Worldwide, pricing policy is always in flux. In this webinar, EVERSANA’s General Manager of Global Pricing and Access, Alan Crowther, examines global trends impacting the International Reference Pricing (IRP) landscape and discusses the possible effects these could have on the United States’ proposed International Pricing Index (IPI). In this discussion, Crowther looks beyond the in-country impact to what the external impact or spillover could be in each scenario.
Until now, IRP has been routine for many industrialized nations except for the United States. Today, there are 65+ markets using some form of referencing, both formally and even informally. If a single country changes its rules once every 10 years that means up to 6 country rules change per year. For example, Canada, Greece, and The Netherlands have recently adjusted their respective reference country baskets; Ukraine has just adopted an IRP scheme for the first time; and Malaysia is working out which countries will comprise the reference basket for its forthcoming IRP scheme. Impacting IRP is a global drive, spearheaded by the World Health Organization (WHO), to increase drug price transparency, as well as joint collaborations and procurement initiatives like BeNeLuxA and certain Nordic countries, respectively, which have led to price sharing. The United States is eyeing an IPI model to bring down the cost of drugs covered by Medicare Part B. Narrowing in on the United States, Crowther points out state—and federal—level initiatives that promote price transparency such as Oregon’s HB 4005 and Know the Lowest Price Drug Act of 2018, among others, before exploring the potential side effects and uncertainties surrounding the IPI model, and what pharma can do to stay abreast of and prepare for United States policy changes.
Alan has spent close to 20 years doing commercial work for the life sciences industry. His experience includes creating innovative solutions for global pricing and access, including work on price optimization, global data collection…