By Rédaction Africa Links 24 with Mario Aguilar
Published on 2024-01-18 09:30:54
The traditional approach to marketing digital therapeutics as prescription drugs has proven to be ineffective. Pear Therapeutics’ failure last year exemplified the challenges that come with trying to sell software-based treatments as if they were pharmaceuticals. Despite receiving FDA clearance for its app treating substance use disorders and insomnia, Pear struggled to get insurers to cover their innovative treatments. After encountering multiple obstacles, the company ultimately declared bankruptcy, wasting over $400 million in investment.
This unfortunate outcome demonstrates the need for a new strategy when it comes to marketing digital therapeutics. Simply treating these technologies as medications is not enough. Insurers and healthcare providers have been hesitant to adopt novel treatments that don’t neatly fit into the traditional pharmaceutical model. As a result, many companies operating in the digital therapeutics space have experienced significant setbacks.
Moving forward, it’s crucial for companies to develop a more nuanced marketing approach for digital therapeutics. This may involve education and outreach efforts to inform insurers and healthcare professionals about the unique benefits of these treatments. It may also require a shift in mindset from treating digital therapeutics as pharmaceuticals to recognizing their distinct value as software-based interventions.
The failure of Pear Therapeutics serves as a cautionary tale for the industry, highlighting the need to rethink the marketing and distribution strategies for digital therapeutics. As these innovative treatments continue to gain traction, it’s essential to adapt to the evolving landscape of healthcare and pave the way for wider acceptance and adoption of digital therapeutics. By learning from past mistakes and embracing new approaches, companies can position themselves for success in this rapidly growing market.
Read the original article on Africa Health News
