The PharmaCCX team has taken principles from Finance and is applying them to Pharma negotiations. Focused primarily on European single payer markets and combination oncology products, PharmaCCX is working with Payers and Pharma to deliver on a new method and platform to expedite complicated negotiations that were previously not possible or very difficult to complete. Using lessons and processes from Wall Street and bond trading platforms PharmaCCX delivers a new method that is good for Patients, Payers, and Pharma.
The Good News – breakthrough therapies
Entirely new types of therapies are being developed by public research organizations and private sector innovators. These scientific breakthroughs in genomics, epigenetics, and system biology are paying off. Drug pipelines are full of breakthroughs including targeted immunotherapy, cell and gene therapy, and others.
The taxonomy of disease is being re-written as we move towards precision (personalized) medicine where a therapy is selected on each patient’s biology. One medicine will be used in different indications, and in different combinations, all with potentially different value.
The Problem – New science requires new tools
Today's legacy market access processes are lagging behind scientific innovation. Pharma and payers in Europe are excited for innovative pricing strategies like indication and value based pricing. But, negotiations take too long, even with just two parties. For combination therapies, with three parties, the negotiations are even more complicated, and often not allowed due to anti-trust concerns.
As a result, there is a logjam of therapies that have been approved by regulators, but not yet reimbursed. Patients are not getting the medicines that they need; companies are not selling their newest therapies; and payers and providers are not able to serve their patients. A new model is needed that reflects the scientific innovations and the new reality of therapies on the market.
The Solution – an exchange
The PharmaCCX team has built an independent, transparent, third-party platform to expedite these difficult negotiations. PharmaCCX's platform can handle complex negotiations amongst multiple parties and can reach a suitable agreement between the parties faster than current methods. This is good for patients who were previously unable to get access to novel therapies. This is good for payers who naturally care about the patients for who they are responsible. This is good for Pharma companies that have spent so much to develop these novel therapies and want them to be used in the marketplace.
In a new environment, where parties can dynamically negotiate prices based on scientific evidence and economic analysis, there is a role for many parties: people providing evidence for deal-making; advisers to pharma and to payers on strategy; providers of real-world data to track deals; technology companies to secure data authenticity and provenance; and auditors that ensure regulatory and fiscal compliance. A new eco-system will emerge. The first users of this "smart exchange" include global oncology pharmaceutical companies and some of the most innovative healthcare systems in Europe.
What we do not do
The PharmaCCX team is excited about the new science, and amazed what can be done with new technology. We believe more effective market competition is needed on top of health economic assessments. But we are non-partisan and do not take sides. We are firm believers in value-based pricing, but also understand budgetary constraints of payers and consumers.
PharmaCCX is not in the data business. We do not own and sell data: we process data on behalf of our users. The parties – pharma companies and payers - will agree terms and conditions on our platform. And they will agree how to track the deals they make: what data and what data sources to use. PharmaCCX will not be responsible for collecting such data, but we will have access to data in order to keep track of all the deals: “who should pay whom and how much”.