The Emerging Role of Pharma in Value-Based Care
While care providers and health plans have historically viewed the pharma industry as somewhat separate from value-based care, the push to achieve healthcare’s quintuple aim across the care continuum is shining a light on shared goals—and highlighting the need for partnerships that transcend any perceived divides.
Medication adherence is a prime example. About half of all chronic disease patients fail to take their medications as prescribed, contributing to more than 125,000 preventable deaths and over $500 billion in avoidable medical spending each year. Clearly, addressing this dire situation is good for patients and their outcomes. But in the value-based care environment, the benefits of medication adherence extend even further.
For pharma, the growing focus on medication for chronic disease management in value-based care represents an opportunity to broaden access to ground-breaking therapies. However, it involves a major shift in thinking about how to sell and market new or existing medications. Rather than relying on traditional approaches, such as direct-to-consumer advertisements, commercial teams instead need to develop innovative new strategies to educate consumers and prescribers on the importance of adherence. Collaborating with health plans and technology providers is a practical approach.