Instead of viewing calls for transparency as a burden, pharmaceutical companies can take steps to turn pricing reform to their advantage.
While policy changes like the amended safe harbor regulations are likely harbingers of greater pricing reform to come, compliance shouldn’t be pharma manufacturers’ only motivation for evolving their pricing practices. More significant may be public perception of so called inflated and arbitrary pricing, as well as concern that pharmacy benefit manager-driven discounts rarely trickle down to the consumer.
This white paper offers pharmaceutical manufacturers some short- and longer-term strategies for shifting their business models to stay afloat as pricing reform takes hold. For example, in the present pharma companies should:
For the longer term, consider starting discussions around:
Or course there will be challenges arising from a more stringent regulatory environment and public scrutiny. However, drug makers that given thoughtful attention to the issue of pricing will almost certainly open up opportunities for meaningful and sustainable transformation.