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HealthPrize: Pharma lose $637B in revenue annually due to medication nonadherence

HealthPrize: Pharma lose $637B in revenue annually due to medication nonadherence

HealthPrize Technologies' latest research, co-authored with Capgemini, estimates annual pharmaceutical revenue losses of $637 billion due to medication nonadherence to medications for the treatment of chronic conditions. Globally, revenue loss has increased from $564 billion in 2012 to $637 billion in 2015, with US-based revenue losses increasing from $188 billion in 2012 to $250 billion in 2015.

"Medication nonadherence is a serious global health issue that needs to be addressed immediately," Tom Kottler, CEO of HealthPrize Technologies, said in a statement. "It also happens to be a critical business issue for pharmaceutical companies, and represents the 'final frontier' for them – the only area of their business where they can generate significant top- and bottom-line growth, improve outcomes, and create substantial savings for the healthcare system – all at the same time."

The update of the report, originally published in 2012, states that by focusing on and boosting adherence across their portfolios, pharmaceutical companies could provide unparalleled benefits to both patients and shareholders.

"With our updated analysis, we have shown that this business challenge continues to grow for pharmaceutical companies, while at the same time presenting them with their most significant opportunity to simultaneously support patients and shareholders," Kottler added.

For what it matters, we have seen a number of different mobile-enabled solutions that promise to improve medication adherence…

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