BioNJ, New Jersey’s life sciences trade association, today unveiled its new “Protecting Medical Innovation: Ensuring Patient Access to Cures” web portal at www.BioNJ.org/Protect-
BioNJ’s campaign focuses on the value of medical innovation and the threat that one-size-fits-all approaches to drug value assessments, such as those advocated by the Institute for Clinical and Economic Review’s (ICER), will restrict patient access to the right medicine at the right time.
In an effort to control the cost of care, health plans and policymakers are exploring the use of value assessments to determine whether or not a certain drug should be covered. Plans use value assessments—sometimes called “cost-effectiveness” reviews—to assess if a drug’s price is justified by how effectively it treats a condition or disease. Payers use that information to decide if a new treatment will be covered for patients.
Patients and innovation itself may be endangered by organizations like the Institute for Clinical and Economic Review (ICER), a Boston-based research group that uses a controversial method to determine the value of drugs based on an arbitrary evaluation of the value of one year of perfect health. ICER ignores individual patient preferences in its reviews and its one-size-fits all approach to drug value assessments could deny patients access to new and life-savings drugs—allowing ICER, rather than physicians, to make treatment decisions for patients.
One estimate found that, if Medicare used an ICER-style model, 59 to 93 percent of prescriptions to treat complex conditions may not be covered. When patients can’t access treatments they need, it can lead to complications, increased doctor visits, trips to the ER and even death. Furthermore, ICER’s approach to drug value assessment may be discriminatory as it places a lower value on the lives of the disabled and elderly.
New Jersey’s innovative life sciences industry is leading the way in discovering and developing groundbreaking treatments and cures that patients everywhere depend on.
“Because Patients Can’t Wait®, we are asking industry, health advocates, payers, policymakers and the full community to help us protect medical innovation and the Patient voice in drug value assessment,” said BioNJ President and CEO Debbie Hart. “BioNJ’s new portal feat
Join BioNJ in its efforts to protect medical innovation. Any solution to control health care costs in New Jersey must promote innovation, incorporate the unique needs of patients and ensure access to care.
BioNJ is the life sciences trade association in New Jersey with nearly 400 Member companies representing research-based life sciences organizations and stakeholders across the ecosystem from the largest biopharmaceutical companies to early stage start-ups. BioNJ is dedicated to ensuring a vibrant ecosystem where Science is Supported, Companies are Created, Drugs are Developed and Patients are Paramount. Because Patients Can’t Wait®, BioNJ supports its Members in the discovery, development and commercialization of therapies and cures that save and improve lives and lessen the burden of illness and disease to society by driving capital formation, fostering entrepreneurship, advocating for public policies that advance medical innovation, providing access to talent and education and offering a cost-saving array of critical commercial resources. For more information about BioNJ, please visit www.BioNJ.org.