HORSHAM, Pa. - (Business Wire) Companies marketing branded pharmaceuticals are facing an increasing need to make products more accessible and affordable for patients. Furthermore, the rise of competition among branded drugs has led many pharmaceutical companies to focus less on DTC spending and more on increased investment in co-pay card programs in order to make these treatments more cost-effective for patients. In response to this market demand, TargetRx today announced a new offering that enables pharmaceutical companies to understand how physicians perceive these programs and how they impact prescribing behavior – information that is critical to achieving increased patient adoption and maximizing return on investment for these programs. Tweet This: New Research Capability from TargetRx Helps Increase Effectiveness of Co-Pay Card Initiatives http://bit.ly/3hRKzK.
The use of the co-pay card was introduced in 2005 as a way for pharmaceutical companies to offer patients rebates for branded drugs. Co-pay cards reduce the amount of co-pay required by insurance coverage or out-of-pocket expense and are currently offered by many leading brands. By offering patients better access and affordability, co-pay cards also play a key role in ensuring patient compliance. Print, TV and online ads for co-pays frequently encourage patients to ask their physicians about co-pay cards to help reduce the costs of prescriptions they rely on every day.
TargetRx’s new product offers data from its AdvantageBuilderSM database that reveals how pharmaceutical marketers can maximize the success of any co-pay card program by understanding how to best educate and prepare physicians to ensure these cards are well-utilized and reach the right patients. Coupled with its TargetAdvantageSM physician segmentation tool, TargetRx’s new offering is able to hone in on and predict which types of physicians marketers should focus on and which messages should be emphasized in order to optimize co-pay card adoption and use. In addition to providing critical insight prior to launching a co-pay card program, TargetRx’s new product enables marketers to make positive adjustments to increase the effectiveness of these programs during the course of implementation.
“Pharmaceutical marketers will continue to invest in co-pay card programs in order help defray the costs of branded drugs so that they are able to compete in an increasingly challenging marketplace,” said Craig Scott, CEO of TargetRx. “By understanding which physicians are most motivated to recommend co-pay cards to patients, we can help make sure these programs are successful, and even more importantly, ensure that these incentives are making it into the hands of the patients who need it most.”
TargetRx’s Co-Pay Card product provides critical insights regarding:
- Awareness – Are physicians aware of a brand’s co-pay card program? Are certain physician types more or less aware than others (e.g., general practitioners versus specialists)?
- Understanding – How well do physicians understand the program? Have they been adequately educated about the program details? Do physicians adequately understand the benefits to the patient and the program’s potential to help with not just cost, but compliance?
- Receptiveness – Which physicians are most inherently motivated by factors that would encourage them to use the cards (i.e. cost, patient focus)? How long does it take physicians to adopt and recommend the co-pay card after they learn about it?
- Utilization – Have physicians used the co-pay card? How many times have they given it to patients? For which kinds of patients do physicians most recommend the program – those who are new to the therapy or continuing? Who else in the physician’s office is responsible for distributing co-pay cards?
- Impact – How much has the use of the co-pay cards increased the prescribing of a brand? Do the co-pay cards reduce the number of pharmacy call backs for approvals to switch from a generic?
“Our co-pay card product, combined with TargetAdvantage, empowers brand teams with the critical insights they need to not only prepare for launching a successful program, but to also make any necessary adjustments along the way to ensure they see the most value from their investments,” said Scott.
For more information on TargetRx’s products, please visit www.targetrx.com/trx/products or call 1.877.UKnowHow (877-856-6946).
About TargetRx
TargetRx provides pharmaceutical and biotech companies with unique insight into the true drivers of product choice and adoption for their brands, helping clients to confidently take the actions that will grow their businesses and help patients. Serving the majority of the top 30 pharmaceutical and biotech companies, TargetRx enables clients to significantly improve the launch of new products and indications, physician segmentation and targeting, creation of professional messaging and materials and sales and marketing execution and effectiveness. All TargetRx solutions are powered by the company’s AdvantageBuilder normative database and validated predictive models, created from capturing in-depth physician attitudes on the “four forces” of prescribing – product, payor, promotion and patient – on new launches, marketing campaigns and physician-rep interactions on over 500 pipeline and inline brands and modeling these attitudes against actual prescribing behavior. For more information, visit www.targetrx.com.
Lois Paul & Partners
Susan McCarron, 781-782-5767
susan_mccarron@lpp.com
