When we looked to the future in the Catalyst Pharma Fast 50, we described the industry moving towards an outcomes-centric rather than product-centric model. As our population ages and associated chronic conditions rise, we cannot afford the resulting rising cost of healthcare. This is causing a transition to an outcomes-based system that rewards organisations for effectiveness of the medical intervention rather than how much is consumed. It is also likely to coincide with an increased use of personalised drugs to improve effectiveness of treatment.
This is already in evidence in Manchester where health officials are giving drug makers including AstraZeneca, Pfizer and GSK access to their electronic patient records to test the real-world effectiveness of their drugs. Manchester officials think that this approach can be used to identify patients for whom drugs are not working - as an example due to their genetic make-up - and to reduce the use of ineffective drugs on these patients.
Changes like this not only reflect the strain that our healthcare system is under but also act as a catalyst for innovation, creating opportunities for inventive and ingenious approaches to healthcare and pharmaceutical solutions, as evidenced by a number of the companies featuring in this year's Catalyst Pharma Fast 50.
Health officials in Manchester are considering paying pharmaceutical companies for medicines based on how well they work, in a move to secure better value from the city’s drugs budget.