HOW TO LOWER THE COST OF DRUGS BEFORE CONGRESS MAKES IT HAPPEN THE HARD WAY
By Barry Lake, CEO & Chairman of Devana Solutions LLC
February 8th, 2017
Since I last wrote about this topic just a couple of weeks ago, President Trump has met with Pharma at a meeting at the White House to personally share his view that drug prices are too high.
Legislators are following in the President’s footsteps by looking at new laws that will force prices down.
One of the legislative solutions being pursued by Senator John McCain among others is allowing prescription drugs to be imported from Canada.
And, as I observed in a previous blog, this is one issue that the national media is firmly on the side of the new Administration.
Quite understandably, the industry’s response focuses on safety. The FDA has rigorous requirements before a drug enters the market in the US and no-one can guarantee such safety standards about drugs entering the country from elsewhere.
Safety is the industry’s key issue. But that does not mean there is nothing else to be done.
This is a great time for the industry to be on the front foot and show that it is serious about the issue and will do anything within its power to lower prices.
And there are steps to be taken that will not compromise safety.
We all know that a huge part of drug costs is in the expense and the length of time it takes to develop and test new compounds.
There is a way for Pharma to safely reduce the cycle times of drug trials.
We at Devana estimate that 50c in every $ spent by a sponsor to develop a new drug ultimately goes to clinical trial sites.
Every week, we have conversations with many of the 6000 trial sites in the US that underscore to us how ready the sites are to embrace new disciplines and to bring data to CROs and Sponsors that will help ‘good’ trial sites be more easily identified.
More data, more evidence of which sites do a great job will reduce the huge sums of money wasted on sites which, for instance, enroll few, if any, patients into a trial.
Yes, we have a self-interest at Devana. We have solutions which help trial sites be transparent and accountable about performance and lead to improved, healthy collaboration with CROs and Sponsors.
But at this point it seems it is everyone’s interest to take this seriously.
The new Administration certainly is taking the matter very seriously.
ABOUT DEVANA SOLUTIONS LLC:
Devana Solutions® is a SaaS provider driven by a core belief that data transparency and data analytics technology to aid in selection of the top-performing Research Sites to align with pharmaceutical sponsors and CROs is key to reducing drug costs and curing disease. Devana Solutions® IGNITE FOR SITES cloud-based technology adds value to top Research Sites by centralizing study leads and contacts, automating pipeline administration and study document tracking to cut management time in half while proprietary algorithms simultaneously track site timing and performance metrics from study lead through trial completion. With a couple of mouse clicks, these metrics can be standardized into robust reports for drug sponsors and CROs to validate the sites’ capabilities. Devana Solutions® MATCH PERFORMANCE reduces site selection risk for sponsors and CROs by providing dashboard and report capabilities not limited simply to a site’s historical trials; but, real-time site performance & timing metrics on currently running trials, improving trial feasibility and performance while reducing clinical trial cycle time and costs. Devana Solutions® technology is leading a transformation of the clinical trials industry and each investigative site’s “Devana Score” will become the “S&P Global Ratings”-equivalent for the clinical trials industry against which clinical trial performance by sites is measured. To learn more visit https://devanasolutions.com.