Demonstrating value – the future for market access
With the US joining other countries around the world in demanding definitions and measurements of the value of treatments, the pharma industry faces the challenge of understanding the requirements of many different stakeholders and tailoring value propositions to meet their criteria.
Rising healthcare costs in the US have been a major point of policy discussion. Here, 10% of healthcare spending goes on drugs and this figure is expected to rise in the future. These mounting costs make the question of how drug value is measured in the US critical to the evolution of healthcare management.
Understanding the various stakeholders and decision makers who shape the US value frameworks, and to whom manufacturers must appeal, offers a projected vision of where the healthcare ecosystem is headed. Further insight can be gleaned from considering how manufacturers in countries with HTAs have adapted to the added scrutiny of their pricing/valuation practices.
Some key points made in the article include:
- Manufacturers will be expected to continually demonstrate a drug’s value and to price their products accordingly
- Tailoring of drug development and value propositions to several different stakeholders will be a challenge to manufacturers
- Pharma must be proactive in incorporating the components on which value is measured into the drug development process to optimise market access.
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