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How the success of GLP-1 drugs is transforming healthcare revenue: is your organization ready?

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The enormous revenue opportunity arising from the recent success of GLP-1 drugs does not only concern pharmaceutical companies. Is your healthcare organization ready to seize the patient care opportunity emerging from GLP-1 pharmaceutical innovation?

Revolutionizing healthcare with advances in the treatment of diabetes and obesity

The new class of drugs for diabetes, weight loss and obesity, called GLP-1, is expected to be a game-changer in population health management for certain types of chronic diseases. These drugs have seen tremendous success in treating the target diseases of diabetes and obesity, and patient adoption continues to grow. The 42sd JP Morgan’s annual healthcare conference in San Francisco this month gave considerable coverage to this topic and to the group of pharmaceutical companies at the heart of this unprecedented movement to reduce related population health problems. diabetes and weight. Medicines such as Wegovy, Mounjaro and Ozempic are currently in highest demand and many patients are struggling to obtain supplies due to their accelerating adoption and approval for use. But innovation in pharmaceuticals can create opportunities in other areas, and that’s already happening for hospitals, clinics and healthcare ACOs.

Analysts predict massive growth

Chris Schott, JP Morgan senior analyst covering diversified biopharma in the United States, says the revenue opportunity for the pharmaceutical sector could reach $100 billion as it approaches 2030, making it the largest therapeutic market never seen. It further projects that GLP-1 capacity will double in 2024 and increase by a further 50% in 2025, easing bottlenecks from a capacity perspective. (1)

Lisa Gill, JP Morgan’s senior health services analyst, says policies around coverage for these drugs need to be monitored. They are not currently covered by Medicaid or Medicare and if that changed, volumes would likely be impacted even more. (2)

Seize the GLP-1 opportunity

So what does this mean for healthcare provider organizations? This is where the acceleration of digital transformation in healthcare comes into play. The opportunity is immense for providers to realize a significant increase in the number of patients seeking primary care services to authorize, prescribe and manage the use of these medical treatments. These GLP-1 patients will need to be evaluated and monitored throughout their use of these medications and current staffing levels within the US healthcare system are already strained with patients facing delays in appointments. , long waiting times for appointments and constant daily reporting challenges. vital signs in electronic health records without in-person visits. In addition to monitoring vital signs, these patients are ideally monitored for lifestyle elements such as sleep, exercise, diet, mental health and general well-being. They benefit from coaching to help them stay on track with the lifestyle changes that come with a successful program.

Maximizing Patient Engagement for Financial Growth and Innovation

Providers who have invested in digital-first engagement technologies such as messaging, chat, bots, voice, and effective patient orchestration processes using integrated contact centers will be best positioned to manage volumes of patients seeking care and will see the financial benefits of engagement and service. the needs of these patients.

Healthcare providers, overwhelmingly facing financial challenges resulting from fewer visits and billable procedures in the COVID era, have been exploring ways to expand into new types of care and new sources of patients. The innovation and success of the GLP-1 pharmaceutical category could be one of the opportunities that both deliver and drive the acceleration of new care models, digital workflow redesign and remote monitoring patients. Vendors will need to assess their infrastructure’s readiness for some of these new engagement models and quickly deploy technologies to capture this new business opportunity. The good news is that the Cisco Healthcare team is already helping hospital systems deploy next-generation collaboration systems, including messaging, video conferencing, virtual care, and devices interoperable with other collaboration systems, at a affordable and easy to use with existing systems and processes.

Experts predict more innovation in pharmaceutical pipelines, which will also produce huge gains for other types of diseases. Is your hospital system ready to have a digital healthcare infrastructure that seamlessly engages patients, scales your valuable clinical resources, and secures operations? It’s time to start now!

The references:

1). Key opportunity spaces for the pharmaceutical sector in 2024

2). Key themes that will shape health services in 2024

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