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Curbing Financial Toxicity Through Patient Support Programs
By Kristine Flemister, PharmD and Tommy Bramley, PhD
COVID-19 has led to millions of people facing unemployment and losing their healthcare insurance, which means pharma companies will need to evaluate and plan for expanded patient support programs to help those in need.
The economic ripple effect of the COVID-19 pandemic is expected to have a significant impact on patient access to critical therapies, particularly for those managing chronic illnesses. As the industry navigates the road ahead, all stakeholders have a responsibility to support patients
in getting the care they need. This includes taking steps
to reduce instances of financial toxicity, which refers
to the direct and indirect effects induced by the cost of managing a serious diagnosis, such as psychosocial distress, diminished patient outcomes, and poorer quality of life.
Today’s Economic Environment
In the weeks and months following March 11—the day the coronavirus was declared a pandemic by the World Health Organization (WHO)—and the subsequent shelter-in-place orders, the U.S. began to experience record numbers of unemployment claims. More than 44 million people filed for initial unemployment benefits between mid-March
and June of this year.1 Based on past events that led to unemployment, this has the potential to cause a significant spike in the uninsured rate, both from a short- and long- term perspective, as newly laid off workers lose employer- sponsored health insurance or lack the resources to afford a health plan on the individual market. As a point of comparison, the number of uninsured adults increased by 5.6 million during the 2007-09 recession.2
Going further, an unstable economic environment may also reduce overall disposable income and purchasing power for individuals and families with commercial insurance, making it harder for these patients to pay for medications. At the same time, Medicare beneficiaries living on a fixed income may see retirement savings dwindle, therefore inducing financial hardship in affording out-of-pocket expenses under Medicare Parts B and D.
Given this potentially substantial impact on patient access to critical care, it is increasingly important that manufacturers understand the level of financial support their patient populations will need going forward and ensure they are equipped with the resources to meet that demand.
Activating Patient Support Programs
The pandemic has created affordability and adherence challenges for patients across nearly all therapeutic areas and led to a mounting need for financial
services and copay support. Today, it is essential for manufacturers to consistently and effectively gauge this emerging need in order to have the resources on hand to ensure patients have the tools to access and afford their therapies.
36 pm360 magazine / September 2020