McLean, VA -- "Patients can make or break the success of a product. Product teams that are able to meet the needs of their patients will not only survive these tough economic times but they will also recapture lost sales. A product team can double sales if they can help a patient stay in therapy over two years. Sales can easily triple if the patient stays in therapy three years. No other industry in the world has such a window of opportunity for increasing sales but also helping people receive a good therapeutic outcome. The challenge is to meet the needs of the patient."
Dr. Dorothy L. Smith, President and CEO Consumer Health Information Corporation (CHIC) and an expert in evidence-based patient adherence program development and risk management, spoke about the importance of the patient's role in successful therapeutic outcomes to an audience comprised of pharmaceutical industry executives, clinicians and researchers.
Dr. Smith stressed that, "In today's volatile economy, the number of patients who are cutting costs and not filling their initial prescriptions has doubled from 10% to 20%. As many as 50% - 85% are not refilling their prescriptions for a variety of reasons other than cost."
Currently, patients prescribed medications for the treatment of chronic conditions are making decisions to drop out of therapy at an alarming rate:
Recapture Lost Sales
When patients drop out of therapy unexpectedly, the monies invested to have a physician write the initial prescription are lost. The area above the curve represents lost sales due to patient nonadherence. Assuming 90% initial compliance, lost sales equal approximately 60% at two years and up to 80%-90% at three years depending on the specific product.
The key to recapturing lost sales is to educate and motivate patients to stay in treatment. It is a win-win situation. Patients will have improved treatment outcomes and decreased healthcare costs. When patient education is done correctly, product sales should at least double.
Help Patients Get Through the First Year
Research shows that when patients are able to manage their medications for one year, they are more likely to stay in therapy and not drop out.
Dr. Smith urged the pharmaceutical industry to develop more effective patient education programs during the first year of treatment. These programs must:
- Teach patients how to integrate the dosage regimens into their daily lifestyles so that taking the medication stops being a hassle.
- Teach patients how to manage side effects correctly so they do not become frightened and stop the drug suddenly.
- Be evidence-based, practical, and motivational and meet patient comprehension requirements. The majority of patients are receiving information they cannot understand.
- Give patients the information they need at the different stages in which they make decisions.This means that health professionals need different patient tools at each of these different stages. It is a waste of money for a pharmaceutical company to encourage health professionals to redistribute the same patient material at every clinic visit.
- Teach patients how to recognize signs of progress. When patients are convinced that a medication is helping them, they will be more likely to decide to stay in therapy.
Dr. Smith summarized that, "Providing patients with information they can understand will lead to better health outcomes, decrease patient dropouts and increase product ROI."
Let Us Help You Develop Patient Education Programs That Increase ROI
25 years of experience getting the right information
to the patient at the right time.
Patient education programs work if they meet the needs of patients and health care professionals. We want to help you succeed in realizing the maximum untapped revenue of your product. Since 1983 Consumer Health Information Corporation has specialized in the development of FDA-approved patient labeling and innovative evidence-based patient education and risk management programs.
Our programs have increased patient adherence and retention. Our customized programs have made it possible for product teams to increase sales dramatically as well as meet the needs of patients, physicians, pharmacists, consumers and sales reps.
About Consumer Health Information Corporation
Consumer Health Information Corporation was founded by Dorothy L. Smith, Pharm.D, an internationally recognized clinical pharmacist with expertise in patient adherence and patient education. The mission of Consumer Health Information Corporation is to help patients learn how to manage their diseases and prescribed treatments safely and wisely. The company has developed more than 4000 evidence-based patient education programs for medications, medical devices, disease management and Phase III clinical trials worldwide. A respected clinical and educational source, Consumer Health Information Corporation has won major national and international awards for excellence in patient and consumer education programs that have significantly increased patient adherence. Dr. Smith is the author of more than 130 professional articles, 23 books and has delivered more than 150 professional and scholarly addresses.
Copyright 2012 Consumer Health Information Corporation. All rights reserved.
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Consumer Health Information Corporation
Experts in Patient Education and Adherence Since 1983
8300 Greensboro Drive, Suite 1220
McLean, Virginia 22102