One of the more discussed topics in healthcare over the past decade has been the transition to a value-based system. No doubt it's a worthy goal, however the road has been a bumpy one at best. One of the toughest challenges has been getting a handle on the concept of value: how to define it, how optimize it, how to price it and what value means across the healthcare ecosystem.
While the conversation tends to take place in silos, moving to a value-based system means having conversations among all stakeholders. Bringing pharma, PBMs and payers to the same table to talk value is just one way to...
It always surprises me that when attending industry conferences, the discussions inevitably revolve around “the future” of artificial intelligence, machine learning and personalized medicine. My reaction? These innovations and practices aren’t impending, they’re already here.
The drive to value-based care has become a significant issue for biopharma companies as more health plans request value-based contracts. According to McKinsey, over 200 of these innovative contracts have been publicly disclosed since 1994¹. The buzz around the biopharma industry is that these value-based contracts are the wave of the future. Although this trend is likely to continue in the immediate future, the shift to these types of contracts may not survive in the long term. Precision medicine may make them obsolete.
Types of innovative biopharma contracts
The two most prevalent types of...
In the summer of 1996, two new prescription drugs, containing fenfluramine and phentermine, hit the market promising an easy way to lose weight. Use of the products skyrocketed and by mid 1997, almost two million people were taking them¹.
Just over a year later, in September of 1997, both products were abruptly pulled off the market amid growing concerns that use of the drugs may cause serious heart problems. The FDA found evidence that nearly one-third of those taking the drugs might develop a rare form of heart valve damage that could weaken the heart. Three deaths were linked to the use of...
The U.S. health systems ranks 37th out of 191 countries in overall efficiency according to a recent ranking by the World Health Organization. WHO’s calculation includes a variety of indicators including population health, responsiveness, and fairness in financing and financial risk protection1.
The U.S ranks 43rd in life expectancy (79.7 years) behind other developed nations like Japan (84.74), Canada (81.76) and Germany (80.57)2. The U. S. does rank first in one category – total health expenditures, with an average per capita cost of $10,384, nearly twice the comparable country average of...
“AI is your rocket ship and data is the fuel."
Michael Dell said this to customers and partners at his annual conference, but the message will be one of the key takeaways for the 16,000 attendees expected at the 2018 BIO International Convention to be held in Boston next week. More than 5,000 companies from 70 different countries will be represented at the gathering that brings together biotechnology and pharma leaders for a week of intensive networking to discover new opportunities and promising partnerships. Discussions cover a wide spectrum of life science and application areas including...
By Patrick Getzen, Chief Data and Analytics Officer of Blue Cross and Blue Shield of North Carolina
Clashes between the traditional and the novel are as old as time itself. Change is rarely welcomed, so anything new that comes along often faces a rough road to acceptance. However, that is not the case when it comes to the types of data that are now becoming available in the world of healthcare. The merging of new and traditional healthcare data promises to lead to a new era of discovery and offers significant benefits for patients, providers and payers.
