It’s no secret that the healthcare and pharma pricing industry is broken. Drug pricing and healthcare costs continue to skyrocket, patient conditions and treatments become increasingly complex, yet efforts to lower costs seem to remain stagnant.
The
inherent flaws of current global healthcare infrastructure result in
substantial inefficiency, wastage and sub-optimal health outcomes for
the most important stakeholder; the patient. In healthcare today, there
is a lack of incentive for health systems and providers to focus on
mutually beneficial collaboration and the maximization of patient
outcomes. Most would agree that a reasonable solution to these glaring
issues would be adopting other innovative pricing models, such as value
based pricing.
What is Fee for Service Pricing? In
a fee for service system, providers are incentivized for providing more
treatments and prescribing more medication, at the expense of the
patient. In addition, healthcare systems are often required to make the
difficult decision of whether to reimburse costly pharmacological
therapies and provide access for patients while taking into account
their limited resources. This results in novel pharmacological therapies
being denied to patients who are most at need, an opportunity missed to
decrease the long term economic and disease burden on health systems,
and a barrier to reimbursement for manufacturers.
As
costs continue to increase and resources become more limited, one thing
becomes clear- the healthcare industry as a whole will reach a breaking
point because this model is unsustainable.
What is Value Based Pricing? In the most simple terms, value based healthcare focuses on pricing based on patient outcomes as opposed to volume.
The
healthcare industry is experiencing a paradigm shift to value-based
care due to growth in demand, aging populations, chronic diseases and
unsustainable levels of health related expenditure. Health systems are
transitioning toward value-based care to prevent the rationing of
services and increased costs for patients and payers without
compromising quality of care. Provision of healthcare from a value-based
perspective is based on the underlying aim of generating optimal
patient outcomes relative to the monetary spend. Value-based pricing
agreements are one of a range of options within a suite of innovative
pricing solutions. Ultimately, these solutions are set-up with the aim
of providing access to the right medicine, at the right time for
patients and at the right cost for the healthcare system and
manufacturers.
Transitioning from Volume to Value
Though
it is long agreed that the shift from fee for service to value based
healthcare is welcomed and necessary, the industry still struggles to
transition.
Unfortunately,
healthcare systems around the world lack the relevant infrastructure to
track and implement innovative pricing models such as value-based
pricing agreements, and so are reluctant to adopt such innovative
policies. Furthermore, to be implemented effectively, innovative pricing
or value-based pricing models require up-to-date and accurate data to
track patient progress and treatment related outcomes, and to be able to
report these criteria in a compliant and validated manner.
Until
now, there has not been an effective way to solve the aforementioned
problems on a global scale. Blockchain technology and smart contracts
are the ideal solution to the age long problem of implementing,
enforcing, and tracking innovative pricing solutions.
DIGIPHARM
Our solutions aim to accelerate the much needed restructuring of healthcare delivery systems to a value-based approach.
Digipharm
bypasses infrastructural limitations to enable the implementation of
flexible value-based pricing agreements using smart contracts, the
development of unprecedented evidence platforms and the ability to
reward patients for contributing their data. We aim to utilize
innovative blockchain technology to overcome barriers to patient access
and innovative pricing, reduce costs for all stakeholders, and bypass
infrastructural limitations to drive value improvement, incentivize
innovation and expedite the transformation to personalized healthcare.
For more information about our project and token sale, please connect with us:
Website: https://digipharm.ch/Facebook: https://www.facebook.com/digipharmteam/
Twitter: https://twitter.com/DigipharmTeam
Telegram: https://t.me/joinchat/ExOHxk-TuOplQDbBWXaLaQ
Reddit: https://www.reddit.com/r/Digipharm
LinkedIn: https://www.linkedin.com/company/digipharm
Bitcointalk profile link:https://bitcointalk.org/index.php?action=profile;u=1925101
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