, assessing the impact of interventions to improve adherence, it was found that about half the medications prescribed for chronic diseases are not consumed as directed by the physician, and around 20-30% of prescriptions are never fulfilled. This non-adherence results in over 125,000 deaths every year as well as increased emergency department visits and hospitalizations, which costs the American healthcare system to the tune of $100 to $300 billion1.
“Hi Caroline, this is Jeff! You reported feeling heavily symptomatic yesterday. I wanted to see if you are doing better. On a scale from 1-10, how would you rate your pain today?”
The world of health and medicine has broken countless barriers over the last few scores. Life sciences companies have continued to invest significantly in their research of globally corroding diseases, drug molecules discovery and development, and closely monitored clinical trials, to create industry-approved blockbuster medicines. These drugs, gaining precision with time, are curing more diseases and giving patients a chance at better lives. The pharma journey, however, gets complicated with more in-depth clinical and genetic research, as companies continue to find themselves facing more significant ‘unknowns’ than ever before.
In Part 1 of this two-part series, we learned about what managed care analytics means for pharma brand success and the factors that pharma companies need to keep in mind while planning their managed care strategy. In this part, we will explore how pharma account managers can leverage managed care analytics, in their constant endeavor of optimized contract performance, better formulary positions, and improved patient access and health outcomes.
Operating in the managed care system in the US healthcare market is challenging due to the complex environment. It is incredibly volatile and fragmented, with stakeholders ranging across various categories:
- Healthcare delivery systems like Integrated Delivery Networks (IDNs) and Preferred Provider Organizations (PPOs).
- Care systems like the Accountable Care Organizations (ACOs), Managed Care Organizations (MCOs), and Health Maintenance Organizations (HMOs).
- Governmental Point of Service (PoS) systems like Medicare and Medicaid.
Do you have a bookworm or someone who loves to learn on your gift list? Perhaps someone interested in how artificial intelligence (AI) and machine learning (ML) are breaking the traditional barriers in healthcare? Or, maybe you want to grab a hot cup of cocoa and a book on how AI is impacting healthcare to busy your mind on a cold winter day.
This blog is the second of a two-part series and highlights two of the four key forces driving changes in the healthcare ecosystem, encouraging medical device companies to rethink their traditional commercial models. Click here to read the first blog.
In the first blog of this two-part series, we highlight two of the four key forces driving changes in the healthcare ecosystem, encouraging medical device companies to rethink their traditional commercial models.
If you could generate billions of dollars in shareholder value, over three years, by revamping your commercial models, would you do it?
A variety of commercial healthcare data is collected by Pharma companies. In the absence of a robust data management platform, it is challenging to utilize this data to its full potential. Without the capability to efficiently ingest, process, and analyze complex data, business transformation takes a hit. Not upgrading the legacy data warehouses makes pharma companies compromise on their ambitious strategies.
The following infographic illustrates how modern data management can contribute towards business performance gains: