Innovative biotechnology industry strategies in the U.S.’ rapidly evolving payer environment
In 2010 healthcare represented 17.9% of GDP; its cost is growing significantly faster (~5%) than economic growth (~ 2%). This growth presents a challenge to all payers, whether they are governments, employers, or individuals. Within healthcare, one of the most rapidly growing areas is “specialty drugs” which are frequently biotechnology agents, or drugs for cancer or orphan conditions. This article starts by discussing the issues of specialty drug cost and the challenges payers face in managing specialty drugs. It then presents market structure and firm strategy theories that provide insight into firm behavior in specialty drug categories. Lastly, it discusses possible events and actions that could dramatically change the biotechnology industry and lead to increased value within the U.S. health care system.
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