There are different reasons as to why a pharmaceutical company might choose to reformulate an existing drug product. Doing so is an vital part of stretching their drug’s lifecycle management strategy within a cost-constrained environment. It is faster and less expensive to bring a reformulated drug to market than a new compound.
Drug reformulations generally focus on advanced drug-delivery technologies that can improve the patient’s experience, including reducing the frequency of doses or using an alternative route for administrating the drug. Regardless of the reason, reformulations provide the potential for faster ROI for drug manufacturers when marketed correctly.
Converting Physicians and Patients to Reformulated Products
It can be a challenge to convert physicians and patients who have become comfortable with the original formulations of drug products that become reformulated. However, there are programs through AlphaScrip that can successfully drive conversions to these new therapies, including:
Free starter supply programs offered to physicians and pharmacies makes the process of familiarizing patients with new formulas smoother. Voucher programs, for instance, allow patients to give the reformulation a trial run.
Uninsured patients may be especially reluctant to try a reformulated drug. Pharmaceutical manufacturers can avoid losing these patients by using co-pay assistant programs to minimize out-of-pocket cost.
Patients can become accustomed to reformulation through compliance programs. These programs include services like branded offerings created to start patients on different therapies or engaging adherence services designed to increase prescription refills.
A recent AlphaScrip case study followed the results of a leading prescription drug that was approaching the end of its patent protection and going through a reformulation. The client experienced positive results on ROI through successful patient conversions with approximately 100,000 paid claims per month with reimbursement of approximately $5,000,000 per month using these programs.
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