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Pharmaceutical reference prices. How do they work in practice?

M Dickson1, H Redwood

  • 1Pharmacy Practice Department, College of Pharmacy, University of South Carolina, Columbia, USA. Dickson@pharm.sc.edu

Pharmacoeconomics
|May 27, 1999
PubMed
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Reference pricing aims to control drug costs but can impact prescribing. Competitive markets appear more effective than reference pricing in moderating pharmaceutical expenditure.

Area of Science:

  • Health economics
  • Pharmaceutical policy
  • Public health

Background:

  • Reference pricing systems are reimbursement ceilings designed to control pharmaceutical spending.
  • Many governments globally have implemented reference pricing alongside or instead of direct price controls.
  • The effectiveness of these policies in achieving intended benefits requires careful evaluation.

Purpose of the Study:

  • To review and analyze reference pricing policies across Europe, North America, and other international markets.
  • To compare the implementation and outcomes of reference pricing in diverse healthcare systems.
  • To assess the overall impact of reference pricing on pharmaceutical expenditure and prescribing patterns.

Main Methods:

  • Systematic review of reference pricing policies in various countries.

Related Experiment Videos

  • Comparative analysis of policy similarities and market differences.
  • Evaluation of expenditure trends and prescribing compromises associated with reference pricing.

    • Main Results:

    • European countries experienced an initial reduction in pharmaceutical expenditure, sometimes compromising prescribing.
    • Reference pricing in Germany and The Netherlands proved less effective, necessitating further interventions.
    • The US, operating in a competitive market with reference pricing, showed more modest expenditure growth compared to European nations.
    • Overall, competitive markets demonstrated greater efficacy in moderating pharmaceutical expenditure than reference pricing alone.

    Conclusions:

    • Reference pricing policies show varied effectiveness in controlling pharmaceutical expenditure.
    • Competitive market dynamics may be a more potent strategy for moderating drug costs.
    • Governments continue to adopt reference pricing despite evidence suggesting its limitations compared to market competition.