Digital Resources Play Critical Role in Formulary Decision Making
New Manhattan Research Study from Decision Resources Group Finds that P&T Committee Members are Shifting the Channels they Use to Gather Information, with Many Calling Pharma Digital Resources “Essential”
BURLINGTON, Mass., July 14, 2014 /PRNewswire/ — A new Manhattan Research study, Taking the Pulse ® Formulary Decision Makers 2014, finds that members of pharmacy and therapeutics (P&T) committees for hospitals, managed care organizations (MCOs) and pharmacy benefits managers (PBMs) are shifting the channels they use to gather information. A majority of formulary decision makers report that they are relying more on digital resources during the formulary decision making process today than a year ago. This may present an opportunity for pharmaceutical companies struggling with market access constraints, including restricted rep access, prior authorizations and unfavorable formulary placement.
Key findings from the Taking the Pulse® Formulary Decision Makers 2014 study include:
-- Substantial numbers of P&T committee members "strongly agreed" that they are using digital resources in that capacity more than they were a year ago, including 43 percent of hospital P&T committee members, 34 percent of those from MCOs and 58 percent of those at PBMs. -- Nearly seven in ten (69 percent) hospital P&T committee members agreed that websites and apps provided by pharmaceutical companies are essential to fulfilling their committee responsibilities, as did 53 percent of P&T committee members at PBMs and 43 percent of those at MCOs. -- Search is P&T committee members' primary means of finding information for formulary decisions, with more than 4 in 5 using search engines for committee work weekly or more often.
Comments from Decision Resources Group Analysts:
-- "Digital resources are now a central channel used in formulary decision making within hospitals, managed care organizations and PBMs," said Monique Levy, VP of Research. "Payer marketing teams charged with influencing these customers can't afford to drag their feet when it comes to digital investment. Formulary decision makers are online daily and expect pharma to show up." -- "Most P&T committee members use multiple pharma resources for committee work," adds Healthcare Analyst Sonu Kori, "but the influence of payer-specific portals on formulary decisions is relatively lackluster and a channel most companies need to boost investment in."
-- "Are payer portals worth it for pharmas?" has just been posted on the Manhattan Research Health and Pharma Insight blog. Click here to view.
About Taking the Pulse ® Formulary Decision Makers
Taking the Pulse® Formulary Decision Makers is a Manhattan Research study designed to address the unique challenges faced by marketers targeting formulary decision makers (P&T committee members) in payer organizations, PBMs and large hospitals. The study explores the formulary and pre-authorization decision making process, as well as how formulary decision makers use the Internet, key digital information sources and other pharma-provided services and tools. Insights are based on an in-depth survey fielded online among 214 P&T committee members from an MCO, PBM or medium to large hospital in March/April 2014.
Key topics addressed in the research include:
-- General Technology Profile -- Sources & Types of Information Used in Formulary Decision Making Process -- Healthcare Value-Added Services -- Internet Use for P&T Committee Work -- Interacting with Pharma -- Communication of Medical Information and Committee Decisions -- New Healthcare Models -- Social Networking, Search and Video
For more information, click here.
About Decision Resources Group
Decision Resources Group offers best-in-class, high-value information and insights on critical issues within the healthcare industry. Decision Resources Group’s Manhattan Research product line offers insights and analysis on digital health trends among healthcare professionals and consumers in the Americas, Europe and Asia-Pacific. Find out more at www.manhattanresearch.com and www.DecisionResourcesGroup.com.
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