As the healthcare industry moves toward a value-based paradigm, the healthcare environment is becoming increasingly complex with emerging market influencers. Rising healthcare costs and reforms are tilting the balance of power toward payers and provider networks.
“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?”
In today's technology age, many of the world's fastest-growing and lucrative careers stem from STEM – science, technology, engineering, and math. Unfortunately, STEM industries are still amongst some of the most male-dominated workforces.
Today more than any other day, having started my career in a GE company (the erstwhile GE Capital International Services), I have this involuntary urge to pay my tribute to “Neutron Jack” in my small and perhaps largely insignificant way. But yet, I must, as the words come out, “Straight from the Gut” for the big man, who has left an indelible mark on every individual that he has remotely touched through his rich legacy, leadership, and philosophy.
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.
The life sciences industry has always been propelled by research and innovation, more now than ever, with breakthrough drug development, massive investments to expedite drug launches, and opportunities for medical advancements. To put this into perspective, let’s consider the clinical development trends for the last ten years. There were more than 16,0001 assets in clinical development in 2019, and almost 1,7002 investigational new drug applications (INDs) were filed, up from 9,700 drugs in clinical development, and 1,300 INDs filed in 20103. Along with substantial investments in drug discovery and research and development, life sciences companies are also transforming in the areas of data management, business intelligence, and analytical capabilities by adopting digital transformation, artificial intelligence (AI), machine learning (ML), NLP (Natural Processing Language), and most pertinently, automation.
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.