How pharma brands can leverage behavioral economics

Pharma brands should tap the power of behavioral economics as they seek to drive a change in habits among their patients.

Four and a half billion medications are prescribed in the US each year, but many patients end up not taking them, or not taking them as indicated, or neglecting the long-term behavioral modifications needed to become healthy.

“Sustaining behavior change is one of the biggest challenges when it comes to healthcare marketing,” said Dr. Susan Garfield, global advisory principal and advisory life sciences sector commercial lead at Ernst & Young, the professional services firm.

“The industry develops and delivers extraordinary drugs: Drugs that can treat, and sometimes even cure, disease. But people will stand in the way of that impact,”...

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