By Stephen J. Ubl
Each day, biopharmaceutical researchers push the bounds of medical science to find new treatments and cures to the most complex conditions facing patients. The launch of GOBOLDLY, our new national, multi-year initiative brings those bold, life-changing medical discoveries to the forefront. Yet, at the core of this effort is also our responsibility to make our health care system more responsive to the needs of patients.
As part of GOBOLDLY, we announced The Value Collaborative, which will bring stakeholders together to discuss new innovative ways to pay for medicines and advance patient-focused solutions for better health. Biopharmaceutical science is advancing faster than ever before, and we need to make sure we have a payment and reimbursement system that is as innovative as the medicines produced by our companies. And in this era of rapidly changing, personalized medicine, the private market is best positioned to evolve our health care system in a productive direction.
There are many ways to achieve the goal of system-wide value and affordability — notably through the competitive product lifecycle as a medicine moves from being a branded therapy to a generic. In addition, biopharmaceutical companies conduct an unparalleled level of research on the role and value of medicines, and there is robust negotiation between biopharmaceutical companies and insurers and pharmacy benefit managers. But we need to go further by ensuring that medicines are recognized as an essential part of the movement in health care toward paying for value.
When we get value-based payment right, we can deliver care that patients value, help payers control costs and preserve incentives for biopharmaceutical companies to invest in future treatments and cures.
That is why we have proposed commonsense policy solutions to address the legal and regulatory barriers that currently exist and why we, as an industry, are investing in the development and use of tools for better measurement of outcomes and the creation of value frameworks that keep the needs of the patient in mind.
Moving to a value-driven health care system is difficult, but we are already seeing receptivity from others in the health care system, including insurers, providers and patients and expect The Value Collaborative will help further accelerate the private sector’s move in this direction.
We look forward to listening to, learning from and working with a variety of stakeholders on this important initiative to further value-driven health care that benefits patients.
This article was written by Stephen J. Ubl, president and CEO of Pharmaceutical Research and Manufacturers of America (PhRMA).