Serving more than 5.3 million lives, Abarca is known for its commitment to transforming the traditional pharmacy benefit management landscape through technology and client-centric approaches. The company was founded with the goal of creating a more transparent, efficient, and personalized experience for both healthcare providers and patients.
Abarca is positioned as a revolutionary force in the healthcare industry, leveraging technology and innovative business practices to provide a better experience and value for payers and consumers.
Founded in 2005, Abarca manages over $8 billion in drug spending for various entities, now strategically focusing on sales targets and brand positioning. With a vision of seamless and personalized healthcare, Abarca seeks to lead a broader healthcare revolution.
Furthermore, as the company gains recognition and respectability in the industry, it is important to meet sales targets and position the brand effectively and strategically. A branded experience is key in this regard, positioning Abarca as a leading PBM in the industry.
The Challenge: A Strategic Response to Evolving and Competitive Market Dynamics
In the dynamic landscape of PBMs, the trajectory of growth during the pandemic has been remarkable. Fueled by an escalating demand for cost-effective medications and all-encompassing insurance coverage, the PBM market witnessed an unprecedented surge in activity. Market leaders’ strategic consolidation within the industry has further bolstered their influence, enhancing relationships with manufacturers and pharmacies. Currently, the market is primarily dominated by three entities, collectively commanding a substantial 75% market share.
Simultaneously, the advent of digital health has emerged as a prominent trend, attracting significant financial investments. This influx of capital and industry giants into the digital health sector signals a transformative shift, adding a layer of complexity to an already intricate market landscape.
Abarca confronts the challenge of navigating this evolving market and competitive terrain. The company recognizes the imperative to remain agile and responsive to industry shifts, especially with the heightened influence of major PBMs and the influx of digital health innovations. Abarca aims not only to adapt to these changes but to proactively position itself as a leading force in shaping the future of pharmacy management.
The Solution: Strategic Brand Elevation Through Visionary Initiatives
Abarca’s strategic approach involves a deliberate shift from brand awareness to establishing brand preference through experiential branding and thought leadership. This transformation is projected through a series of key initiatives, each meticulously designed to position Abarca as a healthcare market innovator. Notable among these initiatives are the Abarca Forward event, the Healthcare 2030 institutional and thought leadership campaign, and a refined brand identity that communicates Abarca’s visionary stance.
Abarca Forward: Shaping Tomorrow’s Healthcare
A two-day exclusive PBM event in Puerto Rico, Abarca Forward focuses on industry trends, best practices, and the vision of healthcare in 2030. Curated discussions cover personalized medicine, specialty drugs, virtual PBM models, interoperability, and healthcare legislation.
- Impact Highlights
- Nine presentations and panel discussions by industry leaders fostered collaboration and meaningful idea-sharing.
- MedCity News, the official media partner, expanded event reach and coverage.
- Partnerships with leading sponsors emphasized Abarca’s alignment with impactful healthcare organizations.
- Audience Engagement
- A selective invite process brought together U.S. industry experts for active participation.
- Emphasizing engagement, Abarca Forward encouraged questions and candid discussions.
The Results: Abarca Forward exemplified Abarca’s commitment to industry collaboration and visionary positioning. This brand experience propelled Abarca toward brand strength in the competitive PBM market.
Before long, the combined efforts of DuartePino and the Talent Strategy team at Abarca paid off handsomely. Apart from the Best Employer recognition awarded by Kincentric, the company has registered improvements across the board regarding of employee engagement and overall satisfaction in working at the firm.
Attendance
- 93% increase in attendance versus the previous year
- Great Mix: 62% prospects, 30% industry leaders, and 8% clients
Satisfaction
- 93% satisfaction from participants (8pps increase from the prior year)
- 97% likelihood of coming back to another Abarca Forward event
- 83% likelihood to recommend Abarca
Brand Coverage
- Media Partner MedCity actively participated and covered the event
- Garnered unaided social media coverage from attendees
Abarca’s strategic initiatives, including Abarca Forward and its thought leadership campaign, have proven successful in elevating the company’s brand positioning and achieving its commercial goals, reinforcing its role as a healthcare industry innovator.
As an indirect result, commercially, Abarca secured major contracts aligning with its purpose of transforming the industry.