PhRMA Convenes Stakeholders to Discuss Value Assessments and New Ways to Pay for Medicines

WASHINGTON, Feb. 24, 2017 /PRNewswire-USNewswire/ -- Leaders across the health care continuum gathered yesterday in Washington, D.C., to discuss ways to improve payment and delivery systems in the private market and opportunities for producing and rewarding better value for patients. The meeting was convened by The Value Collaborative, an initiative of America's biopharmaceutical companies, in partnership with Morning Consult.

"Biopharmaceutical science is advancing faster than ever before, and we need a reimbursement system as innovative as the medicines," said Stephen J. Ubl, president and chief executive officer, Pharmaceutical Research and Manufacturers of America (PhRMA). "Our members are actively collaborating on new approaches to assess and reward value, and, as an industry, we are going to support policies and tools that help facilitate private-sector leadership in creating value-driven health care."

The event featured:

• Stephen J. Ubl, president and chief executive officer, PhRMA
• Clifford A. Hudis, M.D., FACP, CEO, American Society for Clinical Oncology
• Tanisha Carino, Ph.D., vice president, U.S. public policy, GlaxoSmithKline
• Samuel Nussbaum, M.D., fellow, USC Schaeffer Center, and former chief medical officer, Anthem, Inc.
• Marc M. Boutin, J.D., CEO, National Health Council
• Patricia J. Goldsmith, CEO, CancerCare

Panelists offered perspectives on efforts currently underway to move the health care system toward one that rewards innovation, delivers better quality and puts the patient at the center of the value equation. Part of the discussion focused on recognizing how partnerships in value-based contracting will play an increasingly important role in the advancement of value-driven health care. However, panelists agreed the opportunity to more broadly employ such approaches hinges on reforming outdated laws and regulations that are making it more difficult to pay for medicines based on the value they provide to patients and the health care system. Panelists also overwhelmingly agreed tools to measure value need to consider patient preferences, recognizing individuals are going to place different value on their ability to be active or symptom-free over the course of their treatments.

Last year, PhRMA released policy solutions for delivering innovative treatments to patients, including proposals to promote value-driven health care. The platform can be viewed online here: http://phrma.org/sites/default/files/policy-solutions.pdf.

An archive of the event is available at www.phrma.org/value-collaborative.

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About PhRMA
The Pharmaceutical Research and Manufacturers of America (PhRMA) represents the country's leading innovative biopharmaceutical research companies, which are devoted to discovering and developing medicines that enable patients to live longer, healthier and more productive lives. Since 2000, PhRMA member companies have invested more than half a trillion dollars in the search for new treatments and cures, including an estimated $58.8 billion in 2015 alone.

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Contact: Holly Campbell
202-835-3460

SOURCE Pharmaceutical Research and Manufacturers of America (PhRMA)

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