NORWALK, Conn.--(BUSINESS WIRE)--HealthPrize Technologies has received the 2018 Technology Leadership Award from business consultancy Frost & Sullivan for its industry-leading digital medication adherence and patient-engagement technology platform. The company was recognized because it consistently delivers “high levels of patient engagement, [provides] brand differentiation, and [improves] brand loyalty for its pharma company partners,” according to the best practices research Frost & Sullivan conducted to evaluate HealthPrize.
Non-adherence to medications is common, and it raises significant health risks for patients and business challenges for pharmaceutical companies. It is estimated that every year, medication non-adherence is responsible for $290 billion in unnecessary health care costs globally, and an additional $637 billion in lost revenue to pharmaceutical manufacturers annually.
“Non-adherence happens because patients do not always see an immediate benefit from taking their medicine and often under-value the benefits of their medication,” says Tom Kottler, co-founder and CEO of HealthPrize. “Our technology uses proven game mechanics and behavioral economics concepts, such as competitions, leaderboards, challenges, leveling, status and variable points, to deliver that immediate value, educate patients to understand the value of their medication, and motivate healthy behaviors that benefit both patients and drug makers.”
Patients enrolled in a HealthPrize-powered program use their smartphones or computers to report taking their prescribed medicines, verify prescription refills, and engage with educational content, such as quizzes and videos, about their illnesses. HealthPrize rewards patients for these behaviors, offering e-gift cards and other prizes.
“HealthPrize addresses the core problem of medication non-adherence by understanding patients’ psychology and by providing immediate value to consumers or patients in the form of rewards or points for taking medications as prescribed,” says Debarati Sengupta, senior research analyst with Frost & Sullivan. “[Its] behavioral economic-inspired opportunities and rewards have helped create a patient-centric business model, which is currently a best practice in the industry. HealthPrize is the only company to follow this unique patient engagement model for medication adherence and brand differentiation.”
Frost & Sullivan provides Technology Leadership recognition for companies that lead the development and successful introduction of high-tech solutions to customers’ most pressing needs, altering the industry or business landscape in the process. Companies like HealthPrize, according to Frost & Sullivan, shape the future of technology and its users through a commitment to innovation and creativity, leading to commercialization success.
About HealthPrize Technologies
Life science companies worldwide use HealthPrize’s technology to develop digital patient experiences that enhance revenue by improving adherence, increasing health literacy, and providing brand differentiation. The company’s gamification- and behavioral economics-based platform powers and advances patient engagement for branded and generic medications across all therapeutic areas, demographics and drug delivery methods. For more information, please visit http://healthprize.com.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, enables clients to accelerate growth and achieve best-in-class positions in growth, innovation and leadership. The company's Growth Partnership Service provides the CEO and the CEO's Growth Team with disciplined research and best practice models to drive the generation, evaluation and implementation of powerful growth strategies. Frost & Sullivan leverages more than 50 years of experience in partnering with Global 1000 companies, emerging businesses, and the investment community from 45 offices on six continents. To join our Growth Partnership, please visit http://www.frost.com.