The Shrinking Discovery Deal Market
Since 1998, the number of deals between European biotechs and pharmas of all geographies has been shrinking steadily. These numbers shrank even as investors poured money into increasing numbers of biotechs, almost all of them based on a partnering model which was rapidly losing its logical basis.
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It is a world, at least the US corner of it, in which any common understanding of drug value is confused by opposing incentives – to opacity and transparency, to looking at benefit broadly or narrowly, long-term or short-term: value, in short, to whom?
Merck and UnitedHealth's Optum group have partnered to explore various value constructs.
Although stakeholders are interested in value-based models that link a drug’s performance to emerging evidence of improved patient outcomes, such agreements are difficult to implement and too limited in scope to drive a shift to value-based reimbursement. The authors suggest a new, structured approach to bring these contracts into the mainstream, thus transforming product reimbursement and fueling the shift from volume to value.