Telehealth Secrets 2019: Disruption in Healthcare: What's Next? - Randy Parker, MDLIVE
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The document discusses how to disrupt the pharmacy experience by increasing transparency, education, and access to lower drug costs. It identifies over $800 billion in potential savings and outlines solutions like telepharmacy, digital therapeutics, analytics, virtual reality therapies, and advanced 3D printed medications. The goal is to create a more cost effective and personalized pharmacy experience of the future.
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Telehealth Secrets 2019: Disruption in Healthcare: What's Next? - Randy Parker, MDLIVE
- 1. Disrupting Healthcare What’s Next? Randy Parker
- 2. Disrupting Pharma • High Prices • Lack of Transparency • Non-compliance • Non-adherence
- 3. The pharmacy experience today This is what purchasing a medication is like today, for consumers: Travels all the way to the pharmacy Finds out how much the medication cost and if is covered by insurance $$$ Customer receives a prescription
- 4. How big is the problem? Pharmacy Spend Avoidable Drug-Impacted Medical Costs Specialty Pharmacy $370B $350B $120B $840BILLION Total Addressable Market
- 5. How are we going to solve it? Transparency Show consumers their cost for drugs including generic and similar alternatives Education Educate patients to be better healthcare consumers Access Enable patients to discuss ways to lower costs with physicians & pharmacists
- 6. Supporting the next generation of on-demand medication delivery Telepharmacy
- 7. FDA approved apps that get prescribed for issues like asthma, autism diabetes, weight loss and more… Digital Therapeutics
- 8. A multi-billion opportunity in the healthcare and pharmaceutical industry Analytics & Big Data
- 9. Cognitive behavioral therapies to help with anxiety, depression, phobias, physical rehab and pain management V.R. Therapeutics
- 10. The Pharmacy of the Future • Using A.I. for biometric dosage • Polypill: Medication Integration • 3D printed personalized pills
Editor's Notes
- Many companies are dealing with increased healthcare costs due to changes in national policy and the pharmaceutical industry. Prescription drug spending is the largest out-of-pocket healthcare expense for individuals (31%) and accounts for over 10% of the 3.1 trillion in U.S. health care spending. Today these rising costs are shouldered by both individuals as well as their company-sponsored healthcare plans. $90 billion a year is wasted because consumers lack the necessary data and insights to make optimal decisions about their prescription medications.
- A major innovation we are observing in Healthcare is a ‘systemic change’ opportunity that is just starting to shift the growth of “point-of-care” from hospitals and physician clinics to “point-of-retail”, “point-of-home”, and “point-of-self”. McKinsey Global Institute estimates $350 Billion of avoidable drug related medical costs is a “systemic change” opportunity where innovation such as personal medical data being delivered in real time to expanding “points-of-care”.
- Transparency: Show consumers their cost for drugs including generic and similar alternatives Education: Educate patients to become better healthcare consumers Access: Enable patients to discuss ways to lower costs with physicians & pharmacists
- With Amazon entering the healthcare industry, we are one step away from a disruption in medication delivery service, very much like uber eats, our medications will be delivered not in two days, but in twenty minutes. Telepharmacists will be essential to support this new delivery system. this isn’t a new technology. It has been around for quite some time, but has yet to catch on to the masses. Only 23 states current allow telepharmacy, but it is gaining popularity and trending among the pharmacy world
- Part of the problem is also overmedication. Today we want to solve every problem with a pill. Got a headache? Take a pill. Constipated? Take a pill. Are you feeling sad today? Take a pill. What if a therapist could prescribe a game that can help with Anxiety, ADHD or even PTSD? Or a weight loss app that combines medical, behavioral, nutritionist and a life coach?
- By taking an individual health plan member’s prescription based clinical, claims, and related lab data across the entire continuum-of-care. This can include avoiding drug duplication, unintended side effects from combined drugs, and an ability to remotely monitor drug patient adherence. Everybody will get smarter.
- In order to truly disrupt big pharma, we also need to rethink how we prescribe drugs Today, too often, medications are dosed incorrectly, cause toxic side effects or just don't work. Imagine a future of where a 3D printer can design personalized pills that adapt to our individual needs instead the formulary dosage. This is not science fiction. Dr. Daniel Kraft from Intellimedicine has a prototype doing it today.