This week, our team members John Hennessy, Douglas Bock, and Katie Rapp will share key takeaways for our manufacturer clients from the Value-Based Cancer Care conference #AVBCC. In its 13th year, this conference includes 325 faculty members participating in 90+ panel discussions, all focused on oncology.
We'll share top takeaways for #pharma and #biotech throughout the conference.
The meeting kicked off with conversations on the future of value-based care and the impact of the Inflation Reduction Act (#IRA). Here's what our clients need to know:
- Stakeholders define "value" differently; it's essential to understand how your customer defines value so you are speaking the same language.
- With VBAs, payers are most interested in four areas:
1. If the product is expensive, does it add significant value compared to the standard of care?
2. Is there significant market competition among innovative therapies?
3. What is the total cost of care?
4. Where does the uncertainty lie around the value of the product?
- The high costs of oncology therapies drive payers to prioritize value-based agreements (#VBAs).
- Stakeholders want pharma to come to the table with value solutions, but those solutions don't always have to center around refunds. Other solutions may include funding alternative therapies or providing support solutions.
- All agree that the perfect storm is brewing for VBAs, and those who aren't prepared are likely to suffer the consequences.
- With the right approach, VBAs may evolve into an IRA negotiation tool.
- Panelists agree that "negotiation" is a misnomer when it comes to the IRA.
Follow along with us this week for updates on the issues impacting #oncology manufacturers across #marketaccess, #pharmaceuticaldistribution, #patientsupport, #payerrelations, and more.
Valuate Health Consultancy
Archbow Consulting
Experienced Medical Affairs Leader | Inclusion, Diversity & Health Equity Champion | Change Agent
1moIt was so nice meeting you Laverah Olukune ! Looking forward to staying on touch!