RESEARCH TRIANGLE PARK, NC – February 6, 2014 – For the healthcare industry to deliver on the promise of high-value treatments, stakeholders must first agree on what constitutes value when assessing a treatment option. However, Quintiles’ survey of healthcare industry executives shows that despite value being a focus for several years, a convergent definition of value remains elusive.
Value is the Target is the latest in a series of Quintiles’ research reports based on independent surveys of more than 300 healthcare executives in the US, France, Germany, Italy, Spain and the UK. The series expands upon Quintiles’ annual New Health Report, released over the past three years.
“For decades, healthcare stakeholders have had to rely on their own processes, skills and intellectual property to deliver stand-alone solutions,” said John Doyle, Dr.P.H., senior vice president and managing director, Consulting at Quintiles. “The new, post-reform health care environment is driving biopharma toward the triple aim of improving population outcomes, enhancing the quality of care and driving down cost. This will require working collaboratively.”
Among the insights Value is the Target found:
- There is a disconnect between how stakeholders define value themselves and how their peers think they define value.
- Payers and providers appear skeptical of the data biopharma is providing to substantiate their claims of value, which will disrupt their ability to market products in this new environment.
- Regulators and payers are perceived as having the greatest influence over how value will be defined going forward.
“Organizations that can define, demonstrate and communicate the value of innovation will have a competitive advantage over their peers,” added Dr. Doyle. “However, until stakeholders can agree on a system-wide, population-level definition of value, building collaborative cross-industry partnerships will remain a challenge.”
The report outlines recommended actions for biopharma:
Educate yourself about how value is shaping the future of healthcare. Get ahead of the value trend, and factor the triple aim into strategic decision-making after talking to other stakeholders about what they want in terms of value.
Define value at an organizational level. Establish an internal definition of product value that includes what qualities determine value, how those qualities will be measured, and the consequences of failing to meet value expectations.
Use this definition to drive decision-making. Going forward, value-driven goals have to rank as high as the quality, safety and efficacy and demands that currently shape your product development.
“The move to a value-driven approach will not be easy, said Dean Summerfield, vice president and managing director, Europe, Consulting Group. “However, the move is vital not only to drive innovation and greater productivity in drug development but also to enable patients to have faster access to new therapies.”
About the report
Value is the Target is based on a survey of biopharmaceutical executives, managed care executives and providers in the US, and payer organization executives in France, Germany, Italy, Spain and the United Kingdom. Market Probe conducted the survey on behalf of Quintiles and was responsible for all survey design, data analysis and data reporting. Data for the survey were collected online between 30 April and 30 May, 2013. Survey sample respondents included: 102 biopharmaceutical executives at the vice president level and above; 68 managed care executives in the US at the director level and above; 75 executives (director or above) from European payer organizations; and 53 executives from US provider organizations:
Quintiles (NYSE: Q) is the world’s largest provider of biopharmaceutical development and commercial outsourcing services with a network of more than 28,000 employees conducting business in approximately 100 countries. We have helped develop or commercialize all of the top-50 best-selling drugs on the market. Quintiles applies the breadth and depth of our service offerings along with extensive therapeutic, scientific and analytics expertise to help our customers navigate an increasingly complex healthcare environment as they seek to improve efficiency and effectiveness in the delivery of better healthcare outcomes. To learn more about Quintiles, please visit www.quintiles.com.
Mari Mansfield, Media Relations (firstname.lastname@example.org)
+ 1.919.998.2639 (office) +1.919.259.3298 (mobile)
Karl Deonanan, Investor Relations (InvestorRelations@quintiles.com)