The importance of the economic value message

Approx.
2 min read
First Published: 
Jan 2008
Updated: 

Other pages on the topic:

No items found.

Key Learnings contained in this article:

The pharmaceutical industry faces the major issue of top selling drugs losing their patent protection, allowing generic products to replace them at much lower prices.

This leads not only to the restructuring of the larger pharmaceutical companies to mitigate financial losses, but the subsequent job losses lead to insecurity and to cutbacks in research, sales, and marketing efforts.

This means the important benefits of major drugs are communicated less – or less strongly – thus creating confusion about which drugs actually improve the overall quality of patient life.

Far too often, internal communication of a drug’s economic value fails at the first hurdle because sales and marketing departments don’t understand the economist’s message.

This can lead to a mixed message about the products and to misconceptions among consumers about what the best treatment is for them – a generic product or the more expensive brand-name one.

If pharmaceutical companies fail to communicate the key messages about cost-effectiveness, budget impact analysis, burden of disease and the quality of life, their branded products will have a shorter life cycle.

This could allow those products to be totally outpaced by cheaper mass generics that may not necessarily provide the most effective therapeutic outcomes.

The pharmaceutical industry faces the major issue of top selling drugs losing their patent protection, allowing generic products to replace them at much lower prices.

This leads not only to the restructuring of the larger pharmaceutical companies to mitigate financial losses, but the subsequent job losses lead to insecurity and to cutbacks in research, sales, and marketing efforts.

This means the important benefits of major drugs are communicated less – or less strongly – thus creating confusion about which drugs actually improve the overall quality of patient life.

Far too often, internal communication of a drug’s economic value fails at the first hurdle because sales and marketing departments don’t understand the economist’s message.

This can lead to a mixed message about the products and to misconceptions among consumers about what the best treatment is for them – a generic product or the more expensive brand-name one.

If pharmaceutical companies fail to communicate the key messages about cost-effectiveness, budget impact analysis, burden of disease and the quality of life, their branded products will have a shorter life cycle.

This could allow those products to be totally outpaced by cheaper mass generics that may not necessarily provide the most effective therapeutic outcomes.

Things you should know about Journals...

To support you in this, we've prepared a number of articles to assist you in making the right journal selection for your publication. If you would like a broad overview, start with our comprehensive article 'Navigating the Journal Selection & Submission Process', or jump in to one of these other related topics and get the information you need to be successful!
Drats, looks like we're out of stock of that blog topic, click on the 'View All' button below and find some other tasty morsels for your consumption.

The importance of the economic value message

Things you should know about Journals...

To support you in this, we've prepared a number of articles to assist you in making the right journal selection for your publication. If you would like a broad overview, start with our comprehensive article 'Navigating the Journal Selection & Submission Process', or jump in to one of these other related topics and get the information you need to be successful!
No items found.

The importance of the economic value message

No items found.

We'll deliver straight to your inbox

You're subscribed! We'll send you a welcome email shortly, keep an eye out and if you don't find it perhaps check the (sometimes over-zealous) spam folder.
Oops! Something went wrong while submitting the form.
Share this post

We'll deliver straight to your inbox

You're subscribed! We'll send you a welcome email shortly, keep an eye out and if you don't find it perhaps check the (sometimes over-zealous) spam folder.
Oops! Something went wrong while submitting the form.

We'll deliver straight to your inbox

You're subscribed! We'll send you a welcome email shortly, keep an eye out and if you don't find it perhaps check the (sometimes over-zealous) spam folder.
Oops! Something went wrong while submitting the form.

Did you enjoy that?

Why not check out these other related articles while you're here.

Discover the Power of Communication with Rx

Embark on your medcomms journey with Rx today and experience the difference of working with a world-class medical communications agency.

Child playing in autumn leaves