Tuesday, July 2, 2013

What would you do with an extra $13.4 billion?

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CVS Caremark's research shows that an astounding $13.4 billion dollars could be saved when patients take their medications in a timely manner and doctors prescribe more generics, the savings could be that much.

What would happen if individuals started taking their medication when they were supposed to and completed the regimen prescribed by their doctors? According to a recent article at Forbes, patient adherence and completing a prescription as prescribed is a big part of this.

How much would be saved if patients picked up their medication in a timely manner?  An additional $6.5 billion if 80% of medications were picked up on time.  They've created an interactive map of a state by state analysis of the savings that could be reaped if the measures by patients listed above were taken.

How does CVS Caremark believe they can impact these numbers?  As they are an in-store pick up service, they can connect with their patients when they pick up medication.  The face-to-face interaction and computer data when patients pick up their medication can begin to have an impact on this.

In addition to the pharmacy helping patients increase adherence, what else can companies do?  This September at ePharma Summit West, we introduce the inaugural Patient Engagement & Adherence Programming Summit where we will feature the session Work with Health Plans, Health Systems and Pharmacists to Engage Patients which looks at exactly how you can connect and engage with your consumers at the pharmacy. For more information on this summit and the rest of the program, download the agenda.  If you'd like to join us September 16-18, 2013, in downtown San Francisco, as a reader of the blog when you register to join us and mention code XP1856BLOG, you'll save 15% off the standard rate.  Have an questions or want to get involved in the event?  Reach out to Jennifer Pereira.
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