Shock waves. That’s what payers and patients are feeling as drug costs jump—and access to brand medications available, particularly for specialty medications—shrinks. With outcomes-based reimbursement becoming the norm, the importance of treatment adherence cannot be underestimated. But payers are balking, and patients are fighting back—or abandoning prescriptions altogether.
This is a critical challenge for the pharma industry. Our feature, Drug Pricing Transparency and the Sticker Shock Crisis, asks the question: Will full disclosure of the pricing process allay the uproar? Author Karla Anderson, Principal, U.S. Pharmaceuticals and Life Sciences, PwC, has her doubts. She proposes the approach to drug cost alarm would be better handled through demonstration of the value of medication, rather than a revelation of the significant R&D and commercialization costs manufacturers must grapple with.
Payers today are crucial to a brand’s success. Anderson stresses, “The payer’s vantage point is much broader and is focused on what a specific drug contributes to total drug spend, as well as how that drug spend changes from year to year.” A drug’s value must be proven to lower overall healthcare costs and improve patient outcomes.
To enable patient access and adherence, companies are taking value-added services—wrap-around services—very seriously. Innovation is key not only to help patients, but also to differentiate your brand from the competition. See the 10 Services That Will Make Your Brand Stand Out as a Leader.
Speaking of innovations, our annual Greatest Creators special supplement drew more than 300 submissions—an abundance of industry creativity! The original artwork of Matthew Woolfrey, Designer, MediMedia Pharma Solutions, the winner of our annual, one-of-a-kind, online competition, colorfully graces the cover.
In our May issue, PM360 will add even more value to our reader’s experience. Our ELITE Awards honors the industry’s top Entrepreneurs, Leaders, Innovators, and Transformers. In this issue, you’ll meet the people who push healthcare forward every day—prepare to be wowed. And join us on July 12 for our ELITE Awards cocktail party at The Top of The Standard Hotel in NYC’s Meatpacking District. Come to rub elbows, network, and enjoy the spectacular view!