The Institute for Clinical and Economic Review (ICER) today announced a three-year, $13.9 million grant from the Laura and John Arnold Foundation (LJAF). The funding will support ICER’s ongoing efforts to transform the way all new prescription drugs are evaluated and priced and will help advance the organization’s mission to ensure sustainable access to high-value care for all patients.
The new grant is LJAF’s latest investment in ICER, following a two-year, $5.2 million award made to the group in 2015 in support of its efforts to assess new drugs with the potential to significantly affect patient care and health system budgets. Since that time, ICER has produced reports evaluating drugs intended to treat high cholesterol, non-small cell lung cancer, multiple sclerosis, atopic dermatitis, and other conditions.
“Previous funding from LJAF has allowed ICER to lead a national discussion about prescription drug pricing, and pharmaceutical companies are now beginning to reference ICER’s value-based benchmarks when launching new treatments in the U.S.,” noted Steven D. Pearson, MD MSc, President of ICER. “However, prices for the majority of medicines still do not reflect the clinical benefit they deliver. By expanding the frequency, scope and reach of our value-based assessments, we will continue to move the country toward a more transparent healthcare system that rewards medical innovation while allowing patients to access the treatments they need.”
With the new funding, ICER will:
- Introduce a new annual report on drug price increases to help identify unjustified price increases;
- Perform more frequent evidence updates to existing reviews;
- Collaborate with employers and payers on innovative benefit design and reimbursement programs;
- Launch a fourth public deliberation council;
- Begin a visiting fellowship program; and
- Further develop its methods around stakeholder engagement.
“We have seen ICER fill a critical gap in our health care system by providing the information needed to start transparent conversations about the pricing of prescription drugs,” explained LJAF President and Chief Executive Officer Kelli Rhee. “Through the continuation and expansion of its work, ICER can help stakeholders build a system in which payers, policymakers, drug manufacturers, and others collaborate to bring new drugs to market in a way that allows for optimal patient access, without creating unsustainable strains on health care budgets.”
Filed Under: Drug Discovery
