Is it possible to improve patient care while lowering costs for our customers who pay the bills? In Florida, we guarantee it.
The U.S. is the world’s largest pharmaceutical market, and state governments rank among Pfizer’s largest customers. In these difficult economic times, states are looking to reduce their health care budgets, while at the same time delivering the quality of care their citizens deserve and demand. Pfizer is committed to helping states achieve both goals, and we are convinced that expanding access to innovative medicines is the best way to do it.
We are putting our belief to the test in Florida. Working with state health officials, we have launched several initiatives focused on more than 50,000 of the state’s Medicaid patients who are suffering from chronic diseases. Pfizer has guaranteed that these programs will save Florida $33 million over the next two years. In return, Florida has agreed to keep all Pfizer medicines on its Medicaid formulary — a list of drugs that doctors are encouraged to prescribe from.
“Our agreement with Pfizer is an innovative public/private partnership approach to a pressing problem in our state,” said Governor Jeb Bush on the day the agreement was announced.
In one program, Pfizer is studying how to best tailor and deliver health information to patients of different cultural backgrounds and educational levels. An estimated 40% of all patients do not take their medicines as directed, often because they simply do not understand what they are being asked to do.
A second program assigns a dedicated care manager to patients with four common and costly medical conditions. Care managers, based in ten hospitals across Florida, work with patients to set and achieve personal health goals, help them make lifestyle changes, and establish a treatment plan in conjunction with their physicians — all of which will contribute to better health and, in turn, lower overall health care costs.
Says Dr. Barbara DeBuono, Pfizer’s Senior Medical Director, “Innovative medicines cost money in the short run but pay for themselves many times over in the long run by reducing the need for expensive hospitalizations and emergency room visits. We plan to prove that point in Florida and share what we learn with customers around the world.”
This information is intended for investors.