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?
- 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?
- 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.
- 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.