Having joined Blue Fin Group in June 2018, I am excited to support the firm’s mission to collaborate with healthcare companies of all sizes and stages, enabling them to achieve their strategic, operational and financial potential. One aspect of the culture at Blue Fin Group that drives all client engagements is a passion for connecting patients to products with a focus on the patient experience.
The U.S. healthcare economy is the largest, fastest growing, and arguably the most complex of all industries, so at times it can be easy to lose sight of the fact that patients and their health care needs are at the center of this complex ecosystem. According to the Centers for Medicare & Medicaid Services (CMS), U.S. healthcare spending grew to an estimated $3.5 trillion in 2017 – the highest per capita spend of any nation globally. Despite this significant investment and the introduction of innovative healthcare solutions, epidemiology studies find the life expectancy in the United States is trending down and is ranked in the bottom half of industrialized countries. Rising costs and less than ideal patient outcomes demand the attention of public and private healthcare stakeholders and magnify the need to shift toward value-based healthcare models. In transformative times such as these when healthcare cost containment as a mandate is juxtaposed with approvals of new specialty therapies outpacing traditional treatments, it is often the patient who feels the squeeze most significantly.
Health outcomes that matter to patients are what drive overall value within the market and what should be driving commercialization strategies. Blue Fin Group is skilled at developing healthcare commercialization strategies that utilize components across the five “P’s” relating to the commercialization process: product, patient, prescriber, payer and pharmacy (distribution). Commercialization strategies today require careful consideration of the impact evolving healthcare economy market dynamics have on the 5P’s – with special attention to the patient experience – starting from the clinical trial phase through FDA approval and launch. For example, patients with high unmet need may be enrolled in a compassionate use or Named Patient Program following a clinical trial until a drug is FDA-approved. It is fundamentally important to understand the patient’s needs, wants and values as early in the product lifecycle as possible, and then to provide seamless solutions to improve patient access to care upon commercial availability. Barriers such as cost or availability should never stand in the way of patients getting the treatment they deserve.