The project aimed to analyse how value-based health care practices are implemented to address the implications of the market failure due to asymmetric information on innovative medicine prices and quality in the pharmaceutical market of the EU. In order to answer the research question, a case study method was implemented, and five countries that are part of the EU were selected. We identified that discrepancies between pharmaceutical prices and value for the
patients can be prompted by market failures, such as the asymmetric information between manufacturers, patients and payers. We assume that value-based health care practices can be adequate to address the inefficient outcomes and high prices of innovative medicine caused by the information imbalance. Regarding value-based health care practices, the focus of the project is on the innovative reimbursement models, managed entry agreements, pricing strategies and value-based measurements adopted by the selected countries. The analysis of the data showed that value-based health care practices are implemented to address the challenges of the pharmaceutical market. The main objectives of the countries adopting value-based health care practices are to reduce the high prices and uncertainties of innovative medicines, to increase quality and to establish a fixed budget for the payers. However, the approaches varied by countries and further steps could be taken, such as increasing data transparency, patient
involvement, data sharing and the collection of real-world data, in order to reduce the negative implications of the information failure on innovative medicine prices and quality.
|Educations||MSc in Business Administration and Innovation in Health Care, (Graduate Programme) Final Thesis|
|Number of pages||124|