Good Day BIO: Why we need to focus on the value of care

With everyone talking about drug pricing, we have an exclusive look at why we need to think about value rather than cost. Plus, we’re celebrating Dr. Rosalind Franklin’s birthday—and looking for the next biotech game-changers. (699 words, 3 minutes, 29 seconds)

We need to focus on the value of care – here’s why

Instead of focusing on individual drug prices, the health system needs to pay attention to the value of care for patients, according to a host of stakeholders, including a BIO expert. 

What is value-based care? It seeks to ensure that “hospitals and physicians are paid based on patient health outcomes,” says a New England Journal of Medicine brief cited by Bio.News.

The U.S. COVID-19 vaccine campaign was a good value. With roughly $12 billion worth of vaccine doses, we saved 2 million lives and $900 billion in health care costs  while preventing 17 million hospitalizations and ending lockdowns.

Drug price controls, on the other hand, have a negative value for society. Controlling prices, which are already growing slower than inflation, will reduce revenue—meaning that fewer new drugs are developed. Ultimately, the quality of health care will suffer.

Artificial efforts to quantify value can miss the mark, Bio.News explains. The QALY (quality-adjusted life-year) measure is considered discriminatory for giving a lower rating to the disabled.

How do we achieve real high-value care? By focusing on the diverse needs of patients, as well as carers and society. We should promote representative clinical trials and obtain input from patients.

Dan’s Deep Dive: “Consider the impact of government-mandated price controls from a patient’s point of view: What does the prospect of reduced revenue do for the future of investment and future development?” asks Dan Durham, Senior Health Policy Advisor at BIO. “How many therapies won’t be developed now that could cure patients?” 

Read the full article in Bio.News.

More Health Care News:

AP: How an AP reporter broke the Tuskegee syphilis story
“At the time, [29-year-old Jean] Heller was the only woman on the AP’s fledgling Special Assignment Team, a rarity in the industry…The story ran on July 25, 1972.” 

Bio.News: How Dobbs v. Jackson affects patients treating autoimmune disorders
“[A]lso under threat are drugs including methotrexate and misoprostol, both of which help patients treat autoimmune disorders, severe chronic pain, cancer, and even long COVID.”

The Wall Street Journal (Opinion): The Fattest ‘Skinny’ Spending Bill Ever
“ObamaCare expansions and drug price controls will have huge costs,” writes the Wall Street Journal’s Editorial Board. 

BIO awards celebrate modern-day Rosalind Franklins and G.W. Carvers

Yesterday we celebrated the birthday of biotech pioneer Dr. Rosalind Franklin (1920-1958)—and in September, when BIO IMPACT returns to Omaha, we’ll celebrate modern-day biotech gamechangers in her memory. 

Who is Dr. Rosalind Franklin? She notably revealed the “double helix” shape of DNA—research that ultimately won a Nobel Prize (though not for her).

BIO’s Rosalind Franklin Award recognizes a present-day “pioneering woman in the agriculture and environmental biotechnology sectors who has made significant contributions to the advancement of the bioeconomy and biotech innovation.”

And BIO’s George Washington Carver Award is named for the man who developed modern soil conservation and many innovations in food, improving the lives of small farmers. The award “recognizes significant contributions by individuals in the fields of industrial biotechnology and agriculture, and applications in biological engineering, environmental science, biorefining, and biobased products.”

Both awards will be given at the BIO IMPACT Ag and Environment Conference in September—and the nomination deadline is Friday, so submit your nominations now! 

Nebraska Gov. Pete Ricketts will headline the event—learn more. Gov. Ricketts’ is a supporter of biotech, declaring “Bioscience Month” and working to keep Nebraska a biotech leader.

Click here to learn more and register.

Click here to nominate a biotech gamechanger.

More Agriculture and Environment News: 

Science: Supercharged biotech rice yields 40% more grain
“Genetic tweak may boost photosynthesis and fertilizer absorption in wheat, other crops, too.”

President Biden’s Tuesday: The White House will hold a virtual “White House Summit on the Future of COVID-19 Vaccines,” from 11am-3:15pm ET—click here to attend. Biden meets virtually with the chairman of South Korea’s SK Group, to discuss the company’s planned investment of $52 billion in the United States through 2030 on manufacturing projects that are expected to build jobs, according to Reuters. 

What’s Happening on Capitol Hill: The Senate Democrats’ agenda, including drug price controls, is facing time constraints, POLITICO reports. The House Committee on Rules will hold a hearing on the Advancing Telehealth Beyond COVID–19 Act of 2022.