Report: Hispanic demographic represents significant opportunity for health-and-wellness companies
NEW YORK — More than 10 million Hispanics are eligible to gain health insurance coverage under the Affordable Care Act, representing unparalleled opportunity for businesses aiming to succeed in the emerging health economy focused on delivering consumer-centered care, according to "Hispanics: A growing force in the New Health Economy," a new report from PwC’s Health Research Institute.
The report highlights the opportunity and challenges that traditional healthcare organizations clinicians, health systems, insurance companies, pharmaceutical and device manufacturers, as well as new market entrants, face when addressing the Hispanic market.
"Hispanics have tremendous consumer purchasing power, but our research shows that they have also been more likely than other consumers to delay healthcare, and don’t have great trust in the U.S. health system," said Frank Lemmon, principal, PwC US health industries. "As the health industry shifts in how and where care is delivered, in many cases closer to home, these long-standing behaviors and attitudes are ripe for change. Hispanics have increased buying power and represent a sizeable opportunity for both traditional and non-traditional healthcare companies," he said.
In spring 2014, HRI and PwC’s Entertainment, Media and Communications practice set out to better understand Hispanic consumer attitudes and behaviors in the rapidly changed media, technology and healthcare landscapes. The research included a nationwide survey of 500 Hispanics and 500 non-Hispanic consumers, focus groups of Hispanics and non-Hispanics in Dallas and New York, social media monitoring and interviews with industry professionals.
"Our research identified a range of cultural and consumer preference factors that differentiate Hispanic healthcare consumers," said Randy Delgado, director, PwC US health industries. "Respecting the nuances of this diverse market will be critical for companies looking to build trust and market share among the Hispanic population."
"Hispanics: A growing force in the New Health Economy" revealed six key consumer insights that healthcare companies need to consider regarding the Hispanic market:
- On average, cost is most important to Hispanics when it comes to care, while quality is most important for non-Hispanics. 46% Hispanics vs. 35% non-Hispanics consider cost most important; 53% non-Hispanics vs. 42% Hispanics consider quality most important;
- Hispanics are less likely than other consumers to use a doctor as primary caregiver when facing a non-emergency condition (66% vs. 76%), and they are more open to using community health clinics in their neighborhood, non-traditional settings such as retail clinics and alternative caregivers such as pharmacists;
- More Hispanics than non-Hispanics use social media, mobile apps and Internet searches to find information about doctors and insurance companies, and Hispanics are more likely to be influenced by the information when making decisions about care and insurance plans;
- Hispanics are less likely to share personal information than other consumers. Regardless of benefits they might receive, 33% of Hispanics said that they are not willing to share personal information compared to 26% of other consumers;
- Hispanics are more likely than other consumers to live in multi-generational households and may be helping manage others’ health conditions quite possibly individuals who lack familiarity with the U.S. health system; and
- Regardless of income, education and insurance status, some Hispanics would rather cross borders to seek care, and travel to their birth countries to buy lower-cost medications for the entire family.
Based on these insights, HRI suggests that healthcare companies should consider embedding four key elements in their strategies to reach the Hispanic segment:
- Recognize that non-traditional health businesses, or new entrants, might have an advantage. Perhaps more than any other consumer group, Hispanics are cost conscious, mobile savvy and do not necessarily seek healthcare within the traditional $2.8 trillion U.S. healthcare system;
- Realize that all healthcare companies looking to reach the Hispanic market will have to work harder to earn their trust. Partnerships with trusted community-based organizations will be essential to extending companies’ future success with a group that is less likely to share personal information;
- Focus on online and mobile platforms. The Hispanic community socializes, communicates, researches and purchases in cyberspace and healthcare companies should consider tapping into existing social and mobile platforms that are popular with Hispanics; and
- Respect the traditional and generational nuances of the Hispanic market. Hispanics are not a uniform group. Businesses should develop strategies for different Hispanic ethnicities and generations, and for addressing ingrained habits and cultural preferences.
Walmart announces updates for mobile pharmacy app
BENTONVILLE, Ark. — Walmart has announced enhancements to its mobile pharmacy app. The update will help customers make better saving decisions and allow quick access to its list of $4 prescriptions.
According to the company, the enhanced app will allow customers to:
- Complete mobile refills on the go;
- Refill prescriptions from Rx label;
- Transfer prescriptions from other pharmacies to Walmart;
- View a prescription history;
- Browse Walmart’s selection of $4 prescritpions; and
- Locate the closest Walmart Pharmacy wherever the customer may be.
The company also reported that 95% of Walmart pharmacies across the United States had a mobile refill within the first month after rolling out the update.
Purdue Pharma names new SVP and chief commercial officer
STAMFORD, Conn. — Purdue Pharma on Thursday announced that Saeed Motahari has joined the company as SVP and chief commercial officer.
"We welcome Saeed to the Purdue team. I am confident that his impressive capabilities will strengthen our organization," said Mark Timney, president and CEO of Purdue Pharma. "Saeed’s experience and expertise make him uniquely qualified to lead our commercial efforts."
Motahari has more than 20 years of pharmaceutical sales and marketing experience, the company stated. He joins Purdue from AbbVie, where he served as VP U.S. sales and marketing, specialty brands – new launches. In this role, he led launch preparations for AbbVie’s investigational products for HCV, Parkinson’s and Oncology.
Prior to working at AbbVie, Motahari held roles in sales and marketing at Abbott Laboratories, focusing on the renal, endocrinology, acute care and neuroscience therapeutic areas. Before Abbott, Motahari held various commercial roles in global marketing analytics and new product development at Bristol-Myers Squibb and Hoffmann-La Roche.