A New Approach to Estimate the Value of Patient Engagement

by | Feb 6, 2023 | Blog


TOM DOUGLAS  |  Executive Director, Digital Patient Support Solutions]


Happy New Year! It is 2023, the Year of the Rabbit, which suggests the arrival of optimism, prosperity, and hope. Yet coming off a turbulent 2022, pharmaceutical manufacturers may be reluctant to embrace the promise of digital solutions. To help quell these concerns, Medocity has developed a unique approach to assist in estimating the financial value as a result of improved patient engagement through connection with patients in the design and conduct of digital patient solutions.

Providing a quantitative assessment of the potential value of improved patient education, engagement, and empowerment will help to identify digital opportunities for pharma that are beneficial from the patient perspective, and that also generate value and revenue.

As we kick off the new year, we are excited to launch a new analytic tool to estimate the value of improved digital patient engagement with the Medocity platform. Using our proprietary modeling technique, we can assess the impact of driving patient adherence. Our novel approach accounts for the key business drivers of drug cost and utilization combined with a baseline adherence rate. 

We set out to develop and demonstrate a means to estimate the financial value of digital patient engagement and to provide a quantitative methodology to assist pharma in decisions regarding investment in patient-centric initiatives, to determine how many resources to allocate to these initiatives, and to estimate their impact. To do so, we first review the key business drivers that link patient engagement to value generation. We then offer an impact model, based on 10+ years of past performance for how patient adherence changes the value drivers within the model. Our results show the significant impact of digitally engaging with patients on these base cases and provide a methodology that can be refined as more objective data on patient adherence is available and collected. 

Bottom-line: any investment in the Medocity platform is estimated to more than pay for itself through increased patient education and engagement, which also results in net sales increases that can significantly exceed the initial investment. Additionally, from a timing standpoint, such increases in sales could be viewed as the equivalent of accelerating a product launch by 1 to 2 years, based on the model estimates. 

To learn more about our digital investment calculator, please reach out to me and/or check it out on our website later this month!

To learn more and/or schedule a product demo, contact Tom Douglas at tdouglas@medocity.com