New medicines are revolutionizing how we fight disease, but too often patients have to fight to access innovative treatments. As part of the solution to this problem, biopharmaceutical companies are working with insurers to develop new ways to pay for medicines.
Results-based contracts are an innovative approach to paying for medicines that often involve greater risk-sharing among payers and biopharmaceutical companies. They can also vary payment based on how well medicines work in different populations. As a result of these arrangements, payers can make a medicine more accessible to patients and biopharmaceutical companies agree to share the financial risk and be reimbursed based on how well medicines work for patients. And the good news is biopharmaceutical companies and insurers are increasingly pursuing these types of arrangements.
Learn more at www.phrma.org/value-collaborative.
Katie Koziara Katie is a director of public affairs at PhRMA focusing on the cost and value of medicines. She previously ran the social media strategy for a D.C.-based non-profit working on federal management and leadership issues. Outside the office, Katie can be found running on the mall, brunching with friends and cheering on the Michigan Wolverines.