It is critical that the industry starts looking ahead now for ways to increase post-COVID-19 pharma revenue. Done right, it could also be an opportunity to enhance their reputation. By focusing on the financially impacted patient, pharma can be the “hero” that patient needs. At the same time, they can drive ongoing revenue for their brands. COVID-19 is greatly impacting the US patient population from a health perspective, but also from a financial perspective. Pharma can help with both.
One way Pharma can help impact both population health and increase revenue, is to develop a much-needed vaccine. Johnson and Johnson potentially sees their ability to go to production soon with a coronavirus vaccine. If successful, the market for this vaccine in the near term is potentially one billion doses. This could greatly increase post-COVID-19 pharma revenue while at the same time positively impacting the US patient population.
Discount Offers Can Increase Post-COVID-19 Pharma Revenue
Another way Pharma can help impact this problem and increase post-COVID19 pharma revenue, is to increase their co-pay and free-trial-offer support. Over 16 million have filed for unemployment in the US since the coronavirus has created havoc in the United States. There are an unprecedented number of people out of work. Additional millions of people are now underemployed, also. Consumers are faced with hard decisions. Each day, they will prioritize purchases. Many times medications will slide down the priority list. Patients will focus on paying for food and rent with their dwindling funds available to them. Under normal circumstances, up to 30% of medications currently go unfilled due to cost. The COVID pandemic will undoubtedly radically drive that number up.
Pharma has a huge opportunity to be the “hero” to millions of patients by coming alongside them and supporting them with additional financial assistance during this scary time for them. Discounts, of course, can help drive immediate revenue by increasing adherence. They can also drive a brand relationship with that patient, and impact longer-term revenue positively.
One major barrier to discounts has been delivering them at scale. We can help with this. In addition to your other DTC discount channels, our Rx Savings Assistant is a powerful new clinical channel. It integrates into the Epic and Cerner electronic health records at major health systems. We deliver those patient savings offers to the patient through the patient portal and as a part of the discharge paperwork. If you would like to know more please visit, https://medicomhealth.com/rxsa/.
In summary, COVID-19 will have a huge impact on the healthcare landscape. However, there are clear opportunities where pharma can make a difference to patient physical and financial health. Embracing them is mutually beneficial and should not be overlooked.