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The Price of Substitute Technologies.

André Soares Santos¹, Augusto Afonso Guerra-Junior², Kenya Valéria Micaela de Souza Noronha³

¹Department of Social Pharmacy, Universidade Federal de Minas Gerais, Belo Horizonte, Brazil; Núcleo de Avaliação de Tecnologias em Saúde do Hospital das Clínicas da Universidade Federal de Minas Gerais, Belo Horizonte, Brazil; Department of Economical Sciences, Universidade Federal de Minas Gerais, Belo Horizonte, Brazil.

Value in Health Regional Issues

|September 28, 2019

Summary

The cost-effectiveness threshold (λ) for new drugs should be based on existing treatments to ensure fair pricing. This approach maximizes consumer benefit while encouraging pharmaceutical innovation and development.

Keywords:

cost-benefit analysis cost-effectiveness analysis cost-effectiveness thresholds health economics health technology assessment

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Area of Science:

Health economics
Pharmaceutical policy
Drug pricing regulation

Background:

Most new drugs offer minimal innovation over existing alternatives.
Health economic evaluations are crucial for setting acceptable prices for new health technologies.
Threshold pricing strategies can guide the regulation of new therapeutic agents.

Purpose of the Study:

To discuss a cost-effectiveness threshold (λ) for regulating the prices of substitute pharmaceutical technologies.
To establish a framework for fair pricing of new drugs based on their incremental value.

Main Methods:

Analysis of substitute technologies' marginal benefits and system efficiency.
Postulation of opportunity cost threshold (κ) as maximum value.
Identification of a threshold (β) that maximizes consumer surplus.
Formulation of a listing criterion: treatment cost of substitute technology must be less than incumbent's cost plus the threshold-priced effectiveness difference.

Main Results:

Pharmaceutical markets are unlikely to price drugs at production cost.
The cost-effectiveness ratio of incumbent technology, below κ, is a viable estimate for λ.
This estimate balances consumer benefit maximization with producer surplus for R&D incentives, falling between β and κ.

Conclusions:

Pricing of substitute technologies should be capped by the cost-effectiveness ratio of the incumbent technology.
This regulation ensures value-based pricing and supports continued innovation in the pharmaceutical sector.