Pharmaceuticals & Biotech

Bringing patient-led business models to life

Feb. 9, 2022 | Article | 2-minute read

Bringing patient-led business models to life


For the better part of the last decade, pharmaceutical companies have worked to develop the strategies and capabilities they need to become truly patient-centric. Are we there yet? Not quite, but there are many examples of progress and certainly no shortage of inspiring ideas.

 

In our book, “Reinventing patient centricity: Bringing patient-led business models to life,” we explore opportunities for pharma to move beyond the buzzwords and adopt truly patient-led business models. We take our readers on a journey across the patient experience, identifying opportunities for pharma to bring in the patient and get to the core of what patient centricity is. Along the way, we explore what has kept pharma from making more progress and dispel some of the myths that have developed alongside the overused—and often misused—buzzword of “patient centricity.” We give the audience all the tools they need to bring true patient-led business models to life.

How pharma can establish patient-centric incentives



To make patient centricity attainable, we identify some ways that pharma organizations can align their business objectives with patient incentives. This includes the four key elements of patient centricity, or what we call the “Four ‘Is”: Insight, Integrate, Improve and Impact. We also share a patient centricity maturity model that organizations can use to measure their progress, along with the tenets pharma should adopt to become patient centric. The goal is to co-create better experiences and the right solutions for, and with, patients. When done well, patients and pharma companies both benefit. These efforts have ripple effects across the entire healthcare ecosystem—supporting the doctor-patient conversation, reducing healthcare costs and ultimately improving patient outcomes.

A continuous patient feedback loop



The most basic tenet of becoming a patient-centered organization is listening to patients earlier, on a continuing basis rather than episodically, and with an intent to deeply understand their perspectives and needs. But our efforts can’t stop there. Pharma companies need to learn how to integrate patient insights into their everyday work. That means establishing a continuous feedback loop to ensure that the patient voice is reflected in the industry’s products, solutions, services and communications. The trick is to build a business case for doing so. And it’s not impossible! Throughout the book we share examples of business impact from pharma companies including AbbVie, Takeda, UCB, Janssen and many others.

Inspiration from across industries



Throughout the book, we shine a spotlight on some of the industry’s biggest stumbling blocks and celebrate the wins to help steer pharma’s patient efforts back on track. We also weave in outside examples from companies like Delta, Netflix, Ritz Carlton and others to inspire new ways of thinking and doing. To truly make inroads, patient centricity needs to be more than a box that organizations check. It needs to be an ongoing commitment to patients and their needs and, if we do it right, our business will flourish as well.

 

Discover more details about our book, “Reinventing patient centricity: Bringing patient-led business models to life.”

 

Purchase your copy of the book today. 

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