Industry Forecast: 2017 Trends
At the end of last year, Dr Steven Bradshaw took a look at how the predictions made at the start of 2016 faired in reality. Now, Dr Bradshaw provides his forecasts for the oncoming year.
The trends and developments of 2016 will spill over into the coming year. In 2017, more pricing and payment hurdles will be overcome with innovative schemes and patient services. The biosimilar space will also benefit from the increased efforts towards stakeholder education. To find out the forecasts for 2017, check out the newsletter in the new year.
Three predictions for 2017 are:
1. Greater acceptance of biosimilars
As of October 2016, the US Food and Drug Administration (FDA) has approved four biosimilars, which are setting up for launch in 2017, and there are several biosimilars still awaiting approval and launch.With the cost of many innovator biologics on the rise, biosimilars will definitely continue to gain traction among payers in the coming year.
In the 2016 Biosimilars Forum survey on doctors, some of the identified knowledge gaps were in:
- Defining biologics, biosimilarity, biosimilars, interchangeability and pharmacy-level substitution.
- Understanding the approval and evaluation process of biosimilars.
- Understanding the safety profile shared between a biosimilar and an originator biologic.
In response to the slow uptake of biosimilars, several biologics companies have provided education or opened discussions about the product. Throughout 2016, patient groups, professional societies, health authorities and think tanks joined the conversations and knowledge sharing, which has fuelled the interest among patients and physicians to try biosimilars.
Governments are also zoning in on the regulatory frameworks to facilitate the biosimilar path-to-market, which is augmenting support for the product’s use. Before the end of 2017, the FDA is set to publish draft guidance on interchangeability considerations of biosimilars and statistical considerations for the analysis of biosimilarity.
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2. A rise in the number of innovative payment schemes
Payers, insurers and government health authorities have gained familiarity with these innovative schemes in the recent past, especially in contracts with physician groups and large hospitals. Therefore, they will be more willing to listen and explore pharma’s proposed value-based purchasing models.
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3. A deluge of more value-added services
self-management and diagnosis, remote tracking and monitoring, fluid communication with practitioners, and remote education, the arena of The mHealth market revenue is projected to grow to $26 Billion with a consequent annual global healthcare cost savings amounting to $370 Billion by the end of 2017.
Read more from Steven Bradshaw here.