5. Putting a Price For Positive Outcomes
Providers and insurers are all reluctant to pay for high drug prices unless the drugmakers can actually prove that they are improving clinical outcomes for patients and/or lowering costs. While the PwC report focuses on drugs, device makers are also faced with the same challenging market. Gone are the days when device vendors could simply tweak an existing product, add a bell or a whistle, and then charge a premium and have no one blink.
Now drugmakers and device makers alike need to prove to payors and providers that their products improve clinical outcomes and also lowers overall costs, a tall order.
Even new advances are often not guaranteed success. Genomics has made remarkable progress in the past couple of years bringing the promise of personalized medicine a little closer to reality. But they still have a ways to go to convince the average consumer to pay for it.
