Marketing Upheaval

Mind Blowing Insights About the Pharmaceutical Industry

June 24, 2020 Creative Outhouse Season 2 Episode 41
Marketing Upheaval
Mind Blowing Insights About the Pharmaceutical Industry
Show Notes Chapter Markers

This episode contains mind-blowing insights into the Pharmaceutical industry, targeting HR managers, personalized healthcare marketing vs. privacy and a new term for you, “Monkey Math.” Whether you’re in marketing or not, this episode will be eye opening about the medicines you take and the unnecessary costs. 

Hey everyone. This is Rudy Fernandez from Creative Outhouse. This conversation with Kyra Hagan is eye opening. For starters, she talks about how 25 – 30 cents of every dollar a company or organization spends on healthcare goes to pharmaceuticals. And many times, there’s what Kyra calls “monkey math”. So there’s a lot of waste. So how you do you get the message to people that there’s a problem and you can solve it? How has he new world of healthcare changed messaging and tactics? Well, that’s why you’re here, isn’t it? Welcome to Marketing Upheaval.

My guest is Kyra Hagan, Vice President of Marketing at RxBenefits. RxBenefits is a technology-based company that helps midsize employers get better pricing on prescriptions for their employees. Kyra has more than 20 years of healthcare IT experience and has a unique perspective on what's going on in the world of prescription drugs, and how mid-sized employers are managing that part of their coverage they offer their employees. We’re talking about that and how she engages her audiences, what's changed with the COVID crisis, and what she sees on the horizon.

Rudy: So let's start with RxBenefits. Who exactly is your customer?

Kyra: Well, RxBenefits actually has three customers. We partner with Employee Benefits Consultants, often called brokers, to bring an optimized pharmacy benefit to self-insured employers of all sizes. At the end of the day, we end up servicing the broker, the HR manager or the benefit leaders inside of that organization and all of the organizations’ employees and their family members, who we call members.

Rudy: So what is the problem that RxBenefits solves for them?

Kyra: Pharmacy is a critical benefit. It's highly utilized by employees, but it's also very costly. And I think today, about 25 - 30 cents of every healthcare dollar that an organization is spending on healthcare benefit is going to prescription drugs, with no sign of a slowdown. Unfortunately, not all of that spending is beneficial. A lot of dollars inside the system are wasted due to poorly negotiated pharmacy buying contracts, lack of clinical oversight and really poor customer value or poor customer service and explanation of the benefits. We exist to help employers bridge those gaps so they can balance the economic and the clinical value of the benefit. That tends to lower the overall cost of the pharmacy benefit by an average of about 26%.

Rudy: That sounds like an easy sell. What kind of barriers could you possibly have that if you say, we're trying to lower your cost for pharmaceuticals, your cost per employee or however you measure that, right?

Kyra: Unfortunately, there's a false perception in the marketplace from HR leaders that lowering cost in the Pharmacy Benefits means lowering coverage. 

View the rest of the transcript and show notes at: https://creativeouthouse.com/pharmaceutical-savings/

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