A self explanatory answer on an article
Hello Silvia
I was reading your article in Lexology and quite honestly I am wondering if we are talking about the same industry. I have been a financial consultant to the healthcare industry for over 25 years and followed the pharma industry for years. From the days when they used to send out young salespeople to induce doctors in the use of their products to showering doctors with presents many times illegal even up to the recent price conspiracy as evident in several US lawsuits. Or even spending hundreds of millions on advertising. Many of the top executives of these companies are sitting in their fancy corporate offices and ignorant of what is happening below the executive level. To illustrate my point and contrary to your assessment of PSP’s there is a recent study that has indicated that global medication adherence is only slightly over 50% and the minimum should be at least 85%.
Why do I say all this? Over the past fourteen years, we developed the only interactive preventive solution to address the critical issues in healthcare the world is facing especially in remote and rural areas. One of the key solutions in our lineup is a patent-pending interactive medication management solution that in your article you indicate that PSPs are doing. Again as a financial person, I fail to see their effectiveness as you describe it based on the available statistics. Even though our solution is the only solution available that not only prevents critical medical errors but also enforces compliance and even allows for doctor and patient education disease-specific over the years every attempt to offer it to them has failed. Failed for only one reason as they never learned the first lesson in business history that disruptive technology is always developed by young and aggressive companies that do develop solutions but lack pedigree.
But the stakes are high in the healthcare industry as technology is facilitating rapid change that those in the industry will either learn to adapt or fade away. Pharma also has to be careful how they navigate as well as governments are going to exert extreme pressure on their bottom lines. As t already evident in certain jurisdictions. The irony is that focusing on adherence can be more profitable and can generate greater returns
Sincerely
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