Average Pharma Brand: 38% of Sales Forgone to Adherence Issues
Posted on: Tuesday, 12 December 2006, 12:01 CST
RESEARCH TRIANGLE PARK, N.C., Dec. 12 /PRNewswire/ -- A new study by pharmaceutical business intelligence leader Cutting Edge Information found that the average pharmaceutical brand forgoes 38% of its sales to adherence issues. This represents a large revenue opportunity for pharmaceutical companies if they can successfully help alleviate adherence problems (http://www.pharmapatientadherence.com/ ).
To ensure continued growth, many pharmaceutical companies are refocusing their attentions on the growing issue of non-adherence. Industry estimates suggest that patient non-adherence costs the pharmaceutical industry more than $30 billion in lost revenues. In addition, patient adherence and disease management programs offer societal gains. Programs improve patients' health and help reduce skyrocketing healthcare costs.
Through the establishment of patient adherence and disease management programs, pharmaceutical companies can position themselves as an integral partner in patients' healthcare and bolster their public images. However, to win the adequate resources to launch a patient adherence and disease management program, teams - often championed by the brand team - must prove the value of these initiatives to senior management. Although it can be challenging to get buy-in from key stakeholders, evidence is emerging from industry case studies of the value these programs are having on compliance rates and on products' bottom lines.
"Patient adherence and disease management programs offer companies an amazing opportunity to gain significant revenue streams, while focusing on the most important thing - patients' overall well-being," said Amanda Zuniga, research analyst at Cutting Edge Information. "If executed properly, these programs can experience amazing results in patient outcomes while simultaneously boosting the industry's public image."
"Pharmaceutical Patient Adherence and Disease Management: Program Development, Management and Improvement," available at http://www.pharmapatientadherence.com/ , contains budget and staffing metrics for 18 different patient adherence/disease management programs. Budget benchmarks include cost to attain a new patient versus cost to retain an existing patient, annual program maintenance budgets, outsourced budgets, and specific activity budget breakdowns. Case studies, best practices and tactics for addressing key program challenges are utilized to give executives a guide to managing their own programs with success.
Visit http://www.pharmapatientadherence.com/ to download a summary of the report, or contact Amanda Zuniga at Amanda_Zuniga@cuttingedgeinfo.com or 919-433-0210.
Cutting Edge Information
CONTACT: Amanda Zuniga of Cutting Edge Information, +1-919-433-0210, orAmanda_Zuniga@cuttingedgeinfo.com
Web site: http://www.cuttingedgeinfo.com/http://www.pharmapatientadherence.com/
Source: PRNewswire
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