Saturday, March 2, 2024
HomeWORLD NEWSThe Effect Of A Shrinking Pharmaceutical Budget On Doximity

The Effect Of A Shrinking Pharmaceutical Budget On Doximity

Pharma’s restraint influences Doxity.

Last quarter, the healthcare networking portal Doximity generated revenue of $108 million, an increase of 20% year-over-year. This resulted in earnings that exceeded expectations. The company also lowered its forecast for the year and announced it would fire off approximately 100 employees, or 10% of its workforce.

Read also: Why the Supreme Court Might Save Big Tech If It Chooses Regulation Over Prohibition in a Crucial Free Speech Case

Notable headwinds surround Doximity’s marketing solutions, which aid pharmaceutical and hospital clients in promoting their products. CEO Jeff Tangney informed investors that “pharma’s shift to digital has slowed” and that “budgetary caution rules the day.

The company reported fewer mid-year “upsells” as a result of clients’ preference for self-service solutions over Doximity’s traditional hands-on sales strategy. Doximity is modernizing its advertising technology to address this issue.

Tangney stated, “We believe that by following the well-tested self-serve ad platform playbook of other tech companies, we will attract [small business] customers that we have never had before.

He added, “While this won’t happen overnight, we believe it will allow us to operate more efficiently as more programs are executed with the click of a button as opposed to our white glove team.”

Where do patients obtain medications for obesity?

As the demand for GLP-1s such as Wegovy and Ozempic continues to rise, direct-to-consumer telehealth companies have responded by providing prescription access and weight loss support. According to a new analysis, by 2022, they may account for nearly half of the patients with insurance claims for prescriptions.

Trilliant Health analyzed commercial and federal claims data for 300 million Americans and discovered that 47% of prescription drug claims lacked an associated medical visit claim within three days.

Many of these patients may have paid out-of-pocket for a telehealth visit with a company like Calibrate or Ro, which does not accept insurance for visits but assist users in navigating their drug-payment benefits.

advancing digital remedies for digestive disorders

The most recent issue of the American Journal of Gastroenterology featured a few articles on the potential of digital-based remedies for a variety of diseases, indicating a growing interest in digitizing behavioral interventions for all types of diseases.

In one study, Japanese researchers investigated the use of an app to assist individuals in managing nonalcoholic steatohepatitis, a form of fatty liver disease that can progress to cirrhosis and other complications.

Over the course of a year, a small, single-arm investigation was conducted. Patients received lifestyle advice via the app in addition to their standard outpatient care, and 68% of them saw an improvement in their disease scores.

The intervention would require additional research for conclusive results, but this study demonstrates how many interventions could be supplemented with mobile applications.

The authors of another paper from Michigan Medicine provide a valuable overview of existing apps for the treatment of irritable bowel syndrome, including Mahana Therapeutics, metaMe Health, Bold Health, and Mindset Health products. Despite highlighting the peer-reviewed evidence for each app, the paper refrains from rendering judgment.

Professor and division chief of gastroenterology and hepatology at the University of Michigan, William Chey, told STAT via email that “digital therapeutics should be held to the same standard as face-to-face interventions.

Chey identifies himself as an “early adopter of integrated, multispecialty care for patients with digestive disorders,” and his department already recommends digital therapeutics to patients “who prefer them for whatever reason or as an adjunct to seeing our behavioral therapists.”

Respondents to the FTC’s health data privacy rule

This week, the Federal Trade Commission took the next stage in its crackdown on irresponsible data use by digital health companies, as the public comment period on proposed changes to the Health Breach Notification Rule came to a close.

The amendments formalize the FTC’s prior position that the rule, which covers many forms of health data not governed by HIPAA, should apply to a broader range of digital health and wellness tools, including applications and devices. Katie reports that most commenters supported the FTC’s intention to safeguard consumers’ health data regardless of its source.

However, many have expressed concern that, despite the modifications, the rule lacks the teeth to meaningfully enhance health data privacy. The World Privacy Forum wrote in its comment, “The current effort is, at best, a drop in the bucket compared to the need.”

Business events

Lyric, formerly known as ClaimsXten and sold by Change Healthcare, has squandered no time implementing artificial intelligence to enhance its services, as promised by its new CEO.

The claims editing company introduced LyricIQ, an artificial intelligence system designed to help insurer clients “identify opportunities to reduce payment errors, increase cost savings, and realize future value.” Additionally, Lyric announced an undisclosed investment from Symphony Ventures.

NOCD, a well-funded startup that facilitates virtual treatment for obsessive-compulsive disorder and related conditions, announced a new partnership with Talkiatry, an online psychiatric services provider.

The concept is straightforward: NOCD is responsible for specialized remedies such as exposure response therapy, while Talkiatry handles any necessary medication.

Geisinger, located in Pennsylvania, is initiating a pilot program to monitor 100 of its heart failure patients with Bodyport Cardiac Scales. The FDA-approved scale permits clinicians to remotely monitor fluid accumulation, which may indicate worsening heart failure.

Geisinger and Bodyport discovered in a previous study that the scale’s fluid alert algorithm could detect deteriorating conditions more accurately than traditional weight-based monitoring.

The new study “will evaluate integration into existing workflows, the ability to reduce hospitalizations and ED visits, and improvements in care delivery efficiency,” said Vishal Mehra, system chief of quality for Geisinger’s Heart Institute, in an interview with STAT. “This will be the true test of value.”

What we’re currently reading

Creation and adoption of large language models in medicine, Journal of the American Medical Association
Babylon closes its U.S. operations and fires off employees after the MindMaze take-private deal fails, Fierce Healthcare reports.

Genentech is considering slowing the development of ovarian cancer treatment in order to make more money under the new drug pricing reform.

Source

RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular

Recent Comments