I mentioned it yesterday in the post about Drug Benefit News, and I think I have talked about it early last year. The question is how do people view price as influencing their decisions about drugs.
- Does free influence perception of value?
- Does paying 10% of a $100 drug sound better than paying 10% of a $30 drug?
USA Today had an article the other day on this topic. They talk about a study in which subjects were given sugar pills. They were all told that it was a new pain drug. Some were told that it costs $2.50 per pill and some were told that it costs $0.10 per pill. A series of shocks were then administered to the patients. 85% who were told that it cost more (versus 61%) said that they felt less pain after the pill. (The Placebo Effect)
“What we experience is partially reality and partially what we expect to experience,” says the senior letter author, Dan Ariely, a Duke University behavioral economist whose new book, Predictably Irrational, explores why people make the choices they do.
They go on to say that this might explain why some of the Cox-IIs (i.e., Vioxx, Celebrex) were so successful and could explain why people don’t think generics are working as well as the same brand drug they were taking. They also say this could convince people to be less compliant since they don’t see as much value in the generics. [There must be a study out there that shows compliance of generics versus brands.]
This should influence how you interact with patients and present information to them to convince them of value.
You can see some additional information from one of the study authors on his blog.