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The Pharmacoeconomics Outlook: Turning Value-For-Money Requirements Into A Competitive Advantage
Business Insights, Nov 2003, Pages: 145
The management report, 'The Pharmacoeconomics Outlook: Turning value-for-money requirements into a competitive advantage' assesses the impact that the emerging discipline of pharmacoeconomics has had on the pharmaceutical industry and shows how companies can utilize pharmacoeconomic modeling to gain a competitive edge. This report examines the most commonly used pharmacoeconomic methodologies with respect to both study perspective and the range of R&D costs that can be analyzed. In addition to this, the strategic applications of pharmacoeconomics at three critical points in the value chain: R&D, pricing/reimbursement and marketing are also detailed in this report. Pharmacoeconomics can improve the productivity of R&D processes by focusing resources on the most commercially attractive products through early consideration of pricing and reimbursement issues. This new management report will guide you on the most suitable pharmacoeconomic methodologies to use for drugs in development, which will help you to assess viability and increase profitability of your products, pre- and post-launch.
”Pharma companies are not optimizing the use of pharmacoeconomics throughout the product lifecycle. Most notably, earlier consideration of health economic data (in phase I and II trials) can be used to inform stop-go decisions and portfolio reviews, enabling finite R&D resources to be focused on the most commercially attractive products...”
Use the strategic analysis and recommendations in this latest report to identify how companies can exploit pharmacoeconomics to gain a competitive advantage.
Hot issues covered in this report
The UK's NICE (National Institute for Clinical Excellence) extends its remit to providing clinical guidelines.
In the UK, pharmacoeconomic guidelines are gradually being extended from individual products to entire therapy areas - this will transform the prescribing environment, limiting physicians' independence in prescribing decisions.
Increasingly influential national and international health technology assessment bodies.
The majority of developed countries now have some form of pharmacoeconomic requirements that either present a 'fourth hurdle' to launching new products or post-launch guidance on reimbursement and clinical use - failure to comply with these requirements will result in an undesirable reimbursement level for a new product and, consequently, limited sales.
Introduction of pharmacoeconomic requirements in formulary listings in the US
In 2002, the US introduced its first pharmacoeconomic requirements, courtesy of the Academy of Managed Care Pharmacy.
Top 5 reasons to order your copy today...
- Assess the impact of new pharmacoeconomic requirements in the US on your drugs' formulary status.
- Make more informed stop-go decisions by considering pricing and reimbursement issues early in a product's development.
- Reduce the risks of non-reimbursement by learning from other companies' experiences and incorporate guidance from organizations such as NICE into R&D protocols and clinical endpoints.
- Maximize the potential competitive advantages offered by the application of pharmacoeconomics at all stages of the product lifecycle.
- Assess the advantages and disadvantages of innovative approaches to gaining desired reimbursement levels.
The answers to your questions:
- What proportion of the R&D budget should be allocated to pharmacoeconomic studies?
- What impact has NICE had on the UK pharma industry, both nationally and internationally?
- Are risk-sharing initiatives the best response to overcoming unfavorable reimbursement decisions?
- How can we turn pharmacoeconomics from a regulatory burden into a competitive advantage?
- What impact will new pharmacoeconomic requirements in the US have on formulary listing?
- How can pharmacoeconomics be used as another tool in the portfolio review process?
'As healthcare decision makers strive to identify the most efficient and effective combinations of medical care, economic considerations have come to the fore. Consequently, safety, efficacy and the unmet medical need criteria have been joined by value-for-money in the drug reimbursement decision-making process…'
Key findings of the report:
- Pharmacoeconomic assessments are not yet incorporated sufficiently early in the R&D process to maximize their role in portfolio reviews or market positioning. One in five companies never use pharmacoeconomic data in pipeline decisions.
- Nearly half of all pharmaceutical executives consider that their companies are failing to commit adequate time and resources to initiatives that maximize reimbursement potential and only begin to address reimbursement issues after completion of phase II development.
- Only when pharmacoeconomic expertise is distributed throughout an organization can its benefits be maximized. Companies with a centralized approach to pharmacoeconomics should consider migrating to a distributed model in which expertise resides in each therapy area and, ideally, in each product team
- Critics of 'payments by result' schemes fear that they could be rolled out to larger therapeutic markets, with pharmaceutical companies potentially having to refund substantial sums of money to payors to compensate for non-respondents to their products.
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