Behavioral Economics Key To Success In Medication Adherence Solutions

NORWALK, Conn., June 11, 2012 /PRNewswire/ -- The key to increasing medication adherence does not lie in simply reminding people to take their medications or decreasing their cost, according to HealthPrize Technologies, a leading innovator in medication adherence solutions. Rather, what is critical to improving medication adherence is enhancing the value that consumers place on their prescription medications. In other words, at its heart, the medication non-adherence problem—one of healthcare's most significant challenges—is a value problem.

According to Katrina S. Firlik, MD, HealthPrize Chief Medical Officer, co-founder, and former practicing neurosurgeon, many consumers don't "adequately value their medications nor do they recognize their potential to prolong, save or improve their lives. Plus, the value proposition of a medication is typically long-term, and humans generally prefer short-term value. As a result, people are at risk of taking their medication too infrequently to be effective, or jumping ship altogether in response to a relatively minor side effect that may very well be transient. In order to stimulate positive, long-term behavior change, adherence solutions must understand this underlying value problem and focus on drivers that enhance both short and long term value from the patient's perspective."

HealthPrize was recently highlighted by Ernst & Young in their annual Global Life Sciences Report, Progressions, as a leader in leveraging insights from behavioral economics and using gamification to drive better behavior. According to Ernst & Young's Glen Giovannetti, Global Life Sciences Leader, for those businesses that are "willing to invest in understanding what truly motivates patient behavior and applying it to the creation of patient-centric business models, the opportunities and rewards in the healthcare system of the future will be profound."

HealthPrize's mobile and Internet-based solution uses gaming dynamics and behavioral economics to drive measurable, long-term adherence. The platform engages users through short-term rewards, competitions, sweepstakes, and targeted educational content that focuses on the patient's specific condition and general health.

"Traditional educational, couponing or reminder tactics are well-intentioned but insufficient," said Tom Kottler, CEO and co-founder. "Any truly successful, long-term adherence intervention must alter the value equation for patients. By leveraging best practices inspired by behavioral economics, we are able to do that."

HealthPrize is rolling out large-scale commercial pilot programs in the second half of 2012 that target a diverse array of conditions, from acne to hypertension. These programs will enroll tens of thousands of patients and provide data on patient engagement, education, and increased adherence.

To learn more about how behavioral economics plays a role in medication adherence success, visit www.healthprize.com and download the white paper, "Medication Non-Adherence: An Ancient Problem In Need of Modern Solutions."

About HealthPrize Technologies
HealthPrize Technologies, founded in September 2009, provides an innovative approach to addressing the problem of medication non-adherence with an online and mobile-based program that is rewarding, educational, and fun. For more information, visit www.healthprize.com or call 203-957-3402.

SOURCE HealthPrize Technologies