Pharma leaders, healthcare experts advocate value-based payments for drugs

A panel of healthcare industry leaders and experts met Wednesday in Washington, D.C., to discuss the state of the drug industry, along with strategies to improve payment and delivery systems in the market.

Here are four things to know.

1. The meeting was held as part of The Value Collaborative, an initiative developed by the drug industry's lobby group, Pharmaceutical Research and Manufacturers of America.

2. The following individuals attended the meeting:

• Stephen Ubl, president and CEO of PhRMA

• Clifford A. Hudis, MD, CEO of American Society for Clinical Oncology

• Tanisha Carino, PhD, vice president of U.S. public policy for GlaxoSmithKline

• Samuel Nussbaum, MD, fellow at the USC Schaeffer Center in Los Angeles and former CMO of Anthem

• Marc M. Boutin, CEO of the National Health Council

• Patricia Goldsmith, CEO of CancerCare

3. The group discussed a move toward a value-based payment process for medications. Through this process, insurers would pay drug companies based on how well their treatments work for a specific condition. The panelists called for the reformation of various laws and regulations to make it easier to pay for medications based on their value to patients.

4. "Biopharmaceutical science is advancing faster than ever before, and we need a reimbursement system as innovative as the medicines," Mr. Ubl said. "Our members are actively collaborating on new approaches to assess and reward value, and, as an industry, we are going to support policies and tools that help facilitate private-sector leadership in creating value-driven healthcare."

To watch a video of the discussion, click here.

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