Value-based care models are the future of pharmaceuticals but several obstacles exist slowing the transition from volume selling to value selling. More and more, companies in this space are realizing that a traditional “pharma-first” approach is no longer enough to be successful in the future. Instead, they must evolve to adopt a more patient-centric approach designed around building trust with partners.
According to a 2015 study published in JAMA, only 148 risk-sharing agreements were established by life sciences companies between 1990 and 2013, and only 12% of those were in the US. Since 2013, the growth rate of risk-sharing, value-based, and outcomes-based models has begun to slowly accelerate.
In working on several elements of new value-based care models with companies at various points in their evolution, we recognize that this journey is very difficult. But it is a journey that is required to realize the promise of patient-centric care and to truly begin to rebuild trust in healthcare. Below are three insights to integrate into your planning and execution, designed to be usable by any company regardless of where you are in the evolution of your value-based care model.