Josh discusses the challenges that pharmaceutical manufacturers face connecting with consumers who could benefit from patient financial support programs. He describes SingleCare's new Pharma Solutions, which offers manufacturers the opportunity to market their copay assistance programs directly to SingleCare's millions of monthly prescription discount users.
To learn more about SingleCare's Pharma Solutions, please visit www.singlecare.com/pharmasolutions.
Read on for Josh’s insights.
New SingleCare Pharma Solutions Help Drugmakers Reach Cash-Paying Patients
By Josh Bliss, SVP of Customer Acquisition and Head of Pharma Solutions, SingleCare
Nowhere is this new dynamic more disruptive to the status quo than the world of prescription drugs. Today, 90 million Americans struggle to afford their prescription medications, and a staggering one third of U.S. consumers have decided not to fill a medication prescribed by their physician due to the price.
These consumer behavior trends are impacting the pharmaceutical industry. In fact, a lack of prescription medication adherence is estimated to cost pharma $600 billion in annual sales. As manufacturers attempt to bridge this gap and reach consumers in a more contextual way, advertising has been its most popular method of engagement. Digital advertising spend in particular is on the rise. For 2023, the media mix for digital over linear TV exceeded 50% for the first time.
Manufacturer coupons and patient assistance programs are another vehicle to attract patients, growing substantially in recent years. According to IQVIA data, 95% of brand-name drugs offer manufacturer assistance, and manufacturers paid nearly $19 billion on copay assistance in 2022, up about 30% from 2018. The ROI is exceptional, as a PCMA study found that pharma generated $20 million in profit for every $1 million invested in coupons.
Yet awareness remains an issue, as a recent survey revealed less than one fourth of consumers had heard of these programs. Access is another barrier, with difficult website user interfaces creating digital friction that’s an enemy to adoption—factors that in combination explain why only 3% use these coupons.
Today, new prescription discount services have emerged to provide consumers with greater means to afford their medications. These services raise awareness of cost-saving solutions that can ultimately improve access and adherence. They also provide a more targeted advertising opportunity for pharmaceutical companies that are eager to engage consumers who are actively seeking treatment. One of these new direct-to-consumer services is SingleCare, a free prescription savings service that offers consumers up to 80% off on over 10,000 prescriptions. SingleCare recently launched its Pharma Solutions to enable pharmaceutical companies to market their manufacturer copay assistance programs directly to SingleCare’s seven million monthly users.
SingleCare is an emerging leader in the growing prescription discount marketplace. It was the fastest growing prescription discount card of 2022, ranks #1 for savings in 2023, and owns the #2 market position in the space. As a result of direct partnerships with the nation’s largest pharmacies and grocers—including CVS, Walgreens, Walmart, Kroger, Albertsons, Hy-Vee, Publix and Meijer—SingleCare handles hundreds of thousands of prescriptions per day, and has already helped millions of consumers collectively save over $6 billion on their medications. This includes helping patients access lower priced brand prescriptions, as nearly 50% of SingleCare searches are for branded drugs. SingleCare also sees strong repeat use, as its Member Savings loyalty program has helped millions of Americans access even deeper savings on top of SingleCare’s already discounted prices.
What’s more, SingleCare customers are high intent, using the free prescription savings cards via website and app, right at the pharmacy counter. Eighty percent of SingleCare patients have a prescription in hand, and they’re at the lowest point of the consumer funnel—ready to buy at the point of purchase. Meeting patients at the point of care, pharma can help patients afford their prescription by integrating their affordability programs through SingleCare’s prescription savings environment that’s familiar, trusted and easy to navigate.
SingleCare savings are sustainable and repeatable, and this creates customer loyalty with longer lifetime value. SingleCare has also created a platform where patients can engage us in the way that's most convenient and meaningful to them—whether it be via website or app—or at their healthcare provider, as SingleCare has free discount savings cards available at over one million doctor’s offices nationwide. As a trusted consumer brand for prescription savings, SingleCare represents a highly valuable advertising medium for pharmaceutical companies to integrate brand content and savings programs to directly reach the patients who can benefit from their programs most.
The profile of the cash paying customer is changing—and is a rapidly growing cohort. According to a SingleCare survey of more than 1,000 U.S. respondents, more than a third said they pay out-of-pocket for their prescriptions at the pharmacy instead of using insurance, and over half of respondents have used a drug discount card to pay for a prescription. Still, far too many Americans continue to leave prescriptions at the pharmacy counter when there are meaningful ways to save. Fortunately, there is a new opportunity for pharma to build awareness, improve patient engagement, and drive program adherence.
For more information about how you can connect your pharma brand to SingleCare customers, or if you are an agency seeking advertising solutions to support your pharma clients, please visit www.singlecare.com/pharmasolutions.
Sponsored guest posts are bylined articles that are screened by Drug Channels to ensure a topical relevance to our exclusive audience. These posts do not necessarily reflect our opinions and should not be considered endorsements. To find out how you can publish a guest post on Drug Channels, please contact Paula Fein (paula@DrugChannels.net).
No comments:
Post a Comment