The Massachusetts Biotechnology Council (MassBio®) today announced its Value of Health series, a year-long initiative to help educate its membership – which is largely small to mid-sized biotechs – about the current and expected pricing and reimbursement environment they face when bringing new drugs to market.
April 8, 2019 (CAMBRIDGE, MA) – The Massachusetts Biotechnology Council (MassBio®) today announced its Value of Health series, a year-long initiative to help educate its membership – which is largely small to mid-sized biotechs – about the current and expected pricing and reimbursement environment they face when bringing new drugs to market. Guided by an advisory group of experts, MassBio will produce a series of three whitepapers and related events in 2019 that together seek to answer the question: is the current biotech pricing model sustainable, and if not, what needs to change?
“We’re at an inflection point, with science that’s been tested for decades finally becoming a reality for patients and a payer system that has not caught up with this level of innovation. Payers are not equipped to handle the next generation of therapies that have higher upfront cost than existing standards of care but which result in huge long-term savings and improved health for patients,” said Robert K. Coughlin, President & CEO of MassBio. “These breakthroughs will mean nothing if we can’t ensure patient access, and we all agree that we must come together and address the value equation as an industry or government or other stakeholders will – and they will likely get it wrong because it’s too complicated. This series is a way for us to educate our members about the changing paradigm as it relates to value and price, and to get early and mid-stage biopharma companies thinking about value earlier and in a more actionable way.”
The first whitepaper, Part I: How to Define the Value of Prescription Drugs to Ensure Patient Access, is now available on MassBio’s website. This whitepaper explores the value equation from the perspectives of the various healthcare stakeholders and includes considerations companies must make to ensure patient access when their drug comes to market. It is MassBio’s belief that the sooner companies start thinking about value and how they will demonstrate it, the fewer hurdles to patient access will exist.
The subsequent topics include:
- Part II: Public Payers in the U.S. & Abroad: Part II of the series will look at current environment with Medicare and Medicaid in the U.S., proposed changes that could impact access and reimbursement, and how something like Medicare for All would impact the biopharma industry. It’ll also consider international models of assessing value and determining access, including those key markets where the government is the sole payer.
- Part III: Potential Disruptors’ Impact on the System: The healthcare system is evolving as new players enter the arena and others consolidate. What impact will mergers between payers and PBMs have on drug pricing, patient access, and the ability to track and analyze data? How will the joint healthcare venture between Amazon, J.P. Morgan and Berkshire Hathaway (Haven) change how employers offer healthcare? What new players are disrupting the value equation? The third whitepaper will attempt to answer those questions and more.
Learn more about the Value of Health series and download the first whitepaper: https://www.massbio.org/
For media inquiries, please email Jennifer Nason at jennifer.nason@massbio.org.
About MassBio
MassBio is a not-for-profit organization founded in 1985 that represents and provides services and support for the Massachusetts life sciences industry. MassBio is committed to advancing Massachusetts’ leadership in the life sciences to grow the industry, add value to the healthcare system and improve patient lives. Representing more than 1,100+ biotechnology companies, academic institutions, research hospitals, and service organizations involved in life sciences and healthcare, MassBio works to advance policy and promote education, while providing member programs, events, industry information, and services. For more information, visit www.massbio.org
