Relentless Health Value EP456: Advice to Pharma at the Intersection of Product Value, Reputation, and Patient Affordability, With Brian Reid
In this comprehensive episode host Stacey Richter sits down with Brian Reid to discuss pivotal aspects for the pharmaceutical industry. Key topics include understanding product value from the perspectives of plan sponsors, patients, and society, and the significance of benefit design in improving patient affordability.
The discussion delves into the complexities of drug pricing, the roles of Pharmacy Benefit Managers (PBMs) and brokers, and the impact of healthcare consolidation on costs. Reid emphasizes the importance of transparent communication among stakeholders, the detrimental effects of cost containment strategies, and the necessity of considering policy and reputational impacts.
Throughout the conversation, examples such as the Hepatitis C drug illustrate the broader implications on drug access and affordability. Listeners are provided with critical insights into how pharmaceutical companies can better engage with ultimate purchasers to ensure patients receive necessary, cost-effective medications while navigating a changing healthcare landscape.
=== LINKS === 🔗 Show Notes with all mentioned links: https://cc-lnk.com/EP456
🔗 Healthcare Industry Acronyms and Terms https://relentlesshealthvalue.com/healthcare-acronymns
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10:07 Why is it important to consider all the players affected by the idea of this "value"?
11:06 Who are the ultimate purchasers in Pharma?
12:23 Findings of the Kaiser Employer Health Benefits Survey.
14:52 Why does it matter that we consider what value looks like to all players affected by Pharma?
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20:04 What does Pharma need to do to showcase their value when PBMs are often "locked in" at the moment?
23:11 Why Brian is celebrating companies that put their prices in their press releases.
32:31 Why does Pharma have an obligation to explain their value?
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