|By ACN Newswire||
|May 14, 2014 11:25 AM EDT||
Kevin Kane and Lori Schwartz of MarketShare Movers LLC, a solution provider at the marcus evans PharmaMarketing Summit 2014, on achieving a good ROI from co-pay card programs.
NEW YORK, NY, May 14, 2014 - (ACN Newswire) - Pharmaceutical marketers need to make data part of every decision they make, advised Kevin Kane, President, and Lori Schwartz, Vice President - Operations / Data Analytics, at MarketShare Movers LLC. The majority of co-pay card programs fall short of the expected return on investment (ROI), because they are not tracked or monitored to the degree and frequency that they could be, they said.
MarketShare Movers LLC is a solution provider at the marcus evans PharmaMarketing Summit 2014, in Palm Beach, Florida, May 12-14.
- What needs are not being met in pharma marketing with co-pay card programs today?
Kevin Kane - A critical need is to execute promotions promptly and measure impact early and often. Many people say they do it, but they are too slow in getting products out into the market. Co-pay card programs, if they are measured at all, it is done too late. In addition, most co-pay card vendors are one dimensional and do not integrate data and decision making.
- How could companies boost their market share? What do some co-pay card programs lack?
Kevin Kane - Although these programs are expensive, companies consider them important because they do not want excessive cost to be the reason why patients are not taking their drug. When co-pay card prescriptions are written, we match opt in patients to their prescription data, their pharmacy, and their doctor. If this is managed appropriately, the data can be used to make one good decision after another. However, most marketers do not believe they can affect the outcome.
- What data should they look at to achieve better results?
Lori Schwartz - We help the brand manager set up an objective - for example, 100,000 prescriptions by the end of the year - and focus on that. We look at the market, get prescription data, look at the profit margins, how competitive products are trending, product price and clinical profile.
When the product is being launched, we look at the data coming in on a daily or weekly basis, and try to understand the relationship between using the co-pay card to try at production and leveraging this to become an ongoing behavior change. Our goal is to get as many doctors as possible to try the product in the shortest period of time and avoid cannibalization, overuse of the card, as it affects ROI. A high volume redeemer will not bring higher profit, so pulling back the promotions on certain targets (at a certain time) would give us the opportunity to provide them to higher opportunity targets.
It is important to evaluate the program on an ongoing basis, and adjust the offer or channels accordingly. We have learned that if we get the brand manager to make five or ten decisions that they previously would not have made, the end result will be exponentially higher.
About the PharmaMarketing Summit 2014
This unique forum will take place at the Eau Palm Beach Resort & Spa, Palm Beach, Florida, May 12-14, 2014. Offering much more than any conference, exhibition or trade show, this exclusive meeting will bring together esteemed industry thought leaders and solution providers to a highly focused and interactive networking event. The Summit includes presentations on digital marketing, building a brand strategy, generating new revenue streams and boosting physician engagement.
For more information please send an email to [email protected] or visit the event website at www.pharmamarketingsummit.com/KevinKaneLoriSchwartzInterview
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About MarketShare Movers LLC
MarketShareMovers is the only full service co pay card company that has a hyper-focus on our client's market penetration and ROI. A vast majority of the industry co-pay card programs fall short of the ROI you expect and deserve. If you need your market share to move, we've got the proven experience, the pioneering method and the immediate analytics to do the job. We can provide you with an actionable and adjustable co-pay card program that's guaranteed to yield unprecedented success. For the past 15 years, our experts pioneered the original successful use of vouchers/co-pay cards to move brand market share and ROI. www.marketsharemovers.com.
About marcus evans Summits
marcus evans Summits are high level business forums for the world's leading decision-makers to meet, learn and discuss strategies and solutions. Held at exclusive locations around the world, these events provide attendees with a unique opportunity to individually tailor their schedules of keynote presentations, think tanks, seminars and one-on-one business meetings. For more information, please visit www.marcusevans.com.
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Source: marcus evans Summits
Sarin Kouyoumdjian-Gurunlian Press Manager, marcus evans, Summits Division Tel: + 357 22 849 313 Email: [email protected]
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