Will the Pharma Industry reveal its pricing strategy?

What matters after medicine accessibility?

For drug availability and adopting precision medicine trends, the healthcare giants moved mountains through their clinical trials, investment and kind partnership act. The roles and responsibilities have commendably crossed the bridge, but now, price transparency is steadily increasing in the pharma industry. Learning that the drug pricing decisions should be a responsible duty of the biopharma industry that cannot be neglected.

For long years, the pharmaceutical sector claimed and stood with their statement of decisions related to pricing on several medication drugs, which doesn’t go out of the window or door either. Where not even the air could speculate the pricing process, this news is good news, mainly for patients.

The bifurcation of the pricing will be essential for those Americans who are asked to pay several times for the drugs. This is unusual for the Americans as it is somewhat not expected from a developed country like the U.S.

Will transparency be the new compulsion?

The citizens have the right to know where and for what they are spending their money precisely. While there are a few sectors providing visibility to their charges, for instance, the U.S. airline industry was told to reveal its all-in ticket prices, which ended the hide-and-seek game of true cost. Now stakeholders are asking for a clear explanation of their pricing decisions as it’s a loss to many lives, finances and businesses.

Now the pharma door needs to be opened with the answers for the pricing strategy or exploitation. The recent administration has made it loud and clear about pharma pricing as its primary space, and there’s no truth to define this administration's actual play. It shall prove if the news of price transparency becomes one of the mandatory parts and parcels of the entire pharma industry.

Overall, the consumer, government and political pressure are standing behind the support of price transparency. It's important to know where this will become a mandatory part or just an ‘if and but’ choice for pharma. This could adversely affect the pharma giants and disturb their business flow, involving the board of directors and shareholders.

The market access group has to take a dig in conversational partners to explain cost value data with accuracy and context. Also, the public relations workforce needs to ask for the right to publish the events and make it clear to the regulators that they can’t call an explanation a conclusion.