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Princeton Consultants has conducted a
number of studies and programs for top-tier PBMs. Some of our
recent assignments include:
TPA Market Intelligence
The sponsor PBM wanted
to increase sales success in the third party administrator (TPA) segment.
Our team conducted interviews with TPA purchasers to provide the PBM
with a detailed prospect and competitor survey. Through our work, the
client learned which factors have the greatest influence on the bidding
process.
BENEFIT: The PBM repositioned
itself according to our recommendations and won three key TPA accounts
increasing covered lives by 800,000.
Workers' Compensation Survey
The workers' compensation segment was determined
to be a growth market for the sponsor PBM. Our team sized the market,
identifying its most profitable segments, and uncovered information
on clients seeking a new PBM. We also researched the complex regulatory
and operational constraints faced by worker's compensation providers.
BENEFIT:
The PBM used our market analysis to make a fact-based decision regarding
market entry.
Utilization Management One
PBM did not know how its Utilization Management products (UM) were being
received in the marketplace and also needed to understand their impact
on the PBM selection process. Our team uncovered variations in industry
offerings and compared client satisfaction ratings to determine exactly
how UM programs influence purchasers.
BENEFIT: We were
able to identify advanced UM programs for which purchasers would be
willing to pay the PBM incremental fees.
Consultant Positioning Assessment A carrier-based
PBM needed to increase penetration into its parent company's book of
business. We conducted interviews with pharmacy benefit consultants
and clients nationwide to determine perceptions of carrier-based PBMs.
We then identified significant gaps between consultant and client perceptions
and developed an action plan for repositioning our client within the
consultant community.
BENEFIT:
Employing our findings, the PBM was able to refine its long-term growth
strategy based on its current market position.
New Data Product & Service
Development A
PBM's new internal capability to integrate pharmaceutical and medical
data held significant potential for marketplace deployment. The PBM
turned to our team to design a strategy for the product's commercialization,
and we responded by conducting in-depth interviews with potential purchasers
and related market research. We provided the PBM the needed information
to objectively evaluate and successfully launch the product.
BENEFIT: The PBM received a market survey, a feasibility study, an ROI analysis, and product enhancement recommendations.
Disease Management Programs An otherwise
successful suite of recently released disease management programs was
hampered by severe gaps in its delivery process. Our team conducted
a thorough operational audit to identify the sources of the problems.
BENEFIT:
We were able to correct the PBM's delivery problems by designing and
implementing a sophisticated process management and reporting solution.
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