The nation’s leading experts in biopharmaceutical innovation and pricing reform recently convened with venture capitalists and biopharmaceutical company representatives for a virtual discussion exploring the relationship between innovation and product pricing. They focused on economic incentives needed to fuel investments in drug development to address significant unmet needs.
Hosted by Rena Conti, Associate Professor of Markets, Public Policy and Law at Questrom School of Business and Associate Director of the Institute for Health System Innovation & Policy at Boston University, the invitation-only event featured insights into the latest empirical research and the existing gaps in knowledge that must be addressed to advance and inform effective public policy.
The discussion, supported by Arnold Ventures, yielded several recommendations aimed at fostering innovation while improving access and affordability for needed prescription drugs. Participants had a favorable impression of the goals of the Lower Drug Costs Now Act but stressed the need to revisit the proposed legislation’s potential long-term impacts on innovation incentives. They endorsed several policies that improve innovation of high priority therapeutic classes and vulnerable populations, including additional targeted funding to support basic and translational research. Numerous proposals with significant bipartisan support and industry acceptance were also recommended, including patent and market exclusivity reforms and reimbursement policies, to promote entry and competition in the generic and biosimilar markets. Finally, participants endorsed several policy proposals that aim to improve the antibiotic and anti-infective clinical pipeline and promote more appropriate use of existing products.
To continue to guide the discussion and inform the policy landscape, a package of materials will be made available soon, including peer-reviewed publications that are forthcoming or already published in academic journals, as well as summaries of the current state of empirical knowledge and recommendations for future policymaking in this area.
For more information, or to learn more about evidence and policy solutions that promote biopharmaceutical innovation, please contact firstname.lastname@example.org.