11:00 am – 12:00 pm, 3/27/2015 Defining Value @ MassBio Annual Meeting 2015, Cambridge, MA, Sonesta Hotel, 3/26 – 3/27, 2015
Reporter: Aviva Lev-Ari, PhD, RN
Dr. Aviva Lev-Ari will be in attendance on March 26, 2015, 8:00AM to March 27, 2015, 2:00PM
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Panelists:
- Sarah Emond, Chief Operating Officer, lnstitute for Clinical and Economic Review
- Quality and Value – comparative studies on Value in Public sphere
- Vested interest in the conversation of demonstration of value, pay for product and the Patient
- How the Healthcare is spent – value of drugs by eligibility, Oncology Patient is a very large patient population
- How the drug fits in the entire system not only
- Decisions that Patients need to make decision with their healthcare cost — deductable of $5,000 – causes patient to take more ownership over the decision on what to spend the money on alternative treatments
- Stakeholders, Medical societies, Total spending interventions and diagnostics
- transperancies on Waht is Value of Clinical Effectiveness
- manufacturers need to understand Cost per treatment, Insurance of a Health plan need to cover
- A company needs to pay for innovation
- European model vs US Model
- Access to treatment, decisions needed transparency since there is an allocation in distribution of budgets in Europe
- Christopher Hansen, President, American Cancer Society Cancer Action Network, Inc.
(Ex-Boeing Exec VP, Ex- Electronics Society, MIT grad)
- Patient interest
- Pricing Drugs in comparison with other drugs for the value that each is delivering vs. paying the premium to justify the price
- value proposition of drugs – oncology drugs
- Personalized – companies transitioned from very admired to disliked comapnies as it is related to a product price, negative perception of an industry
- Companies like Boeing need to care to be an admired company, PBS was invited to all meeting of the development of an aircraft
- Glenn Batchelder, MassBio, Chair Board of Directors
- Access to drugs that are in the pipeline
- 90,000 American will die in 2015 from Cancer – we know drugs for Lung Cancer
- Obesity as cause of comorbidity and shorter life expectancy
- Basic Research by Government funded R&D
- Healthcare best in the World in the US, HealthCare System — no system in existence in the US
- Multiple MODELS can work, Pharma Model: All internally, Biotech early stage – nimble, Biotech in 2015
- FDA Regulatory – plays a very important perspective: Personalized Medicine
- COnversation is most important to shape the future of Medicine and of Biotech — facilitation is needed
Moderator:
- William Sibold, Senior Vice President, Head of Multiple Sclerosis, Genzyme
Two MS drugs there are 50 MS drugs to be launched around the World. VALUE is sustainability – Biotech bring value to Patients. Debate on single products:
- Alzheimers’ Disease
- HepC
- The Myeloma Foundation is an example of a great contribution of an organization in engaging Patients in the decision making on Treatment as well as participation in Clinical Trials funded by the Foundation
- Biotech followed Pharma, Biotech had from the beginning the need to be admired by the Patient.
- Co-pay vs Life or death, increase fees, Customer will not buy plans if two expensive. Value proposition is different from the employee and the Employer
- Patient needs advocatess the Healthcare System in the US is very complex
- Interface with Medicine some are knowledgeable other are not
- Cystic Fybrosis Foundation encourages investment
- Google and Apple are entering the Healthcare R&D – they do not care for returns because their source of return are their core business
- Interest in Big Data in Healthcare and the mining capabilities to inform decision making
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