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The US prescription drug business is a $500 billion industry whose rising prices carry profound consequences for patients, caregivers, employers and taxpayers across the nation. In the United States, average prices of leading brand-name drugs are two to four times higher than prices charged in other wealthy countries, raising questions as to what Americans are getting for the extra expense. On the other hand, healthy industry returns have arguably fueled life-saving
innovation. With the advent of ever more targeted and powerful treatments, including cell- and gene-based therapies with multi-million-dollar price tags, the need for sensible drug pricing policies
will only intensify. The Right Price sheds light on the controversial topic of drug pricing by providing an accessible guide to pharmaceutical markets and analytic techniques used to measure the value of drug therapies. It illustrates the need for value-based pricing through real-life stories of patients and their experiences with the drug industry and explains why simple solutions like price controls and the importation of cheaper drugs from other countries are
problematic. This volume describes how researchers and policy makers have pursued drug valuation efforts in the past, and lays out a series of recommendations, based on years of shared author experience serving
on national drug policy platforms, for how to further improve pharmaceutical value assessment in the United States. With unique industry insights and clear narrative, The Right Price unveils why the pricing of drugs continues to be so challenging and how public and private officials can create more informed policies to achieve the right balance between drug pricing and value.
The US prescription drug business is a $500 billion industry whose rising prices carry profound consequences for patients, caregivers, employers and taxpayers across the nation. In the United States, average prices of leading brand-name drugs are two to four times higher than prices charged in other wealthy countries, raising questions as to what Americans are getting for the extra expense. On the other hand, healthy industry returns have arguably fueled life-saving
innovation. With the advent of ever more targeted and powerful treatments, including cell- and gene-based therapies with multi-million-dollar price tags, the need for sensible drug pricing policies
will only intensify. The Right Price sheds light on the controversial topic of drug pricing by providing an accessible guide to pharmaceutical markets and analytic techniques used to measure the value of drug therapies. It illustrates the need for value-based pricing through real-life stories of patients and their experiences with the drug industry and explains why simple solutions like price controls and the importation of cheaper drugs from other countries are
problematic. This volume describes how researchers and policy makers have pursued drug valuation efforts in the past, and lays out a series of recommendations, based on years of shared author experience serving
on national drug policy platforms, for how to further improve pharmaceutical value assessment in the United States. With unique industry insights and clear narrative, The Right Price unveils why the pricing of drugs continues to be so challenging and how public and private officials can create more informed policies to achieve the right balance between drug pricing and value.
Acknowledgments
Preface
PART 1: THE ECONOMICS OF PRESCRIPTION DRUGS
Chapter 1: Introduction
Chapter 2: The prescription drug market
Chapter 3: Proposed solutions for rising drug prices
Chapter 4: Measuring the value of prescription drugs
PART 2: EXPERIENCES MEASURING A DRUG'S VALUE IN THE US AND
ABROAD
Chapter 5: Measuring drug value: Whose job is it anyway?
Chapter 6: Institute for Clinical and Economic Review (ICER)
Chapter 7: Other US value assessment frameworks
Chapter 8: Do drugs for special populations warrant higher
prices?
PART 3: GETTING TO VALUE-BASED PRICING FOR DRUGS
Chapter 9: Improving value measurement
Chapter 10: Aligning prices with value
Chapter 11: The path forward
Index
Peter J. Neumann, ScD, is Director of the Center for the Evaluation
of Value and Risk in Health (CEVR) at the Institute for Clinical
Research and Health Policy Studies at Tufts Medical Center, and
Professor of Medicine at Tufts University School of Medicine. Dr.
Neumann is also a member of the editorial advisory board of Health
Affairs and the health policy advisory board for the Congressional
Budget Office.
Joshua T. Cohen, PhD, is Deputy Director of the Center for the
Evaluation of Value and Risk in Health (CEVR) at the Institute for
Clinical Research and Health Policy Studies at Tufts Medical
Center, and Research Associate Professor of Medicine at Tufts
University School of Medicine.
Daniel A. Ollendorf, PhD, is Director of Value Measurement and
Global Health Initiatives at the Center for the Evaluation of Value
and Risk in Health (CEVR) at the Institute for Clinical Research
and Health Policy Studies at Tufts Medical Center, and Research
Assistant Professor of Medicine at Tufts University School of
Medicine. Prior to joining CEVR, he spent ten years as the Chief
Scientific Officer at the Institute for Clinical and Economic
Review (ICER). Dr. Ollendorf
currently serves as a non-resident Fellow at the Center for Global
Development, and as Chair of the Health Technology Assessment
International (HTAi) Global Policy Forum.
"This is a must-read guide for both insiders and non-experts to a
topic that will be at the forefront of the drug pricing debate in
the coming decade." -- Frank S. David, MD, PhD, shepherd.com
"An extremely helpful and well-sourced guide to the myriad thorny
issues and history behind current drug pricing and value
assessment." --Austin Frakt, Boston University School of Public
Health
"The pricing of medicines is one of the hardest problems in public
policy, brimming with clinical and economic complexity. This
remarkable book written by the world's leading group on drug
pricing explains the key issues clearly, and without compromise. If
you read only one book on how to price medicines smartly, this
should be the one." --Amitabh Chandra, Harvard Kennedy School of
Government and Harvard Business School
"This is a highly readable and timely guide for anyone interested
in thoughtful solutions to the nation's ongoing debates about
prescription drug pricing, controlling costs, and ensuring
affordability while enhancing innovation to improve people's
health." --Mark McClellan, Founding Director of the Margolis Center
for Health Policy at Duke University, former administrator of CMS,
and former commissioner of the FDA
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