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Changing Consumer Expectations and Behaviors Reshaping Pharmaceutical Industry, According to PwC's Health Research Institute

Opportunities ripe for life sciences companies to "get closer" to consumers

PwC logo. (PRNewsFoto/PwC) (PRNewsFoto/)

News provided by

PwC Health Research Institute

Nov 12, 2013, 08:00 ET

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NEW YORK, Nov. 12, 2013 /PRNewswire/ -- Faced with rising out-of-pocket costs, complex treatment plans, and armed with new social media tools and more information, pharmaceutical customers are changing the ways they purchase drugs and their role in drug use. That shift creates valuable opportunities for the life sciences sector to benefit from deeper insights from the individuals using their products, according to a new report by PwC's Health Research Institute (HRI).

(Logo: http://photos.prnewswire.com/prnh/20100917/NY66894LOGO )

"Patients are exerting greater control over their healthcare and they want their medication experience to be effective, personalized and meaningful," said Karla Anderson, principal, PwC. "If their expectations are met, they're more likely to follow the proper course of treatment and remain engaged customers far longer.  Drug makers that tap into critical information about customers and their behaviors in order to adjust business strategies will be well-positioned to demonstrate value in the new health economy."

Drug companies have long communicated directly with patients – through advertising and focus groups. But in today's complex and competitive environment, a more sophisticated customer segmentation strategy is needed. Pharma customers expect the same focus on their needs that they experience in other industries such as retail, banking and travel. When drug makers adopt a more customer-centric approach, the result is more engaged patients who "own" their treatment plans and better manage their conditions.

HRI's report, entitled Customer experience in the pharmaceutical sector: Getting closer to the patient, includes survey results from more than 700 U.S. consumers about their preferences and behavior in drug treatment selection and use. Additional key findings include:

  • Consumers are seeking the same convenience they receive in other settings. In general, consumers are willing to pay 19 percent more for a "no wait time" prescription. Affluent baby boomers and Gen Xers with chronic conditions are willing to pay 52 percent more.
  • Treatment costs are the top reason people stop taking medications. An estimated $213 billion is lost each year in the U.S. due to wasteful or unnecessary treatment linked to lack of adherence and medication mismanagement.
  • Baby boomers with multiple chronic conditions have less medication adherence than average but are willing to do something about it. Some 41 percent want do-it-yourself pharmacy health screening stations and 37 percent want a mobile app to monitor vitals and provide contextual understanding of their prescriptions.
  • Almost all respondents said that pharmaceutical companies did not play a role in their diagnosis and treatment decisions, suggesting that current pharmaceutical education and communication has had limited impact.

The report also highlights defining elements of the next generation patient including appetite for personalized information and real-time feedback, active participation in care and treatment, convenience and on-demand services, and options for comparison shopping.

"Understanding consumer behavior isn't a one-time event -- rather, it should cover the full lifecycle of a drug. As empowered consumers take on more responsibility in their healthcare, drug makers must find ways to create meaningful experiences and relationships with them," said Paul D'Alessandro, PwC principal and Customer Leader, Health Industries.

This latest report, Getting closer to the patient, is the fourth in a series of HRI reports on the customer experience in healthcare that incorporate insights from PwC's Experience Radar group, including Scoring healthcare: Navigating customer experience ratings; Customer experience in healthcare: The moment of truth; and Social media "likes" healthcare: From marketing to social business. Two additional Experience Radar reports focus on Consumer Insights for the US healthcare payer industry and Customer Insights for the US healthcare provider industry.

About PwC Health Research Institute (HRI) 
PwC's Health Research Institute (www.pwc.com/hri) provides new intelligence, perspectives, and analysis on trends affecting health-related industries. The Health Research Institute helps executive decision makers navigate change through primary research and collaborative exchange. Our views are shaped by a network of professionals with executive and day-to-day experience in the health industry. HRI research is not sponsored by businesses, government, or other institutions.

About PwC's Health Industries Group 
PwC's Health Industries Group (www.pwc.com/us/healthindustries) is a leading advisor to public and private organizations across the health industries, including healthcare providers, pharmaceuticals, health and life sciences, payers, employers, academic institutions and non-health organizations with significant presence in the health market. Follow PwC Health Industries at @PwCHealth.

About PwC US 
PwC US helps organizations and individuals create the value they're looking for. We're a member of the PwC network of firms in 157 countries with more than 184,000 people. We're committed to delivering quality in assurance, tax and advisory services. Tell us what matters to you and find out more by visiting us at www.pwc.com/US. Gain customized access to our insights by downloading our thought leadership app: PwC's 365™ Advancing business thinking every day

Learn more about PwC by following us online: @PwC_LLP, YouTube, LinkedIn, Facebook and Google +.

© 2013 PricewaterhouseCoopers LLP, a Delaware limited liability partnership. All rights reserved. PwC US refers to the US member firm, and PwC may refer to either the PwC network of firms or the US member firm. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details.

This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors.

SOURCE PwC Health Research Institute

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