Importance of Mental Health for Sustainable Development

Healthtech Security, Healthcare Analytics

Article | April 3, 2023

In the ever-evolving healthcare landscape, transparency in pharmacy benefit management (PBM) has emerged as a critical issue. The discussion surrounding driving down prescription drug costs and increasing access to affordable medications has brought attention to the practices of PBMs. However, achieving true transparency requires more than just buzzwords; it necessitates access to real-time data that empowers consumers to make informed decisions about their healthcare. In this piece, we will explore the importance of real-time transparency in PBMs and highlight how Xevant, a leading platform, is revolutionizing the industry. The Current State of PBM Legislation With over 100 bills to reform PBM practices, legislative efforts are intensifying to address the business practices associated with PBMs. However, one common concern is the absence of language surrounding real-time automation in many of these bills. The lack of such provisions threatens to undermine the effectiveness of the proposed reforms. It is crucial to examine the available resources and insights to gain a comprehensive understanding of the issue. The current state of PBM legislation and the efforts to reform PBM practices highlight the pressing need for transparency and accountability in the pharmaceutical industry. PBMs play a critical role in the drug pricing ecosystem. Still, concerns about “traditional” PBM business practices, such as lack of transparency and opaque rebate systems, have raised questions about their impact on drug prices and patient access to affordable medications. Xevant's Groundbreaking Solution Xevant, led by CEO Brandon Newman, stands at the forefront of the drive for transparency in PBM practices. As the only platform capable of providing PBMs and consumers with real-time, automated, and completely transparent data from the entire pharmacy benefits ecosystem, Xevant is poised to revolutionize the industry against the backdrop of the political landscape. The absence of language surrounding transparency and real-time automation in many proposed bills threatens the effectiveness of the reforms. Yet, innovative companies like Xevant are leading the charge for openness in PBM practices. Xevant's real-time data automation and optimization capabilities empower consumers with timely, comprehensive, and transparent information, enabling them to make informed decisions about their healthcare and potentially save money. With the potential passage of these bills, the pharmaceutical industry could see a shift towards greater accountability, fairer pricing practices, and improved access to affordable medications. The reforms could also create a more level playing field for generic drug manufacturers, fostering competition and lowering prices. Real-Time Data Automation and Optimization Newman emphasizes that transparency cannot be achieved without access to real-time data automation and optimization. This real-time, customized data enables individuals to compare prices, explore alternatives, and understand the specific cost components related to their medications. By bringing together various parts of lowering drug costs, such as drug rebates, 340B contracts, sell-side discounts, copay assistance, and employer negotiations, Xevant offers a solution that empowers consumers with the information they need when required. The Implications of Timely Access to Data The scarcity of timely access to data among many traditional PBMs is a significant challenge in achieving transparency in the pharmaceutical industry. These PBMs typically collect data annually, which leaves a substantial margin of error and can result in millions of dollars lost from consumers' pockets. In contrast, Xevant's capabilities offer a game-changing solution. With Xevant's platform, consumers gain immediate access to critical information regarding drug rebates, markups during spread pricing, competitive alternatives, and the vast landscape of the pharmaceutical ecosystem. Having these complete datasets available in real-time allows individuals to make informed decisions about their healthcare and potentially save lives. The significance of timely access to data cannot be overstated, as transparency becomes meaningful only when it happens in the present rather than months, or even a year, later than when the impact has already occurred. Navigating Proposed Legislation and Questionable Business Practices Another critical aspect of the PBM landscape that Xevant addresses is the moral implications associated with cost-sharing, clawbacks, spread pricing, and the pass-through of rebates. These practices have long been criticized for their opacity and their negative consequences on patients' access to affordable medications. Xevant's transparency-focused approach highlights these practices, allowing stakeholders to evaluate their ethical implications and work towards fairer alternatives. Xevant recognizes that proposed legislation may have potential cracks that allow for slip-through and the continuation of questionable business practices. Delayed and inaccurate reporting are loopholes that can hinder the effectiveness of reform efforts. By actively engaging with legislators and industry stakeholders, Xevant aims to identify these potential shortcomings and advocate for comprehensive robust legislation that leaves no room for exlploitation The Future of Healthcare and the Role of Real-Time Automation As the discussion surrounding PBM reform gains momentum, the future of healthcare in America hangs in the balance. Xevant sets a new standard for efficiency and consumer empowerment in healthcare decision-making by employing AI-driven technology. Xevant's visionary approach to real-time data automation and optimization paves the way for greater transparency and cost savings in the pharmaceutical industry. Wrapping Up Transparency in pharmacy benefit management is crucial to addressing the soaring costs of prescription drugs and enhancing access to affordable medications. Without access to real-time data and automation, the pursuit of transparency remains elusive. Xevant's groundbreaking platform solves this pressing challenge, enabling PBMs and consumers to access complete, transparent data in real-time. As legislative efforts progress, the need for real-time transparency becomes increasingly evident, and Xevant emerges as the leading legal solution for PBMs. When harnessing the power of real-time data automation, the vision of affordable healthcare can be transformed into a reality, benefiting individuals and the entire healthcare ecosystem.

Healthcare Analytics

Article | December 21, 2020

Health tech marketers tend to have a real bias problem. Everyone wants to believe that they have the best product available in the market, and are quite vocal about it on social platforms. But, are those the things your buyers want to know about your products? The biggest mistake you can ever make in health tech marketing is leading it with a technology bias. It will immediately create a distance between your audience and you. If you are working in technology, you can easily assume that everyone knows what you are talking about all the time. You breathe and live your industry. And as the marketer of your company's products, it's your responsibility to go to prospects with your tech company’s message. In your personal life, too, you may talk to your friends and families about your work and realize they have no interest in what you say as they have no idea what you are talking about. That is because they are not immersed in your company or industry. The same can happen in your health tech marketing process with your prospects and customers. Instead of focusing on their problems, if you lead with your technology solution and features of your products and company, you will lose them. It is vital to step back and see the bias you have in your company’s marketing initiatives. How Technology Bias Affects Health Tech Marketing The effects of technology bias in health tech marketing are strongest when the health tech marketer focuses more on technology, product, or company than the buyer's pain points. Customers do not want to know everything about your product. They probably want to know how your product can solve their issues. When approaching buyers with your product, this health tech marketing technology bias can have many adverse effects on the buying process. Technology bias in health tech marketing will lead to failure to get the customers' trust. They feel you are just trying to sell your product by explaining your product's features rather than solving the customer's issues. Technology bias in health tech marketing also will result in a negative effect on brand performance. As a health tech marketer, you are wrong in assuming you can sell your products by boosting the company or products of the company. It will only result in losing the customer's trust if you are not considering the buyers' problems. If you are going on with the practice, it will eventually affect your brand's performance as buyers view you as not genuine. This unfair practice of technology bias in health tech marketing will make you realize that you are losing the customers, even the existing ones. No buyer wants to hear more about the features or the technologies used in your products. They are focused on their issues and want to know how your product can solve those issues. Thus, as a health tech marketer, you may have to focus more on the customer pain points when approaching buyers; this will help you convert potential customers into clients. How to Get Rid of Technology Bias and Improve Health Tech Sales FPX Digital Transformation Study 2019 says that B2B companies have shifted their focus to customer experience from internal efficiency. Most of the respondents agree that they spend much of their digital transformation funds improving the customer experience. An important way to implement a buyer-centric or customer-centric marketing approach is to remove bias about your product from your health tech marketing efforts. Mainly, this has to be removed from the messages you send out in the early stages of the buyer journey. However, making it practical is difficult as it is ingrained in how you write, speak, and present your company to external and internal audiences. Here are some tips to get out of technology bias in health tech marketing and get closer to your customers. Listen to Customers Clearly Successful marketers excel not only in communicating but also in listening. It is impossible to create a message about your health tech product if you do not know what problem it can really solve. It will help if you take the time to know your prospects and customers. Do not let your mind wander thinking about which benefits and features you have to push in your health tech marketing. Remain fully present in video, phone, and in-person meetings. That will help you find they have different problems, and you can solve them differently. When you give importance to listening, you will not waste time and effort solving a problem that you think exists. Instead, you will start developing buyer-centric health tech marketing messages that align with your business. Don’t Assume Anything You hate being in a room where people are talking about a subject you know nothing about. Your health tech buyers may have the same experience if you assume your customers know what you do and how they fit into your space. That’s why it’s essential not to take a “features-first” approach in your marketing interactions. You understand your product's ins and outs, but your prospects don’t and are likely not ready for that. As an effective health tech marketing technique, before you assume anything, give them the complete picture of who you are. Simplify the Message A product-driven language full of jargon will make your brand unapproachable for your audience. You can apply the old phrase here, “keep it simple stupid.” You have to position your technology as sophisticated and robust, not convoluted and tricky, through an effective health tech marketing process. Your health tech marketing content should make sense to people both outside and inside your industry and company. Visitors of your website should not go for additional research to understand what you do precisely. It should be clear from your content. Thus, simplifying your content is essential. Make Your Customer the Hero The hero of your health tech marketing story is not you but your customer. After all, your customers in your industry work hard to deliver better service and results to their customers. Your messages should position you as a mentor for your customers that provides technology support in the job of your customers to drive success. The “customer hero” approach should have a fundamental change in how you speak to your customers. The approach is not fully taken hold in the B2B health tech marketing space so far. Share Real World Stories One of the most practical ways to eliminate technology bias from your health tech marketing is to talk more about your customers and less about your products and company. You have to show you have the purpose of bringing in a fundamental change in your industry that enhances the day-to-day business lives of people and not just sell great technology. Testimonials and customer case studies help a lot in shaping your brand story. Using them, narratives can be created about your customers' journey after and before using your technology. Rather than detailing the benefits and features of technology, narratives highlight the platform's tangible business value for real people in businesses. Final Word Technology brings a change in companies, and most people do not accept changes so quickly. It is because the change pushes people to do things differently by moving beyond their comfort zones. As part of health tech marketing, your job is not to make this change terrifying, but compelling for your buyers. This will happen only when you take your technology out of your head and start focusing on your clients' requirements, problems they face, and what exactly they need from you. It will then surely make you put your product and technology bias aside. And you will be capable of effectively executing your health tech marketing initiatives. Frequently Asked Questions How does health tech marketing become effective? Effective health tech marketing is essential to reach out to potential clients and grab their attention. Health tech marketing becomes effective only when the marketer focuses on the requirements of the clients rather than on the features of the product or company. What is technology bias in marketing? Technology bias in marketing is focusing much on your product or technology when you market a technology product to your prospects. Getting rid of this bias will make you attract more clients and successful in your marketing. How to get rid of technology bias in health tech marketing? Technology bias in your health tech marketing makes the customers put a distance from you. The best way to get rid of it is to make the customer the hero of your marketing messages by focusing on their issues. { "@context": "https://schema.org", "@type": "FAQPage", "mainEntity": [{ "@type": "Question", "name": "How does health tech marketing become effective?", "acceptedAnswer": { "@type": "Answer", "text": "Effective health tech marketing is essential to reach out to potential clients and grab their attention. 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Healthcare Analytics

Article | February 14, 2021

Do you know you can now wear technology? With the help of wearable technology, it's now easier to keep track of useful information in one go! This go-to technology has made people’s lives easier and smoother health-wise. In the last five years, more people have started using wearable technology to monitor health data and live healthier lifestyles. According to the Deloitte Global Survey, today, more than 80% of people are interested in using wearable technology. Statista also studied that the ear-worn wearable technology market will be worth more than 44.16 billion US dollars by 2023. These data show that customers are gravitating toward wearable technology due to its simplicity and convenience. The Tech is Getting Smarter Wearable technology has enabled the concept of self-checking, evaluation and monitoring of certain health conditions. The Internet of Things (IoT) technology is transforming and improving the entire lifestyles of millions of people. So it's no surprise that the technology is spreading. Thanks to IoT and AI, which have pushed these technologies into individuals’ hands in the form of smartwatches, fitness bands, and other devices. In this case, app development has also been a critical success factor. Consumers of all age groups actively use wearable technology for multiple physical benefits, such as monitoring daily activities (running, walking), water intake, heartbeat, sleep cycles, blood pressure, oxygen level, and mobility levels. In fact, the tech helps them to stay motivated by maintaining and extending their good habits. Wearables can measure these characteristics through an effective data model that is instantly responsive. The readings can be saved, displayed, or forwarded to a doctor for medical study. This interface of wearable technology saves money and time traveling to clinics, hospitals, GPs, and other medical facilities. The next feature that only wearable technology provides is reminders and inspiring information! Due to the addition of automatic functionalities, users have invested considerably in wearables and sparked the usage at the current time. Furthermore, wearable technology is also seen in other medical devices such as ECG monitors, which is again a cutting-edge consumer electronic device that users can use to measure electrocardiograms at home. A Deloitte study found that due to the rising demand and supply together, nearly 200 million wearable gadgets will be marketed globally by 2023. Transforming Healthcare Towards Intelligence The pandemic accentuated the importance of wearable technology the most, particularly for health monitoring. As a result, the technology was available in every second home. Wearable innovation is exceptional with the advancements in sensors, artificial intelligence, machine learning, and algorithms. Sensor data provides insights regarding an individual's activity levels, cardiac pattern discrepancies, and other aspects. For example, many companies and manufacturers employ PPG, Raman spectroscopy and infrared spectrophotometers to enable blood pressure monitoring features in smartwatches and portable medical devices. The combination of technology with intelligence is creating a whole new world of healthcare where individuals can track, record, and improve their health issues in a lesser timeframe. A Committed Future of Healthcare So, will technology for health improvement thrive? The answer is yes. Wearable technology delivers real-time health data and allows consumers to improve their health without incurring high costs. Consumers' willingness to share their data with healthcare professionals indicates a surge in future demand for wearable technology gadgets.

Article | April 13, 2020

With their speed and maneuverability, drones have long captured attention for their potential to deliver shopping orders and photograph the world from above. But the machines can also serve a medical purpose by shuttling drugs, defibrillators and other equipment to emergency sites or care facilities. Improvements in battery life, GPS navigation and artificial intelligence functions are making drones a more practical option in healthcare, says Dr. Daniel Kraft, faculty chair for medicine and neuroscience at Singularity University, an executive education program that also serves as a business incubator and consultancy service. Theft is also a concern, says Will Stavanja, chief technical officer at AirBox Technologies, which is testing its DroneX fleet for medical deliveries in the Caribbean. “Right now, most drones land, drop the package and leave,” says Stavanja, whose team has developed smart mailboxes for secure delivery. Addressing that risk will be key to determining whether drones can handle sensitive cargo. “You want a very high degree of certainty,” Kraft says. “It’s one thing if you lose a urine sample or a blood sample; you can get another one. It’s another to lose an organ.”