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MKT 471 > TEST 1 > Flashcards

TEST 1 Flashcards

1
Q

Medical Device

A

An instrument, including a component part intended uses for diagnosis. Not metabolized by the body and not for intended purposes.

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2
Q

Drug

A

The primary intended use of the product is achieved through chemical action or being metabolized by the body.

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3
Q

Examples of medical devices

A

Surgical tools, imaging machines, hospital beds, lab equipment, computer devices

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4
Q

CEO

A

CEO- Top of the hierarchy. Ensures patient safety. Maintains financial health and stability. Promotes quality of healthcare. Promotes patient satisfaction. Readmission rates-patient admission to a hospital within 30 days after being discharged from an earlier hospital stay

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5
Q

CFO

A

Creates business strategies for hospital. Acts as administrative leaders.

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6
Q

CMO

A

Lead and implement the clinical direction (involves patients) for the organization. Link between administration and physicians.

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7
Q

COO

A

Day to day operations of the hospital. Responsible for carrying out hospitals strategic initiatives. Physician relations, culture, and quality of care.

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8
Q

Joint commission

A

An independent, non profit organization to improve healthcare for the public.

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9
Q

Sales cycle

A

The amount of time it takes to close a a sale, from the first contact with the prospective customer. Long sales cycle occur when the decision is large and there are many decisions/ decisions makers in the sale.

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10
Q

Manufacturers

A

Develop, produce, sell their own product.

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11
Q

Distributors

A

Sell products on behalf of manufacturers.

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12
Q

Co-promotion

A

Two or more companies sell the same drug under the same trademark.

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13
Q

Vaccine

A

Preparation of killed microorganisms, living attenuated organisms or living fully virulent organisms that is administered to produce or artificially increase immunity to a particular disease.

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14
Q

Biotechnology

A

Technology that utilizes biological systems, living organisms or parts of this to develop or create different products.

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15
Q

4 P’s in marketing

A

Product, Price, Place, and Promotion.

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16
Q

Issues that pharmaceutical marketing attempt to solve

A
  1. Spatial separation (consumers and producers separated geographically)
  2. Separation in time
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17
Q

Compliance packaging

A

Pharmaceutical packaging that makes it easier for patients to understand how to take and adhere to the medication.

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18
Q

Adherence

A

Extent to which a patient continues and agreed on mode of treatment without close supervision.

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19
Q

Complience

A

Simply doing what they are told.

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20
Q

Reasons for medication related non-adherence for patients

A
  1. Feel better
  2. Lazy
  3. inconvenient
  4. Can’t afford medication
  5. Forgot
  6. Side effects
  7. Transportation
  8. Pervious experience
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21
Q

Physician related non- adherence factors

A
  1. Time
  2. Lack of communication
  3. Complex drug regimens
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22
Q

How to improve patient adherence

A
  1. Patient education
  2. Dr’s involve patients in decision making
  3. Refill reminders
  4. Combination therapies
  5. Electronic prescriptions
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23
Q

QD

A

Once daily

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24
Q

BID

A

Twice daily

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25
Q

TID

A

Three times a day

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26
Q

QID

A

Four times a day

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27
Q

How does increasing the number of medication doses/day affect
adherence

A

At QD the patient is 79% adherent. At BID the patient is 69% adherent. At TID the patient is 65% adherent. At QID the patient is 51% adherent. Data suggests that a 10% decrease in adherence will occur with each additional daily dose.

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28
Q

Formulary

A

A list of prescription drugs covered by a prescription drug plan or another insurance plan offering prescription drug benefits. Drug list

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29
Q

PhRMA

A

Pharmaceutical Research and Manufacturers of America

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30
Q

Most important factors in physician prescribing

A
  1. Height/ weight
  2. Age
  3. Existing medical conditions
  4. Drug interactions
  5. Sex
  6. Medication intolerance
31
Q

How long does a patent last?

32
Q

What is a generic drug?

A

A prescription drug that has the same active-ingredient formula as a brand-name drug..

33
Q

PhaRMA position on gifts to Healthcare providers

A

Gifts should primarily be beneficial to patients and should not be too pricy. Items like textbooks and modest meals in the context of an educational function are acceptable, but cash payments are not permitted. Individual gifts related to a physician’s work, such as pens and notepads, are permissible.

34
Q

Direct to Consumer Advertising (DTCA) how it affects physicians

A

If DTCA opens a conversation between patients and physicians, that conversation is likely to end with a prescription.

34
Q

Pros and cons of DTCA

A

Pros- including patients’ enhanced information-seeking, increased patient requests for appropriate prescriptions (when addressing potential underuse) and patients’ perceptions of higher-quality interactions with prescribers
Cons- Aside from increased pressure on providers to prescribe particular drugs which may not be the best option, there are other downsides to DTC. The data show that DTC advertising leads to increased drug costs overall, adding to the already skyrocketing costs of medical care in America.

34
Q

How much DTCA does average viewer see each year

A

30 hours of consumer advertising a year

34
Q

Direct to Consumer Advertising (DTCA) how it affects patients

A
  1. Educates patients
  2. Increased drug costs
  3. Reduce use of generic medications
35
Q

Effects of DTCA on drug prices

A

12% increase in cost per unit dispensed after DTCA initation

36
Q

Orphan drug

A

Drugs that are not developed by the pharmaceutical industry for economic reasons but which respond to public health need.

37
Q

Marketing

A

Process of creating value for customers through exchange

38
Q

Needs

A

Can become wants

39
Q

Wants

A

Combined with ability to pay becomes a demand

40
Q

marketing role in research and development

A

Identifying needs and opportunities to how you go to market

41
Q

Buying power

A

The number of goods/services that can be purchased with a unit of currency (i.e. money). For example, in the pharmaceutical industry, those with large buying power (e.g., large chain or wholesale customers) typically can negotiate lower pricing from the pharmaceutical manufacturer.

42
Q

Market share

A

Percentage of a market accounted for by one item/ service. For example, a certain medication in a class can have 50% market share, accounting for half of all sales within that medication class.

43
Q

Manufacturer example

A

Big drug companies/ generic companies. 1. Johnson and Johnson
2. Pfizer 3. Novartis

44
Q

Wholesaler example

A
  1. McKesson
  2. AmerisourceBergen
  3. Cardinal Health
45
Q

Retail pharmacy example

A

CVS, Walgreens, Walmart

46
Q

Blockbuster drug

A

An extremely popular drug that generates annual sales of at least $1 billion for the company that sells it.

47
Q

Patent cliff

A

A sharp decline in revenue or profitability when a firm’s patents expire, opening them up to competition.

48
Q

Disease awareness campaign

A

Designed to distribute important healthcare messages to large populations

49
Q

Segmentation

A

Breaking down a mass market inclusive of all individuals into a variety of segments, or fragments, of the population who have similar characteristics.

50
Q

Targeting

A

Focusing marketing messages on specific segments of the population

51
Q

Positioning

A

How a drug will be fit in the market vs. competitors

52
Q

Demographics

A
  1. Age
  2. Gender
  3. Race
  4. Occupation
  5. Origin
53
Q

legal and regulatory involvement involving prescriptions

A

informed consent of the patient

54
Q

MSL (Medical Science Liaisons)

A

Our company’s scientific expert for specific drugs, acting as the key link between clinicians, research and the pharmaceutical industry. Do not promote products and no incentives for sales, and non biased work to promote KOLs.

55
Q

KOL

A

Key Opinion Leaders

56
Q

Community pharmacy

A

The most common type of pharmacy that allows the public access to their medications and advice about their health. AKA a retail pharmacy

57
Q

Speciality pharmacy

A

Focuses on high cost, high touch medication therapy for patients with complex disease state

58
Q

Hospital pharmacy

A

the health care service, which comprises the art, practice, and profession of choosing, preparing, storing, compounding, and dispensing medicines and medical devices, advising patients, doctors, nurses and other healthcare professionals on their safe, effective and efficient use.

59
Q

Nursing home pharmacy

A

Supporting residential facilities that serve seniors or adults who need ongoing care and support.

60
Q

Mail- order pharmacy

A

Prescriptions delivered to your door.

61
Q

Warehousing chain

A

A chain pharmacy business that maintains its own warehouse for inventory delivery and management

62
Q

Non-warehousing chain

A

A chain pharmacy that does not maintain its own warehouse for medication stock and delivery and, thus, depends on pharmaceutical wholesalers for inventory delivery and management

63
Q

Shared decision making

A

Results of advertising and directed consumer

64
Q

Shared decision making increased why

A

increasingly advocated to enable patients to participate in decisions that affect them, to protect patients from insufficiently individualized supply-driven care, and to reduce health care costs and waste by avoiding the provision of unwanted interventions.

65
Q

1st party

66
Q

2nd party

67
Q

3rd party

A

Insurance company

68
Q

PBMs

A

Prescription benefit portion of health insurance

69
Q

Reinbursment

A

the payment received by a healthcare provider, hospital, diagnostic facility, or another healthcare facility for providing a medical service

70
Q

AWP

A

Average wholesale price (used by 3rd party payers as a basis for reinbursment)

71
Q

WAC

A

Wholesale acquisition cost (baseline price of which wholesale distributors purchase products)

MKT 471 (6 decks)

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