Fewer side effects and improved efficacy are key drivers for Americans willing to pay more for medical innovation, according to the Fifth Annual "Pulse of Online Health" Survey. Data also cite trust and quality of health information as important factors in consumer selection of online health sources and show that many consumers are willing to pay more for medications based on efficacy or lower side effect profiles.
Willingness To Pay For Innovation
Although medication cost remains a hot-button issue and concern for Americans, many are willing to dig deeper into their pockets for improved care. If deciding between a newer brand-name medication with a $30 copay and an older medication with a $10 copay, 84% of the country would choose the more expensive option.
Top factors influencing this decision would be: fewer side effects (62%), data showing the medication was more effective than the less expensive option (60%), doctor recommendation (52%) and easier dosing (36%).
More Millennials (56%) than those 66 and older (45%) said they would be motivated by data showing the medication was more effective, or by fewer side effects (55% vs. 43%), while more people 66 and older (49%) than Millennials (43%) would be motivated by the recommendation of a health care professional.
"Fewer side effects" would be a stronger motivator to opt for a more expensive brand-name drug for Americans with mental health issues (72%) and gastrointestinal disease (67%), as well as those who are overweight or obese (69%). Data showing greater effectiveness of the medication would motivate 72% of mental health patients, 67% of cancer patients, 67% of cardiovascular patients and 70% of those who have had surgery to pay for the costlier medication.
AudienceSCAN can give you even more insight into consumers who are paying for prescription drugs. 44% of Prescription Fillers get their meds from national drugstore chains, but 9% choose to fill at local, independent pharmacies. But keep in mind that 14% pick up scrips at superstores or warehouse clubs like Walmart or Costco. 14% view TV as the best source for health/medical information. 63% have taken action based on ads/coupons they received in their mailboxes. And 31% have asked doctors or pharmacists about specific medications after seeing advertisements for them.
AudienceSCAN data is available as part of a subscription to AdMall for Agencies. Media companies can access AudienceSCAN data through the Audience Intelligence Reports inåÊAdMall.