The push for more transparency and affordability in drug pricing continues to intensify. There are regulatory forces like the Inflation Reduction Act and market pressures ranging from benefit redesign to changes in formularies. The impact on patients can get lost in the mix, especially when it comes to specialty drugs.
“The specialty drug ecosystem is full of misdirected interactions and incentives that aren’t always aligned throughout the ecosystem,” Joe Cardosi, Founder, and CEO of Free Market Health, says in this video recorded at the 2022 Oliver Wyman Health Innovation Summit. “It’s a process that can be confusing for patients as they get this life-changing diagnosis and they need to get started on a medication.”
Launched in 2019, Free Market Health is a technology company that’s working with payers, drug manufacturers, and other parts of the industry to bring greater price transparency to the market and improve access to affordable drugs for patients. Cardosi says that bringing stakeholders together is the key to getting the soaring cost of specialty drugs under control, adding that companies spend too much time working against each other, which does not benefit patients.