Collaboration between pharmaceutical manufacturers and health systems will strengthen in 2024. What’s driving this increased cooperation? There is a continued push by payers for value-based healthcare and the ongoing development of new niche medications administered to patients primarily in health system settings. Areas of further collaboration will include:
- Research and development (R&D) via joint sponsorship of clinical trials
- Data mining from a population health perspective to identify patients
- Developing partnerships to harness the power of AI and big data
- Advancing technological partnerships via digital therapeutics to obtain real-world evidence (RWE)
These collaborations will produce vital real-world data for pharmaceutical companies while accelerating health system innovation. Let’s take a closer look at three critical areas of collaboration for 2024:
1. Pre-approval Information Exchange Discussions
We expect to see more health system collaboration with pharmaceutical companies via joint sponsorship of clinical trials and participation in Pre-approval Information Exchange (PIE) discussions. The PIE Act of 2022 allows for communication between pharmaceutical companies (manufacturers) and healthcare decision-makers before approval to receive input from payers regarding clinical data.
PIE can be valuable in shaping final launch strategies and post-approval evidence plans. This engagement will enable health systems to be well-informed of emerging treatments, collaborate on novel research, and improve patient care by getting the right patients on the right therapies more rapidly. Simultaneously, pharmaceutical companies will refine their drug development strategies with a more nuanced understanding of health system dynamics.
2. Collaborative Population Health Management
A second area is collaborative population health management to identify patients for whom preventative or curative therapies can reduce the total cost of care. Recently, a successful partnership between Novartis and the National Health Service (NHS) in England has exemplified the positive outcomes achievable through pharmaceutical and health system collaborations.
The partnership improved treatment outcomes for cardiovascular diseases and reduced costs, garnering interest on a global scale. Similarly, we expect partnerships through health system pharmacy departments, population health departments and manufacturers to increase.
3. Digital and Technical Solutions
The third area of collaboration will be in digital and technological solutions. The remote patient monitoring (RPM) devices market is expected to reach $760 million by 2030 due to the push for decentralized healthcare, according to the GlobalData report. The report emphasizes the potential for RPM devices in at-home care, facilitated by advancements in 5G technology that enable faster real-time data analysis and sharing with providers.
These digital therapeutics will provide insight into daily medication use, an area where a collaborative approach between manufacturers, software companies, and health systems can address care gaps. This year, working together to create and deploy apps tailored to diverse medical conditions will be a paradigm shift in healthcare delivery.
An innovative national health system leader demonstrated early results in this area by partnering with major pharmaceutical companies to develop consumer-facing digital solutions. Collaborations with AstraZeneca for asthma management, Boehringer Ingelheim for type 2 diabetes management, and Merck for care coordination and medication adherence provide a proof of concept for the transformative potential of breaking down traditional barriers between manufacturers and health systems.
The evolving landscape of pharmaceutical and collaborative health systems, exemplified by joint sponsorship of clinical trials, pre-approval information exchange, and new partnerships, will drive value-based healthcare transformation.
To learn more, read our full summary of the top 10 issues facing health system pharmacy in 2024.
Visante helps health systems accelerate strong financial and operational performance through pharmacy. Our team’s deep expertise and innovative approach can help you optimize your fully integrated health system pharmacy program. Email firstname.lastname@example.org or call (866) 388-7583 to speak to one of our team members.