There are different reasons as to why a pharmaceutical company might choose to reformulate an existing drug product. Doing so is an vital part of stretching their drug’s lifecycle management strategy within a cost-constrained environment. It is faster and less expensive to bring a reformulated drug to market than a new compound.
Drug reformulations generally focus on advanced drug-delivery technologies that can improve the patient’s experience, including reducing the frequency of doses or using an alternative route for administrating the drug. Regardless of the reason, reformulations provide the potential for faster ROI for drug manufacturers when marketed correctly.
Converting Physicians and Patients to Reformulated Products
It can be a challenge to convert physicians and patients who have become comfortable with the original formulations of drug products that become reformulated. However, there are programs through AlphaScrip that can successfully drive conversions to these new therapies, including:
Free starter supply programs offered to physicians and pharmacies makes the process of familiarizing patients with new formulas smoother. Voucher programs, for instance, allow patients to give the reformulation a trial run.
Uninsured patients may be especially reluctant to try a reformulated drug. Pharmaceutical manufacturers can avoid losing these patients by using co-pay assistant programs to minimize out-of-pocket cost.
Patients can become accustomed to reformulation through compliance programs. These programs include services like branded offerings created to start patients on different therapies or engaging adherence services designed to increase prescription refills.
A recent AlphaScrip case study followed the results of a leading prescription drug that was approaching the end of its patent protection and going through a reformulation. The client experienced positive results on ROI through successful patient conversions with approximately 100,000 paid claims per month with reimbursement of approximately $5,000,000 per month using these programs.
Learn more about how AlphaScrip can boost your brand.
The expiration of drug patents causes financial challenges for most pharmaceutical companies. Considering that it is common for drugs to take up to eight years for FDA approval, that leaves only 12 years on the market before patents expire and less expensive, generic versions hit the market.
The Patent Cliff
The patent cliff refers to when more than three dozen patents expired between 2007 and 2012. This event cost an estimated $67 billion in revenue. This is only expected to continue, as losses were estimated to be $250 billion between 2012 and 2015. In 2017 alone, Pfizer expected a $2.4 billion loss from competing generic drugs.
Mitigating Loss from Patent Expirations
As a pharmaceutical marketer, your best strategy is to sell as much of your drug before your patents expire and new generic versions become available. However, you still want to retain as much of your customer base as possible once generic versions hit the market. By gaining brand loyalty from your customers, you will have a better chance of continuing to profit from your original pharmaceutical product.
Pharmaceutical companies can incorporate programs and services to generate more prescriptions for their brand.
Sample vouchers and e-vouchers are quickly outnumbering physical samples, and they can help patients get started on unfamiliar brands.
Co-pay Discount Cards
A co-pay program can bring your pharmaceutical products to uninsured or under-insured patients’ hands.
Increase prescription fills with reimbursement services for eligible patients.
Ongoing services that boost medication adherence are especially helpful for patients with dementia or general memory loss issues.
If your pharmaceutical company isn’t taking advantage of these types of marketing programs, patients already are. There are countless online resources patients are using to find discounts for their prescriptions. Learn more about how AlphaScrip’s open pharmacy network can assist you with developing loyalty programs and other strategies to boost compliance with your brand.
In the age of analytics, there’s no shortage of data collection. The goal then becomes using intelligent systems to make sound, data-driven business decisions. The ability to accurately predict cause and effect through data, obtained through advanced client reporting systems, can help pharmaceutical companies make better business decisions.
What Type of Data Should Pharmaceutical Companies Focus On?
Data can incorporate client-specified metrics and focus on:
Sales rep territories
Physician call files
Patient registration lists
What Reports Can Be Generated?
Various reports that can be generated include:
Territory/District/Regional Sales Roll-up Reports
Claim Activity Summaries
Budget and PO Reconciliation Reports
Dispensing Pharmacy Summaries and Detail
Physician Counts and Detail
How Does This Help?
Through data and reports, pharmaceutical companies find information on who is buying their products, where products are mostly being distributed, which products are popular and unpopular, and more. This research assists companies with eliminating drugs that aren’t working and helps their medicine reach patients they hadn’t before. The results can be life-changing for people living in pharmacy deserts who do not have convenient access to a manufacturer’s brand.
Who Does This Benefit?
Client reports create strong relationships between marketers and manufacturers in the pharmaceutical industry. Analytics allows sales representatives to do more than just get a manufacturer’s brand out there. They allow companies to see what works best for their clients. This benefits the patients, creating loyalty to the manufacturer and brand.
Who Creates Pharmaceutical Marketing Reports?
Currently, AlphaScrip’s client reporting system delivers timely, accurate, and detailed claims data and prescription usage to clients with a flexible reporting platform. This platform can be used to generate reports based on client-specific requirements, including frequency, delivery method, and chosen format.
Using predictive analytics, it is possible to optimize marketing and sales strategies to transform commercial-spend and increase returns. Learn more about how AlphaScrip puts analytics to work for pharmaceutical companies.