Pharmaguy's Insights Into Drug Industry News
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Pharmaguy's Insights Into Drug Industry News
Pharmaguy curates and provides insights into selected drug industry news and issues.
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SXSW B(ite)S: Visions of a World Where Patients become Loyal to One #Pharma Company

SXSW B(ite)S: Visions of a World Where Patients become Loyal to One #Pharma Company | Pharmaguy's Insights Into Drug Industry News | Scoop.it

Driven by generics and biosimilars, the dynamic of the pharmaceutical world is changing as we speak. The availability of multiple treatment options and choices and the rise of the empowered patient (typified by shared treatment decision making) means pharma companies need to find new patient focused ways to compete and stay ahead. Beyond the pill services, patient support programmes and the like represent a well-trodden path, but the millennial patients of tomorrow are more demanding. They require tailored treatment programmes that consider their lifestyle and work around them. Adherence is flipped on its head and the problem becomes reframed, from “how can we make a patient adhere to our drug” to “how can our drug adhere to this patients lifestyle”.

And yet, in a world of ever decreasing (and sometimes questionable) differences between competing drug performance, there can be great riches for those who are able to empathise and connect to patients in these new ways. Consumers are fiercely loyal to the brands they like to consume or that represent them. With Millennial patients using social platforms to seek out, review or champion brands and treatments, a self-fulfilling bond and loyalty can be formed.

As Brian Solis, Principal Analyst, Altimeter Group proclaimed at SXSW “Loyalty and Advocacy are the by-product of meaningful and personal experiences…now and over time”.

But what if that loyalty can be earned beyond the treatment of that one condition? What if a patient feels so understood, supported and cared for by one pharma companies approach, that they want to go back to that same company when they have a different ailment requiring a different drug? Can loyalty and brand preference be levered at a corporate level? Is this equity tangible and transferable – for example, would a millennial seeking treatment show greater affinity to a company that once supported their father so well during a difficult illness?

Pharma Guy's insight:

This is "patient-centricity" Koolaid at the highest level. In what universe can ONE pharma company serve all the health needs of a patient? Today, pharma companies like Allergan boast that it "owns the face" (read, for example, "Allergan, Maker of Botox & Kybella, Owns Your Face"; http://sco.lt/77gFI9). Sure, Allergan must have loyal customers for Botox et al, but what happens when those patients also have diabetes? They won't necessary get any help from Allergan. So, the answer to the question "What if a patient feels so understood, supported and cared for by one pharma companies (sic) approach, that they want to go back to that same company when they have a different ailment requiring a different drug?" is "Too bad, you'll have to find another company." And since when are millennials influenced by their fathers' trusted brands? Since never! P.S. BTW, once junior is in need of the father's drug brand, that brand will be generic and produced by a company that don't need no stinkin' patient centric programs.

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Medical Futurist @Berci Predicts 6 Technologies That Will Change #Pharma or Else Destroy It

Medical Futurist @Berci Predicts 6 Technologies That Will Change #Pharma or Else Destroy It | Pharmaguy's Insights Into Drug Industry News | Scoop.it

We don't want to miss the train of digital health" is a phrase I often hear from pharmaceutical companies. However, there are no trains to catch anymore. Disruptive healthcare trends are the futuristic spaceships many pharma companies don’t even see flying above them. If pharma doesn't prepare for the coming waves of change, it won't have an industry at all.

 

It might sound like a bold statement, but trends suggest a future in which medical innovation will be born in a garage lab or a small startup company. In the last hundred years, advances in medicine belonged mainly to the R&D departments of pharma companies. Technological developments might change that forever.

 

Here are the 6 trends that will shape the future of pharma.

 

  1. Empowered patients
  2. Augmented and virtual reality
  3. Truly personalized medicine
  4. DNA test that predicts risk for health conditions
  5. 3D-printed drugs
  6. Body sensors
  7. Artificial intelligence

 

Will the pharma industry react quickly and effectively to these changes? I hope so, as nobody wants the next successful drugs to come from a garage lab without clear regulation and oversight. We, patients and caregivers, need pharma companies to step up their game and meet us on the way towards a more humanistic and technological future of healthcare.

 

View the video here.

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