It’s after Labor Day and you have spent the summer carefully brand planning and strategically evaluating the tactics you need to put in place for 2017. Everything is shaping up nicely for next year. But wait—have you given the same level of strategic thought to your copay program?
Whether your copay program is 6% or 60% of your Trx, it is an important component of your marketing strategy. Just like your media and digital strategy, your copay program deserves a thorough evaluation and possibly an update for 2017 to make sure it is driving the right behaviors. Ask yourself—is your copay program designed to keep up?
1. Insurance landscape changes: More employers and health plans are moving patients to higher deductibles, or combining pharmacy deductibles with medical. Plans are adding more tiers, and shifting more drugs to higher tiered coverage. Is your copay program prepared for these changes, or are you at risk of blowing through 2017’s budget in Q1?
2. Market driven changes: Are you expecting a new entrant? Nearing the end of your life cycle? One of the biggest mistakes we see brands make is assuming that next year will be just like the previous years. But in the dynamic healthcare landscape, nothing is static for long. Last year’s insights are not sufficient to design next year’s program. You need to evaluate all of the potential changes to make sure your copay program will continue to support your brand’s strategy.
3. Pricing changes: Are you paying higher rebates than the year before? Has your pricing strategy changed, and when are you expecting to take a price increase? These dynamics change what the optima target and max benefit are for your brand. If you don’t account for them every time they occur, your program could be losing money.
Think your copay program is ready for 2017? Take our quiz below to find out!
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Your copay program is on the right track!
Looks like you are getting ready for next year, but why don’t you see if we could make it even better – reach out to one of our Truveris specialists to see how we could help improve your program. Contact us
Your copay program needs some extra attention!
Seems like your copay program could use a tune up – reach out to one of our Truveris specialists and let us help you adapt it for the future.
Are you assuming your 2016 program data is good enough to use as a proxy for 2017?Correct
Are you incorporating assumptions about increased deductibles next year?Correct
Do you know what coverage changes might be coming, and have you taken proactive measures to address them?Correct
Have you re-evaluated your program values based on rebate and pricing changes?Correct
Have you estimated how your marketing and brand planning efforts will impact your program redemptions?Correct
VP of Life Sciences
Elizabeth Pattyn is a member of Truveris’ Life Sciences team. In her role as Vice President, Elizabeth leads the company’s efforts in delivering patient access programs for pharmaceutical companies. Elizabeth has a BA from Cornell University and an MBA in Healthcare Management from the Wharton School at the University of Pennsylvania.