New Study Reveals Notable 18% Increase in Redemption of Rx Savings Offers
Crossix Solutions’ analysis of more than 400 branded drugs suggests more patients are leveraging savings offers from pharmaceutical companies
NEW YORK, NY – August 22, 2013 – Consumer healthcare marketing analytics firm, Crossix Solutions, finds that patient redemption of prescription (Rx) savings offers – including co–pay offers, savings vouchers and free trial offers – increased by nearly 20 percent from Q2 2012 (April – June) to Q2 2013. Based on a sample of prescription transactional data across more than 400 branded drugs, the company’s Rx Offer Market Intelligence™ (ROMI) syndicated data showed that for brands that had any type of offer during the respective time periods, the percentage of all Rx transactions for which a savings offer was processed increased from 6.4 to 7.6 percent, constituting an 18 percent lift in 12 months.1
The lift in offer redemption is particularly noteworthy, considering that the percentage of drugs with any type of offer program actually declined by 3 percent during this period. This decline was primarily driven by a 15.6 percent decrease in drugs with a free trial offer, as well as a 2.6 percent decrease in drugs with a co–pay offer.
According to Asaf Evenhaim, Crossix CEO and co–founder, “As market competition continues to intensify, pharma companies are relying more heavily on compelling savings offers to attract new patients and retain existing ones, particularly as brands lose exclusivity and new brands are launched.”
Further, the Crossix study compared offer redemption across each major drug category, with 14 of 27 categories exhibiting increases and the other 13 categories exhibiting decreases. Redemption increased markedly in categories including Oral Anticoagulants, Hypertension, Diabetes – Insulin, Cholesterol Lowering and Bipolar/Schizophrenia, while redemption decreased in categories such as Depression, ADHD, Urology, Erectile Dysfunction and COPD. See Table, below, for a sample of category trends. The full list of category trends can be viewed at www.crossix.com/Solutions/Offer-Intelligence.aspx.
Table: Sample of Offer Redemption Trends by Rx Drug Category, Q2 2012 to Q2 2013
Incremental Lift in Offer Redemption Rate
|Diabetes – Insulin
|Psychiatric – Bipolar/Schizophrenia
|Psychiatric – Depression
|Psychiatric – ADHD
|Respiratory – COPD
Source: Rx Offer Market Intelligence, April 2012 – June 2013. Prepared by Crossix Solutions Inc.
The study also examined trends in patient co–pay amounts paid. While offer redemption increased, the median co–pay amount paid by patients for co–pay offers declined by 10 percent, from $19.29 to $17.35 during that same time period.2 “ Pharma companies can learn a great deal from this data,” added Evenhaim. “It’s clear that today’s educated consumers are feeling the pinch of high healthcare costs and making more prescription drug purchase decisions based on the financial discounts available to them.”
Part of the Crossix suite of Rx Offer analytics solutions, ROMI is the first–ever syndicated data solution that provides a comprehensive and timely view into the competitive Rx offer landscape, across all major condition categories and for leading brands such as ADVAIR DISKUS®, CRESTOR®, Cymbalta®, Diovan®, JANUVIA®, Lantus® SoloSTAR®, NEXIUM®, PRADAXA®, VIAGRA®, and XARELTO®. Leveraging the Crossix HIPAA–compliant network of Rx transactional data, ROMI tracks the performance of Rx offers over time and provides insight into how offer performance is impacted by dynamic marketplace events. Clients use ROMI data to inform planning and strategy for new offer launches, as well as to identify opportunities for optimizing existing offers. ROMI is available via an easy–to–use, interactive online interface that provides clients with multiple ways to view and understand the data.
To learn more about Rx Offer Market Intelligence by Crossix, go directly to www.rxoffer.crossix.com.
About Crossix Solutions
Crossix partners with leading healthcare and media companies to plan, measure and optimize their marketing and communication initiatives. With deep consumer and healthcare professional (HCP) expertise, Crossix delivers hard-to-come-by audience and campaign insights to inform strategic business decisions and drive improved patient outcomes. Data-driven and data-proven, the patented Crossix methodology and differentiated technology enable critical connections across its proprietary data network of Rx, OTC, medical, clinical, media and consumer data to ensure more actionable cross-channel measurement with best-in-class privacy safeguards far exceeding HIPAA requirements. The unique Crossix technology aggregates insights from across the data network to pinpoint marketing initiatives that activate the right audiences and generate incremental impact. Founded in 2004, Crossix is headquartered in New York City.
1 Offer redemption is defined as the percentage of all tracked Rx transactions for which an offer was processed, and the redemption percentages reported reflect weighted averages to account for variances in Rx volume among the branded drugs included in the study.
2 The patient co–pay amount paid reflects the out–of–pocket cost incurred by the patient for Rx transactions for which an offer was processed, and the dollar amounts reported reflect the weighted averages of the respective median patient co–pay amounts paid.