Consumers — who are responsible for paying the tab on an increasingly large portion of their healthcare costs — are becoming more discerning about where and how they spend their money. They are looking for cost-efficient ways to get well, stay well, and manage chronic disease — compelling pharma to customize its offerings for patients who now prioritize preventive, personalized therapies.
The standard operating model in the pharmaceutical industry has physicians prescribing products and insurers and employers bear most of the cost. This has traditionally given consumers limited input regarding the choice and price of their medications. But as changes in the healthcare marketplace require patients to spend more of their own money on their medications, they are no longer passive players in treatment selection and usage. The industry is discovering that its customers have unique priorities, expectations, and demands that companies must take into account if they want to meet consumer expectations. Drug makers can no longer expect to have commercial success by simply proving that their products meet established measures of safety and efficacy. They must now tap into consumer preferences and biases if they want to be able to meet increasingly more demanding patient expectations.
Dr. Josh Cohen addresses how consumers judge, value and make pharmaceutical purchasing decisions.
The healthcare landscape is shifting and how consumers make medical decisions is changing with it.