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| Are we prepared for a possible health care storm? |
It's hurricane season, and it's also the season of the Patient Protection and the Affordable Care Act. Obviously this directly affects the Pharmaceutical industry. Will it be a Class 5 disaster or a pleasant tropical breeze? We clearly don't know. Predictions abound, and many political factions are posturing and offering their thoughts. Most offer an extreme outlook on one side or the other.
I've visited over a dozen web sites this week looking for some consistency. I scoured news sites, analyst sites, and manufacturer sites, and I still have no clear idea how this will play out. The range of opinions and lack of consensus is downright intimidating. Some say this will revolutionize health care for all Americans. Others say it will be a bumpy ride for years, before we get it right. And still others say it will be the demise of quality health care as we know it.
So here we sit with far more questions than answers. Here are just a few causing loss of sleep in our industry.
- Will some pharmaceutical companies take a financial hit under the new system, while others benefit?
- How will it affect our market share?
- Is our pipeline strategically sound given this new health care reform?
- How will company health care plans be overhauled under the new plan?
- Will patients receive better treatment?
- Will HCPs know how to navigate the system?
- Will payers be able to process the reimbursements properly and in a timely manner?
I must admit that I don't trust any of the predictions I read. The issues are polarized beyond understanding. This is one instance where we should prepare for the worst and hope for the best. The key here is preparation.
Here are some points every pharmaceutical company should review before the program begins enrolling patients on October 1.
- Are we prepared to make quick and informative communications to the public?
- Have we game planned many of the possible issues that may arise?
- Will we add clarity or chaos to the mix of information?
- Is our customer service group staffed up and adequately trained?
- Have our reps been communicating with their HCP clients about the changes under the PPACA?
- Have we been working with providers and plans to ensure we are in compliance with their new processes?
- Are our pharmacy customers comfortable with the new processes for receiving and dispensing our products?
What are your thoughts on the PPACA? Leave a comment.
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2 comments:
I suspect the immediate impact of ACA implementation will be minimal. The original projection was that it would be a slight net positive balancing the gain in demand from newly insured vs. the costs in terms of fees etc. Given the fact that many states have not chosen to expand Medicaid, and that many uninsured may choose not to enroll, as well as the fact that many of those who are insured (particularly under Medicaid) may not use many branded products, I am inclined to think that ACA will be a slight net negative or a wash short term. Actually the Medicaid situation may favor pharma, insofar as fewer privately insured people will be moved into Medicaid.
At the end of the day, rhetoric aside, the ACA is just more of the same for pharma companies--more people covered by private or public insurance.
Good insights Terry.
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