Precision or Perception: Strategic Drug Pricing Anchored on Evidence

Speaker(s)

Moderator: Priti Jhingran, PhD, Genesis Research Group, Hoboken, NJ, USA
Panelists: Christopher Blanchette, PhD, MBA, Novo Nordisk, Plainsboro, NJ, USA; Frank-Ulrich Fricke, PhD, Technische Hochschule Nürnberg, Nuremberg, Germany; Adam Weston, MSc, US & Global Access & Pricing Strategy, Genesis Research Group, Loughton, ESS, UK

ISSUE: Global drug pricing stands as a critical and hotly debated issue in the healthcare industry; its complexity underscores the need for in-depth discussion and debate amongst key stakeholders, especially considering the evolving EU Joint Clinical Assessment (JCA) process and presence of Institute of Clinical and Economic Review (ICER). This issue panel aims to ignite a debate on how manufacturers can build informed pricing strategies, grounded in economically justified prices supported by economic models, robust willingness-to-pay research, and extensive analysis of the analogue landscape.

OVERVIEW:

To address drug pricing, there is urgency for life science companies to devise strategies that recognize the value of innovation supported by methodologies acceptable to payers. Pricing strategies must effectively address diverse challenges, including variations in assessment methodologies, payer archetypes, and regional affordability considerations.

The issue panel will kick off with a comprehensive 15-minute overview from the Access and Pricing researcher and methodologist perspective, followed by an interactive debate with perspectives from industry and payers.

We will dissect a hypothetical product scenario, focusing on three pivotal components:

  • Economically-justified price – evidence-driven approach to cost-effectiveness analysis and value-based pricing tools to inform pricing corridors with best-case and worst-case scenarios
  • Willingness to pay – employing advanced methodologies like Van Westendorp and refined Gabor Granger to identify optimal price points in primary research with payer stakeholders, through primary research with payer stakeholders, balancing product value perception and affordability
  • Analogue landscape – implementing a systematic approach to identify and analyze similar products, focusing on how value components are assessed and integrated into access and pricing decisions
We will delve into the factors influencing the success of these components (including when and how these methodologies should be conducted), with the goal of developing an optimal pricing strategy that delivers enduring value to the healthcare ecosystem.

Code

105

Topic

Health Policy & Regulatory