The pharmaceutical industry is under constant pressure from governments across the globe to develop more transparent drug pricing practices, according to an article published on PharmaTimes.
On the home front, President Donald Trump’s “American Patients First” blueprint, along with recent legislation in some states, has pushed a number of stakeholders in the pharmaceutical supply chain to deploy new pricing strategies.
The U.K. and drugmaker Vertex have been embroiled in a back and forth over the price of Orkambi, a cystic fibrosis treatment, and former health secretary Jeremy Hunt has in the past called on pharmaceutical companies to cease monopolization and price hikes.
According to the article, the concentrated push toward greater transparency opens new avenues for innovation.
“With new players tipped to enter the already-congested market (such as Amazon), there is little doubt pharma companies will want to reduce and streamline costs wherever possible to remain competitive in the face of new market entrants and governmental pressures,” the article states.