Session (CTI)

Purpose: Concerns about rising drug prices routinely dominate headlines, with many reports concluding that launch prices outpace inflation. These findings have fueled recent government interventions, including Prescription Drug Affordability Boards (PDABs), that aim to curb price growth and protect affordability for patients and payers. Yet inflation-based benchmarking may overlook a more fundamental question: How does price growth compare to the growth in value delivered by new therapies? Overview: This issue panel will examine the appropriateness of inflation-based drug price benchmarks versus value-based assessment approaches through a structured, multi-perspective debate. Dr. William Padula (University of Southern California) will moderate the session and open with a brief overview (10 minutes) framing the economic tension between affordability, innovation, and value, drawing on recent analyses comparing drug price trajectories with corresponding health gains. Dr. Jonathan Campbell (National Pharmaceutical Council) will argue that inflation benchmarks obscure value creation and risk undermining incentives for high-impact innovation, emphasizing the role of value-based frameworks in contextualizing price growth. Dr. Laura Pizzi (ISPOR) will examine inflation-based benchmarks as a pragmatic policy tool for addressing affordability, budget predictability, and patient financial exposure, which align with the ISPOR mission. Dr. Andrew York (Maryland Prescription Drug Affordability Board) will focus on policy implementation, discussing how inflation- and value-based approaches are operationalized in real-world settings, including PDAB processes and payer decision-making. Each panelist will have 10 minutes to establish their position, and the presentations will be followed by a moderated exchange and audience discussion (20 minutes). This session will benefit HTA researchers, policymakers, payers, manufacturers, and patient advocates seeking to understand how price, value, and access considerations can be better aligned in pharmaceutical policy debates.