TRENTON, N.J., June 5, 2019 /PRNewswire/ -- BioNJ, the trade association for New Jersey's life sciences industry, today released "A Framework for Demonstrating the Value of Medical Innovation," a white paper authored by Shailja Dixit, M.D., M.S., M.P.H., President & Founder, ApexBio, and Robert Goldberg, Ph.D., Vice President & Founder, Center for Medicine in the Public Interest, that outlines a structure for innovator companies to assess and demonstrate "Differential Value" for a medical innovation prior to bringing it to market.
"Over the last two years, New Jersey's life sciences ecosystem was responsible for more than 40% of all new novel FDA drug approvals -- more than anyplace else in the world," said BioNJ President and CEO, Debbie Hart. "However, unfortunately, under the current drug benefit and reimbursement model, patients often don't have access to these therapies and cures when they need them."
"Current value assessments don't provide information about which patients will benefit from which new treatments and why. Today's paradigm frequently assumes one size fits all," noted Dr. Goldberg. "With this paper, we are proposing an approach for generating these insights and using them to eliminate low value care and remove barriers to provide the right medicine to the right patient as quickly as possible."
"Many innovative medicines are in the pipeline, including a new generation of precision medicines used to develop targeted preventive strategies and disease-specific therapies that have the potential to improve quality of care, enhance the patient experience and allow more efficient healthcare expenditures," stated Dr. Dixit. "To be successful under the present system, innovators must begin to evaluate the relative value of their new innovation early in the drug development process."
"Our hope is that innovator companies find "A Framework for Demonstrating the Value of Medical Innovation" to be a useful resource and guide as they develop and bring new medicines to market," Hart added.
Advisors on the paper include Robert Epstein, M.D., M.S., Director of Fate Therapeutics, Inc. and Veracyte, Inc. and past President of United BioSource Corporation at Medco Health Solutions; Brian Gill, Founder and President, Gill Communications; Steven Peskin, M.D., MBA, FACP, Executive Medical Director, Population Management, Horizon Blue Cross Blue Shield of New Jersey; and Robert Tufts, Founder of My Life Is Worth it, an organization that advocates for patient and doctor access and choice in medical care.
Click here to download "A Framework for Demonstrating the Value of Medical Innovation."
This white paper is an outcome of BioNJ's "Beyond Value Frameworks: Defining the Value of Medical Innovation" workshops. For additional tools and primers on the value of medical innovation, visit www.BioNJ.org/VOMI.
BioNJ is the life sciences trade association in New Jersey with nearly 400 Member companies representing research-based life sciences organizations and stakeholders across the ecosystem from the largest biopharmaceutical companies to early stage start-ups. BioNJ is dedicated to ensuring a vibrant ecosystem where Science is Supported, Companies are Created, Drugs are Developed and Patients are Paramount. Because Patients Can't Wait®, BioNJ supports its Members in the discovery, development and commercialization of therapies and cures that save and improve lives and lessen the burden of illness and disease to society by driving capital formation, fostering entrepreneurship, advocating for public policies that advance medical innovation, providing access to talent and education and offering a cost-saving array of critical commercial resources. For more information about BioNJ, please visit www.BioNJ.org.
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