Fee Fi Fo Fum: Corporate Giants Healthcare Fun
February 1, 2018
Amazon, Berkshire Hathaway, and JPMorgan Chase announced that they would form an independent healthcare company to serve their US employees. This venture will focus on using technology and data to provide simplified, high-quality healthcare at a reasonable cost. While the executional “how” is less clear, these three companies are committing to a long-term exploration to make healthcare work better for their team members. And, considering their level of influence and notoriety, their learnings and successes may have broader impacts for healthcare for all Americans.
Why Is This Relevant to Pharma Marketers?
While it will take time for us to know how this will play out for the three companies, the announcement is yet another signal that value-based care is starting to really show its power. No doubt that the trickle-down effects will be far-reaching:
– Both public and private insurers are already shifting payment models to be outcomes-driven, but this news will likely inspire their corporate clients to scrutinize (and put pressure on) their efforts.
– These insurers will lean even harder on health systems and integrated delivery networks (IDNs) that are currently grappling with how to deliver value-based care AND stay in the black.
– Bearing the brunt of all this pressure will be our HCPs, who face an increasing number of patients with chronic conditions and the inability to deliver adequate care to them due to shorter appointment times and lack of communication post-visit.
In short, HCPs need all the help they can get in delivering these outcomes. As salesforce access continues to plummet and HCPs become harder to influence, pharma would be crazy not to heed this call.
What Should You Do?
At a macro level, pharma marketers must shift away from their current model of buying attention and pivot to one that is centered around delivering added value.
If we examine a single place where this could play out, we need look no further than treatment adherence. It’s estimated that two-thirds of patients are not adhering to their medication regimen. So even if pharma marketers are able to secure the “win” and get HCPs to write the prescription, ultimately everyone is at a very high risk for losing when patients become nonadherent—which means outcomes aren’t realized and enduring value isn’t delivered. By rethinking the way that today’s adherence programs are designed (to meet challenges specific to a therapeutic area or patient demographic), and delivered (via connectivity with the patient’s EHR), pharma can enhance the value of their brand by better ensuring outcomes.
In the same way that it’s taking a triumvirate of corporate giants to take on healthcare, pharma marketers will need a triumvirate of requirements to succeed:
– Knowledge and insight to identify the right outcomes optimization opportunities
– Creativity to develop a proposition of meaningful, differentiating value to all parties involved
– Implementation expertise to bring it all to life so that your brand can deliver before its competitors
We believe pharma brands can deliver these solutions, and your Heartbeat partners are committed to helping you do it via specialized EHR expertise and unique partnerships with technology and managed market strategists. We know that this is an ambitious undertaking for brands, but it’s been a long time since something made this much sense and it will be hard to ignore for long.