To guide the discussion with each stakeholder interviewed, the Working Group developed a set of standard questions focused on determining the role each entity plays in the supply chain, the issues the entity faces, and recommendations for change ( Supplementary Table 3). Despite the attempt to interview as many stakeholders as possible, it is important to note that due to time constraints and schedules, the Working Group may have inadvertently overlooked inviting some relevant stakeholders, and there were a small number of individual stakeholders who declined to meet with the Working Group. The Working Group talked with more than 20 stakeholders who were representatives of pharmaceutical manufacturers, wholesalers, pharmacy benefit managers (PBMs), pharmacies, pharmacists, distributors, health plans, employers, and people with diabetes and caregivers ( Supplementary Table 2). The Working Group also had ongoing conversations with researchers focused on insulin pricing at both the global and national levels. Throughout 2017, the Working Group assembled existing public information about insulin prices and patient cost-sharing, and convened a series of meetings with stakeholders throughout the insulin supply chain to learn how each entity affects the cost of insulin for the consumer. The reasons for this increase are not entirely clear but are due in part to the complexity of drug pricing in general and of insulin pricing in particular. The average list price of insulin has skyrocketed in recent years, nearly tripling between 20 ( 3). For millions of people living with diabetes, including all individuals with type 1 diabetes, access to insulin is literally a matter of life and death. However, the affordability of medications in general, and for insulin specifically, is currently of great concern to people with diabetes, their families, health care providers, insurers, and employers. To achieve these desired outcomes, the medical community now has available many classes of medications and many formulations of insulin to effectively manage the metabolic abnormalities for people with diabetes. Achieving glycemic control and controlling cardiovascular risk factors have been conclusively shown to reduce diabetes complications, comorbidities, and mortality. To use your advertising dollars wisely, decide what you can safely spend and develop a targeted plan to reach your audience.There are more than 30 million Americans with diabetes, a disease that costs the U.S. Each year, you'll be able to adjust how much you spend on each type of marketing to home in on the most effective means (although keep in mind that trends change and be ready to adapt).Īn effective marketing strategy can help you find new customers and take your business to the next level. When it’s time to budget for next year, you'll have a head start developing your advertising strategy. Give yourself plenty of time to send out the cards and let your customers know about the sale.įollow the impact of your campaigns and track the data for year-over-year analysis. If you want to mail out 10,000 postcards advertising your big Fourth of July sale, get the wheels turning on design and edits early. If your budget includes hiring a PPC consultant, you'll need to spend the time to educate them on your business's goals and priorities. Execute your strategy and track resultsĪdvertising takes time. 50% to print advertising like flyers and brochures for event promotions and direct mailĤ.25% to broadcast advertising like radio, tv, podcasts and streaming services.25% to Pay-Per-Click (PPC) ad campaigns through search engines and social media.Here's an example of how to spend an $8K advertising budget: With details in hand about your target audience and which advertising methods get them to act, you'll be prepared to calculate what portions of your budget should go to which methods.
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