Pharmaceutical Companies should Focus More on Keeping Existing Customers, says New Report

PRLog (Press Release) – Apr 09, 2008 – Piribo, the online destination for business intelligence for the biotech and pharmaceutical industry, has added a new report analysing the adherence among pharmaceutical consumers

“Ensuring Profitable Patient Adherence Programs: Using Analytics and Metrics to Improve the Bottom Line”, which is available at http://www.piribo.com/go/CAB003, reports that  companies miss a valuable opportunity to increase sales and market share by not adding more focus on keeping their existing customers. Since the majority of spending goes towards attracting new consumers, efforts at retention are given short shrift, with a paltry three percent of budgets.

The report shows that an estimated 70% of patients who begin a pharmaceutical therapy discontinue it within one year, even those with chronic conditions that require ongoing treatment or those taking chemotherapy to prevent cancer recurrence.

This costs the global pharmaceutical industry an estimated $30 billion a year. Put another way, increased adherence for a product with approximately $1 billion in sales would translate to an additional $30 to $40 million in annual revenue. Additionally, since it costs six times more to attract new patients than to retain current patients, increasing the focus on and yields from adherence mean additional money saved and earned.

Authors of the report note that pharmaceutical companies can no longer ignore the hidden value available by increasing patient adherence. They further note that companies who implement strategies to increase adherence and persistence with their products can better face the numerous challenges in today’s market and increase their share of profits.

This report examines adherence among today’s Pharmaceutical consumers, analysing the statistics, clinical costs, and reasons for non-adherence. Current approaches to improving adherence are explored, along with key elements of successful Pharma Company adherence initiatives.

“Ensuring Profitable Patient Adherence Programs: Using Analytics and Metrics to Improve the Bottom Line” is available from Piribo. For more information go to:    http://www.piribo.com/publications/sales_marketing/profi ...

Piribo product ID: CAB003