Value-added medicines: is there any room between market access challenges and “patient centricity”?

Abstract

Purpose

The purpose of this study is to shed light on the importance of innovation and patient centricity to improve the existing pharmaceutical products. In the pharmaceutical industry, defining the “value” or “added value” of medicines is a very complex issue that requires objective information about how they can make people healthier and what “value” means to patients. In light of “value creation” strategy for the existing medicines, many original and generic pharmaceutical companies hope to create new portfolios to enter into new markets, to capture more market share or to strengthen their market position in the existing markets. The fact that “value” and “added value” are not static and change rather rapidly over the time, cannot always facilitate market access for the so-called improved or repurposed/repositioned versions now claiming “added-value” status. The only way “added value” category can promote smarter drug pricing scenarios and access to markets, is focusing on “patient Centricity” while innovating for satisfying their unmet medical needs.

Design/methodology/approach

This article is designed and structured by two methodologies: the first one is based on face to face interviews and the second one is focused on literature review regarding the value added pharmaceuticals.

Findings

There is an increasing confusion regarding “value-added” pharmaceuticals. This term is mainly used to define improved generic versions. This article discusses the “added-value” of this improvement for patients and manufacturers. By launching such products, these companies attempt to become more “innovative and patient-centric”. Furthermore, adopting a patient-centric strategy as a framework for optimizing the modified pharmaceuticals can create value, new pricing models may emerge through this strategy and can promote the “value” of these products by facilitating their access to higher margins.

Research limitations/implications

Limited to an European discussion around the value-added pharmaceuticals.

Practical implications

The facts about value added medicines. The real classifications of these products.

Social implications

For patients and health care systems, it is important to trust to real value in pharmaceutical treatments. If their “added value” is not justified by scientific proofs, if it is not patient centric, then they can occupy the status of the next generation of generic medicines a category between innovative and pure generics.

Originality/value

This is an original topic which was never discussed before.

Citation

Barei, F. (2018), "Value-added medicines: is there any room between market access challenges and “patient centricity”?", International Journal of Pharmaceutical and Healthcare Marketing, Vol. 12 No. 1, pp. 71-76. https://doi.org/10.1108/IJPHM-11-2016-0058