Is Your Life Science Company Taking Full Advantage of Digital Technology?
The pharmaceutical industry generates immense volumes of data, so it would make sense that pharma companies are ahead of the curve by leveraging the latest technologies to transform their operations across the value chain. However, historically, the pharmaceutical sector has been slow to embrace digital technologies.
Meet Catherine Hill, VP, Marketing Phil
Catherine Hill is the Vice President of Marketing at Phil. She joined the company at a pivotal time of growth. In this article Catherine shares what attracted her to Phil as a healthcare outsider and how her personal connection to healthcare drew her to the mission to get patients on life saving therapies.
Is Your Pharma Product at Risk for a Mid-Life Cycle Crisis?
Commercial launch is an expensive and risky endeavor, especially for small life science companies. According to a recent report, about half of all the drugs launched in the last fifteen years underperformed market expectations by more than 20%. In fact, over half failed to reach $250 million in peak U.S. sales.
Prior Authorization Hurdles Don’t Discriminate By Disease
The rising cost of healthcare in the US and subsequent burdens on payors has led to an overreliance on prior authorizations (PA) to lower costs. Many medicines promising to improve health outcomes, regardless of disease or therapeutic area, come at a price that insurers are reluctant to pay. The PA process can leave patients waiting for days or weeks on a coverage decision for their medication, and coverage can be denied despite being appropriately prescribed. Physicians and patients struggle to navigate the appeals process which leaves patients more inclined to abandon therapy, while drug manufacturers lose out on potential revenues. Drug manufacturers lack visibility into the prevalence of prior authorization hurdles nor have the opportunity to prevent this roadblock to patient care.
How small pharma manufacturers can optimize drug commercialization through outsourcing
How small pharma manufacturers can optimize drug commercialization through outsourcing One of the most important considerations for any pharmaceutical manufacturer is determining the internal capabilities and capital needed to support drug commercialization. The reality is that small- and medium-sized life sciences companies lack the resources to match the commercialization strategies of big pharma. Fortunately, today, there are opportunities for small pharmaceutical companies to execute a go-to-market strategy through outsourcing.
Is Your Market Access Strategy Meeting the Needs of Drug Formulary Decision Makers?
Drug formularies are a driving force for patient access to prescribed medication. A pharmaceutical brand’s inclusion and positioning on drug formularies are often reflective of the market access strategy’s level of success. To remain competitive, pharma manufacturers must understand how formulary management and the influence of payers are evolving and take steps to optimize market access.
Advancing Medication Adherence with Data-Driven Interventions
Medication adherence refers to how closely patients take their medications as prescribed. Nonadherence – which may involve failing to initiate treatment, taking incorrect doses, or discontinuing treatment – is associated with poor outcomes and higher healthcare costs.
Diabetes - Post Approval Insights
According to the National Diabetes Statistics Report from the CDC, around 37.3 million people have diabetes in the US, while 96 million have prediabetes. Type 2 diabetes remains the most prevalent in the US (90-95% of diagnosis), while both subtypes represent chronic illnesses that require rigorous self management of therapies for effective disease control. The increased prevalence of diabetes over the last 20 years unleashed a multibillion dollar pharmaceutical market that has pushed drug developers to aggressively pursue life-saving treatments for both type 1 and type 2 diabetes.
Does Your Pharmaceutical Brand’s Data Demonstrate Value to Payers?
Does Your Pharmaceutical Brand’s Data Demonstrate Value to Payers? The traditional route to pharmaceutical market access focuses on successful clinical trials and meeting regulators' safety and efficacy data requirements. In the past, this same data was sufficient for payers to determine that the drug was worth covering at the price point set by the manufacturer. But times have changed. With payers playing a more influential role in market access and the availability of data to provide a more accurate picture of how medications perform after approval, pharmaceutical manufacturers need to prove the real-world value of their brands.
Meet Deepak Thomas, the Founder of Phil
Deepak Thomas is the founder and CEO of Phil. He started the company as patient zero after being diagnosed with a chronic illness in the late 90s and struggled to navigate his own care within the complex US healthcare system. Several years later, he applied his experience in tech to build a solution that expands and simplifies patient access to specialty drugs, while aligning economic incentives for therapy manufacturers. Today, Deepak describes his journey in starting Phil as a “team of one” to working with some of the largest manufacturers such as Bausch Health.