- What do payers really want? The devil is in the details.
- We are all payers now. Financing innovation.
- Population health vs. unit of one.
- If data is the currency of the new ecosystem, TRUST is the central bank.
We are all payers now. In the current environment all stakeholders are concerned with cost, and thus Pharma needs to work together with payers, providers and patients to evolve and adopt a more comprehensive view of healthcare and its cost.
Fundamentally, there is an element of trust that pharma companies must work to restore – doing “the right thing” and not just “the right thing for business” (e.g., CVS gave up $2 billion in revenue by discontinuing the sale of cigarettes). These kinds of bold moves are what are required of Pharma to restore trust needed to partner with payers, providers and patients.
It is also important to align incentives for long-term behaviour change amongst patients, employer providers, health insurers and governments – health needs a balance sheet not an income statement. Pharma needs to help bring the pieces together under the new pay-for-performance dynamics leveraging technology and big data analytics to engage patients, focus on outcomes, build relationships and innovate commercial models.
Pharma has an imperative to take action to restore trust and to send the message that it is really in the business of health and not just selling “stuff”: transparency, patient centricity, proactive leadership and consistency, but must tread carefully (rebuilding trust is slow work).
Patrick Flochel, Global Pharmaceutical Leader, EY was speaker at the International Pharma Summit Rethinking Healthcare 2014.