These stakeholders comprise both the CoverMyMeds network for our products and the audiences for our content. More specifically, the network consists of 5 Ps: pharma, pharmacy, providers, payers and patients. Audiences largely follow suit with more specificity.
A pharmaceutical company, or drug company, is a commercial business licensed to research, develop, market and/or distribute drugs, most commonly in the context of healthcare.
They're subject to a variety of laws and regulations regarding the patenting, testing and marketing of drugs, particularly prescription drugs.
Biopharma is broken down further into these sub-categories:
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A pharmacy can be a retail store that dispenses FDA-approved prescription medications as well as over-the-counter remedies that don't require a prescription. But it also includes digital and specialty pharmacies.
Digital pharmacies can act much like a drug-dispensing pharmacy, but they can also provide telehealth services, home delivery or medication management via an app or web interface. Specialty pharmacies focus on high-cost, high-touch medication therapy for patients with complex disease states," according to the American Pharmacists Association. "Medications in specialty pharmacy range from oral to cutting edge injectable and biologic products."
Pharmacists are medication experts and play a critical role in helping people get the best results from their medications. Pharmacists prepare and dispense prescriptions, ensure medicines and doses are correct, prevent harmful drug interactions and counsel patients on the safe and appropriate use of their medications.
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A provider, or healthcare provider, or care team, is a person, team or company that provides a healthcare service — in other words, healthcare providers take care of patients/people.
Prescribers are licensed to provide healthcare diagnosis and treatment services including medication, surgery and medical devices.
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A payer is a company that pays for an administered medical service. An insurance company is the most common type of payer.
The payer to a healthcare provider is the organization that negotiates or sets rates for provider services, collects revenue through premium payments or tax dollars, processes provider claims for service, and pays provider claims using collected premium or tax revenues.
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NB: We don’t speak directly to patients since they don’t use our platform.
A patient is any recipient of healthcare services that are performed by healthcare professionals. The patient is most often ill or injured and in need of treatment by a physician, nurse, psychologist, dentist, veterinarian, or other healthcare provider.
Patient responsibility is the portion of a medical bill that the patient is required to pay rather than their insurance provider. For example, patients with no health insurance are responsible for 100% of their medical bills.