Philadelphia, PA— Live from EFP ‘18: The closing session for eyeforpharma ’18 brought the story full circle. Six executives from the likes of Novartis, Lilly and Kaiser Permanente engaged in a panel discussion focused on what value means in our industry to key stakeholders.
“Value is in the eyes of the beholder: for a patient it’s often measured in life—quality or quantity.” —Bob Oliver, President & CEO of V ClinBio
“Our model today is convoluted—we believe the system needs to be evolved… And it’s really a win—win—win. Plans benefit from more precise resource allocation, manufacturers benefit from more of the right patients having access to their products, and most importantly, patients benefit from getting access to the right therapy for them.” —Steve Ubl, President & CEO of PhRMA
“At Kaiser, we’re in a unique position in healthcare in that we control the majority of our customers’ delivery chain, from physician to pharmacy to patient. We believe in the need to have open and honest dialog around value and costs… We don’t see value-based pricing work. We think the pricing system is broken, and it’s time for a change.” —Amy Gutierrez, VP, Chief Pharmacy Officer of Kaiser Permanente
“Value is the core of how Lilly Oncology decides which assets to bring to market. We’re agreeing up-front with payers, providers and patients around what value our treatments need to bring… We’ve applied a new assessment of pipeline molecules—it starts by looking at the real-world need, moves to evaluating which patients would be best served by it and ultimately looks at impact on quality and quantity of life.” —Sue Mahoney, SVP & President of Lilly Oncology
“As a patient first, my greatest fear is that people who are not bringing value to the system are draining the profits, and if this continues, pharmaceutical innovation will run dry.” —Rolf Benirschke, Co-Founder and Co-CEO of Legacy Health Strategies
“We are living in an age of transformative science—the blind are receiving sight, and babies are being saved who would’ve never survived in the past… Now we need to think about value-based pricing on medicines, procedures and other products.” —Fabrice Chouraqui, President of Novartis in the U.S.
“By engaging patients on the front-end of clinical development, we’ve taken 2 years out of our clinical development program. From streamlined development steps to better real-world endpoints, it’s transformed our approach for the better.” —Sue Mahoney, SVP & President of Lilly Oncology
“We don’t have an innovation problem, we have a fracturing problem and an incentive problem.” —Bob Oliver, President & CEO of V ClinBio
“When you engage patients up front, there is commercial value. Better products, better procedures, better end user satisfaction.” —Rolf Benirschke, Co-Founder and Co-CEO of Legacy Health Strategies
I’m not sure we have a real reputation with patients who have been helped by our products. I think the problem lies with the general public. We’re a fractured industry—it’s difficult to find a unified voice. In many industries, 2-3 companies drive 80% of the sales. In our industry, its spread far thinner, and small players have the ability to act unethically and taint the reputation of the whole market.” —Fabrice Chouraqui, President of Novartis in the U.S.
“Medicines are the only thing in the healthcare system whose price goes down. If your open-heart surgery today may cost $100,000, in 10 years, it’ll be $200,000. The medicine you’re taking now will be 80% cheaper in 10 years when it’s off patent.” —Steve Ubl, President & CEO of PhRMA
“Today, 90% of the prescriptions filled are generics. They’re lifesaving medicines, many of which are now being sold for pennies a day. We’re the only industry who leave such a legacy.” —Fabrice Chouraqui, President of Novartis in the U.S.
“Today, 80% of all healthcare costs are spent on chronic diseases and being driven by only 20% of the population.” —Steve Ubl, President & CEO of PhRMA