News | News By Subject | News by Disease News By Date | Search News
Get Our FREE
Industry eNewsletter
email:    
   

Medication Nonadherence Causes Pharma Firms to Lose A Whopping $637 Billion Annually, HealthPrize Technologies Reveals



11/16/2016 7:32:59 AM

  Life Sciences Jobs  
  • Newest Jobs - Last 24 Hours
  • California Jobs
  • Massachusetts Jobs
  • New Jersey Jobs
  • Maryland Jobs
  • Washington Jobs
  View More Jobs
Pharmaceutical Companies Lose $637 Billion in Revenue Annually Due to Medication Nonadherence

NORWALK, Conn., Nov. 16, 2016 /PRNewswire/ -- HealthPrize Technologies today announced the publication of an update to a research paper co-authored with Capgemini estimating annual pharmaceutical revenue losses of $637 billion due to medication nonadherence to medications for the treatment of chronic conditions. Globally, revenue loss has increased from $564 billion in 2012 to $637 billion in 2015, with US-based revenue losses increasing from $188 billion in 2012 to $250 billion in 2015.

HealthPrize Technologies Logo

"Medication nonadherence is a serious global health issue that needs to be addressed immediately," said Tom Kottler, CEO of HealthPrize Technologies. "It also happens to be a critical business issue for pharmaceutical companies, and represents the 'final frontier' for them the only area of their business where they can generate significant top- and bottom-line growth, improve outcomes, and create substantial savings for the healthcare system all at the same time."

The update of the report, originally published in 2012, states that by focusing on and boosting adherence across their portfolios, pharmaceutical companies could provide unparalleled benefits to both patients and shareholders. While pharmaceutical companies have historically focused on the physician as their "customer," with the consumerization of healthcare and a focus on bringing products to market to treat more complicated chronic conditions with smaller patient populations, more attention needs to be paid to patients and their behaviors that could improve outcomes and reduce healthcare expenses.

"The tremendous human toll that results from nonadherence has been known for some time, but until we did the report with Capgemini, the business cost to the life science industry was not," Kottler said. "With our updated analysis, we have shown that this business challenge continues to grow for pharmaceutical companies, while at the same time presenting them with their most significant opportunity to simultaneously support patients and shareholders."

Learn more at  Adherence564.com.

About HealthPrize

HealthPrize provides a Software-as-a-Service (SaaS), HIPAA-compliant platform and services to create unique digital experiences proven to drive patient engagement, education and increased medication adherence for healthcare companies and pharmaceutical brands. Using a proprietary gamification approach and patented technology, combined with a deep understanding of behavioral sciences and patient psychology, HealthPrize consistently delivers high levels of patient engagement, resulting in over 50% increased lifts in Rx adherence versus control. For more information, visit www.healthprize.com and follow us on Twitter at @HealthPrize.

Media Contacts:

David Schull
Russo Partners LLC
david.schull@russopartnersllc.com
Office: (212) 845-4271
Mobile: (858) 717-2310

Karen Sackowitz
Corporate Communications, HealthPrize Technologies
ksackowitz@healthprize.com
Office: (203) 957-3786
Mobile: (978) 697-3845

Logo - http://photos.prnewswire.com/prnh/20160813/397885LOGO

 

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/pharmaceutical-companies-lose-637-billion-in-revenue-annually-due-to-medication-nonadherence-300363979.html

SOURCE HealthPrize Technologies


Read at BioSpace.com


comments powered by Disqus
 
 

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES