The current global health system treats chronic diseases with a pay-as-you-go model, spreading costs over months and years. It's unprepared to pay for a surge of new, single-treatment therapies with the potential to provide a lifetime of benefit.
Vas Narasimhan, chief executive officer of Novartis AG, poses for a photograph following an interview in London, July 24, 2018.We live in an incredible era of progress in human health. Advances in cell and gene therapies are beginning to yield powerful new treatments for some of the most devastating illnesses. With many of these new therapies we are no longer combating diseases over time, but potentially curing them in a single treatment.
By 2025, the FDA expects to approve 10 to 20 new cell and gene therapies each year. I believe these therapies will eventually have the same extraordinary impact on health as other significant advances in medicine, such as improved cancer treatments that have contributed to 25 straight years of declining cancer deaths.
Over the last decade, policymakers have tried to assess the value of medicine to patients and society, in part, to help figure out how to price and pay for care. Traditional approaches, however, no longer apply when it comes to measuring the full benefits of these new therapies.
Perhaps the most difficult challenge, however, is payment. Fortunately, companies, think tanks and policymakers are already exploring innovative solutions, such as the option to pay in installments over several years and the possibility of refunding payment if the treatment is not successful.
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