Increasing number of countries require pharmaceutical companies to carry out an economic evaluation to demonstrate the value of their new product. It has also become an imperative to conduct a budget impact analysis to explore the affordability. With a view to assess the cost effectiveness of pharmaceutical products and, regulatory and reimbursement agencies tend to demand data on the effectiveness in a real world setting rather than on sheer efficacy in a structured setting.
The factors most crucial to obtain reimbursement:
> Magnitude of cost differential between the newly launched and existing products
> Addressing the unmet needs
The pharmaceutical companies need to demonstrate “value for money” and positive outcomes associated with their product. This challenge has now become universal irrespective of the country’s economic condition. Novel operating models and innovative approaches integrating multiple functions within a company are the need of the hour.
The pharmaceutical companies should also need to adopt new ways to influence healthcare policies to improve access for patients and secure reimbursement. This can be achieved through a scientific approach viz. generating local data to show the impact of missing treatment on the financial burden. The following activities can be initiated from early stages of product development which can help address health economic challenges:
The above discussed initiatives are some of those critical factors which not only address the current challenges but also survey the lacunae where there is a need to develop and improve the evidence base.