Digipharm aims to utilise innovative blockchain technology to overcome barriers to patient access and innovative pricing, reduce costs for all stakeholders, and bypass infrastructural limitations to drive value improvement, incentivise innovation and expedite the transformation to personalised healthcare.
Healthcare systems are often required to make the difficult decision of whether to reimburse costly pharmacological therapies and provide access for patients while taking into account their limited resources. Innovative pricing approaches have the ability to overcome the challenges faced by healthcare systems when assessing the funding of new drugs, to enable the implementation of ‘flexible’ pricing schemes to assess the price of treatment in relation to the benefits it delivers. Unfortunately, healthcare systems around the world lack the relevant infrastructure to track
and implement innovative pricing models such as value-based pricing agreements, and so are reluctant to adopt such innovative policies. This results in novel pharmacological therapies being denied to patients who are most at need, an opportunity missed to decrease the long term economic and disease burden on health systems, and a barrier to reimbursement for manufacturers.
The digitisation of healthcare is a key element to improving patient outcomes, their quality of life and reducing the intense burden on health systems worldwide. The healthcare industry is experiencing a paradigm shift to value-based care due to growth in demand, aging populations, chronic diseases and unsustainable levels of health related
expenditure. Health systems are transitioning toward value-based care to prevent the rationing of services and increased costs for patients and payers without compromising quality of care. Provision of healthcare from a value-based perspective is based on the underlying aim of generating optimal patient outcomes relative to the monetary spend.
Healthcare systems are advancing from ‘fee-for-service’ reimbursement models to ‘fee for performance’ systems that are linked to patient outcomes. By 2020, it is estimated that 75% of commercial payments for high cost therapies will be executed according to value-based agreements (Deloitte 2015). Value-based healthcare provision will be a fairer system that incentivizes pharmaceutical companies to develop innovative drugs and be rewarded, whilst not inhibiting the access to these medicines for patients that need them most. Value-based pricing agreements are one of a range of options within a suite of innovative pricing solutions. Ultimately, these solutions are set-up with the aim of providing access to the right medicine, at the right time for patients and at the right cost for the healthcare system and manufacturers.
Digipharm is committed to the delivery of value-based healthcare solutions beyond innovative pricing and market access solutions for pharmaceutical products. The inherent architecture of the Reimburse platform will further promote the progression of the wider health ecosystem to economically viable value-based practice. Development of alternative payment systems such as bundled payment models using smart contract technology, and focusing on the implementation of standardised outcome reporting frameworks with the assistance of industry thought leaders
will play a key role in augmenting the mass adoption of value-based healthcare provision. Distributed ledger technology combined with scalable integration solutions also provides an intelligent solution to the embedded inefficiencies and wastage that is typically associated with health related data collection, claims adjudication and the fragmented collaboration between healthcare providers and payers. Uptake of the Reimburse platform will support the
amalgamation of healthcare delivery between siloed and fragmented institutions to organise care for distinct patient cohorts whilst serving as a common platform to address allocative efficiency concerns using methods such as time driven activity based costing (TDABC).
The potential of the Reimburse platform is tremendous as it will be able to support smart contracts for both new and existing treatments as healthcare systems across the globe continue pushing the transformation to value-based care.
Cancer drugs have been the most researched in recent years and are driving the growth in the pharmaceutical drugs pipeline. This poses a considerable challenge as these drugs often bring with them a high price tag that accounts for the benefits they bring. The cost of patented cancer drugs in the US alone have increased by 5-10 fold since the turn of the century, with the average cost of drug therapy being around $100,000 per year with patients commonly responsible for
20-30% as co-payments (Kantarijan et al 2014). High prices for innovative therapy that may or may not work can result in patients refusing treatment or selecting less optimal treatment plans due to the financial difficulties they may incur (Zafar et al 2013). In the US, leading payers namely UnitedHealth group, Aetna and Anthem have nearly reached their current target of 50% of total annual healthcare spend through value-based care and simple ‘pay for performance’ agreements (Forbes 2017). Aetna seek to lead the industry with a target of 75% value-based expenditure model by 2020, as they hope to build on their current initiatives to improve quality of care and lower costs at the same time (Forbes 2017; Bach & Pearson 2015).
The Insights platform
The Insights platform will extract anonymised patient level data from the Reimburse platform and electronic patient records to the world’s first ‘live’ real-world evidence (RWE) database, that is accessible by subscribed users at real time (Figure 5). Uniform and standardised inputs to smart contracts which are encapsulated within the Reimburse platform and the architecture of Digipharms’ bespoke integration solutions to health information systems promptly address
several of the limitations that are observed with conventional RWD collection and database generation, thus expediting the time to availability of consistent and ‘ready to use’ RWE outputs. Additional health related data such as genomic data will also be linked to the Insights platform in partnership with leading evidence providers in the industry, to create an unparalleled health data marketplace in preparation for a value-based, data-driven future of healthcare. The use
of cryptographically encrypted blockchain technology also eliminates all patient privacy and data security concerns that affect current RWE generation systems. There are no such ‘live’ RWE databases currently available.
Digipharm tokens (DPH)
Digipharm (DPH) tokens will be used to pay license/access fees on Digipharm platforms. Access fees will invariably be determined and stipulated in USD value and the quantity of tokens required will depend on the type of access (manufacturer, patient, payer or provider) combined with the form of interaction required. The quantity of tokens required for such interactions is subject to change, relative to the market value of DPH.
» DPH Supply: 100,000,000 Fixed (ERC-20)
» Ticker code: DPH
» Decimal Places: 18
» Token Price 1.00 USD
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