Pharma companies will always be judged first and foremost based on the effectiveness of their drugs to treat intended conditions—but the consumer healthcare experience will continue to play an increasingly important role.
The healthcare industry is experiencing a shift from volume-based treatment to value-based treatment, which is having a negative effect on traditional revenue streams.
Beyond the pill efforts are meant to give pharma companies new means of earning revenue from increasingly value-conscious consumers. According to Novartis CEO, Joe Jimenez, beyond the pill is all about "creating value by embedding products into a holistic offering with the goal to improve patient outcomes and provide tangible competitive advantages.”
How can Big Pharma companies measure how they are improving their patient lives?
Although there are many opportunities for pharma to innovate beyond the pill, measuring success is a universal challenge without a definitive answer. To gain a better understanding of how successful your beyond the pill efforts are, you need to define which metrics you will use to measure success.
There are many possible answers to this question, but beyond the pill success can loosely be defined as improving consumer engagement.
Studies show that when patients play an active role in the management of their disease, hospitalization rates and complications are minimized. one study also shows that patients with low engagement levels had predicted average costs that were 8% higher in the base year and 21% higher in the first half of the next year than the costs of patients with the highest engagement levels.
When the goal of beyond the pill efforts is to improve patient lives, this research shows that improving consumer engagement is the way to achieve that goal. However, the “if you can’t measure it, you can’t manage it” saying rings true for pharma companies looking to improve consumer engagement and patient outcomes.
After defining success as increasing consumer engagement, you can choose metrics that make the most sense for your beyond the pill program to measure that success.