Many changes are taking place in the pharmaceutical industry, largely due to three major phenomena. Firstly, new pills for chronic illnesses are less desired, largely because it’s becoming harder to find new molecules that would cause breakthroughs in the current disease mix. This is causing payers to focus more on prevention, rather than treatment. Additionally, generics are increasingly prevalent and offered at competitive prices greatly reducing manufacturers margins. And finally, pharmaceutical companies are finding that driving sales by influencing doctors is becoming a bygone business model, due to the Sunshine Act and related publicity.
Joseph Kvedar, the director of the Center for Connected Health, Partners HealthCare, believes that because of these substantial changes, pharmaceutical companies are seeking ways to move “beyond the pill.” Pharmaceutical firms are adept at marketing and messaging, something they’ve proved through years of direct-to-consumer marketing tactics. By thinking beyond the pill and developing a service package that can include engagement tools, connected health devices, and more that is centered on a therapeutic area, pharmaceutical companies can benefit themselves as well as their consumers.
What changes do you think the pharmaceutical industry will make in order to move “beyond the pill”?