Framework for Demonstrating the Value of Medical Innovation

BioNJ, the life sciences trade association for New Jersey, is delighted to release the white paper, A Framework for Demonstrating the Value of Medical Innovation.” This white paper came to fruition as a result of BioNJ’s Beyond Value Frameworks: Defining the Value of Medical Innovation workshops. With nearly 3,300 life sciences establishments, including 12 of the world’s largest biopharmaceutical companies, having a headquarters or significant presence in the Garden State, New Jersey’s life sciences ecosystem was responsible for more than 40% of all new novel FDA drug approvals over the last two years – more than anyplace else in the world. It is crucial for patients to have access to this life-changing medical innovation. However, under current benefit designs, patients often don’t have access to the right medicines at the right time. The current paradigm frequently assumes a “one size fits all approach. As a result, innovator companies need to provide more information and insights to overcome these barriers to access. This white paper, authored by Shailja Dixit, M.D., M.S., M.P.H., President & Founder, ApexBio and Robert Goldberg, Ph.D., Vice President & Founder, Center for Medicine in the Public Interest, outlines a framework for assessing the true value of the innovation and identifies steps that innovator companies can take to demonstrate Differential Value of their innovation.