If you’ve been following our news at Talking Medicines, you’ll have heard us talk frequently over the past year about the Patient Confidence Score, which we truly believe can transform the pharmaceutical marketing industry by helping marketeers make smarter, data driven and, most importantly, patient centered marketing decisions. But what actually is the Patient Confidence Score, and why does it matter?
What is the Patient Confidence Score?
The Patient Confidence Score is a daily measure that provides a systematic benchmark of patient voice by global medicine brand. It is a Net Promoter Score (NPS) type measure created specifically for the Pharma Industry to understand patient success or experience with a medicine.
It is kind of like a stock exchange. Just as the stock market represents investor confidence in specific stocks the Patient Confidence Score represents patient confidence in specific medicines.
Our Patient Confidence Score is calculated by analysing on hundreds of millions of patient voice socially sourced public opinions from a variety of data sources to determine how patients feel about specific medicine brands. We plot the average PCS each day so that our pharmaceutical customers can see how their patient confidence changes at different points in the year. Customers can benchmark their medicines against others within their competitive set and elicit reasons for differences in patient confidence using Event Insights (PatientMetRx® feature that displays additional contextual information at important periods of time).
Though the Patient Confidence Score does have arbitrary high, medium and low values, it is far more meaning when measured against other relevant medications. A Patient Confidence Score could be brilliant for one competitive set but bad for another – it is all relative and depends on how patients generally speak about conditions in their therapy area. Think of it like a person’s weight loss goal. Everyone has a different goal which usually depends on where they start from and how they perceive themselves compared to others.
What is the Patient Confidence Score made up of?
The Patient Confidence Score is comprised of 3 different components.
1) The volume of posts – how many patients are actually talking about a medicine brand at a period in time.
2) Post sentiment – a fancy way of saying how positively or negatively patients are talking about a medicine brand.
3) Contextual information – the really interesting part! The Patient Confidence Score tracks mentions of feelings, symptoms and medicines mentioned in the context of named medicine brands. A higher amount of this contextual information can also drive the PCS up or down.
Why should I use the Patient Confidence Score?
Let’s focus on the facts.
There’s no doubt about it. More patients are talking online than ever before and these conversations have multiplied during the pandemic, due to the fact that patients could not reach health care professionals for the best part of a year. While the lack of access to healthcare professionals was problematic for many patients, the corresponding growth in online patient conversation has presented some positive opportunities.
We know that the pharmaceutical industry source the majority of their patient feedback indirectly from healthcare professionals. Read that sentence again and you will realise the problem. Patient feedback…from healthcare professionals. No-one is denying that this feedback is important but it is completely different from gathering first-hand patient feedback straight from the horse’s mouth. Think about it another way – Goods delivery companies don’t ask their delivery person how Liz from Glasgow is getting on with her new kettle. They ask Liz herself. The feedback is just not granular enough to draw actionable insights.
In reality, patients usually have a short period of time to speak to their doctor. During this time there are likely various factors which mean that doctors are unable to paint a complete picture of what is going on in their patients’ lives on a day to day basis. Wouldn’t it be good if healthcare professionals could also listen to patients in their natural environment, out of the surgery or hospital? When they have more time and less pressure to explain their situation as and when problems unfold.
I know what you are thinking, easier said than done. At Talking Medicines, we appreciate how hard it has been for the industry to access real patient feedback without impinging on legislation or breaking compliance rules. That’s why we have developed a data-driven solution using Artificial Intelligence and Machine Learning to provide all the patient insights pharma needs to make truly impactful decisions whilst complying with regulations. Our solution is called PatientMetRx®. It is our proprietary patient intelligence dashboard which shows customers aggregated information from socially sourced public opinions, written by patients in their natural environments every day, to provide a daily measure of how patients are talking about their medicines (i.e. the Patient Confidence Score).
So why does this all matter to you? Our Patient Confidence Score can help to directly inform your marketing plans, helping to increasing patient confidence in your medicines, leading to more effective marketing spend and, ultimately better patient health outcomes. It’s a win-win for both you and your patients. Now that we’ve fully explained the science behind our Patient Confidence Score, next week we’ll be revealing the top 10 medicines by Patient Confidence Score for 2021. Stay tuned!
1. Image – Blue image with binary numbers and two heads (Data Management Partnership Corporate Social Media: ilustración de stock 1288407679 (shutterstock.com)