How do we measure a drug’s value? Of course safety and effectiveness matter, but Tim Riley, Executive Chairman and CEO of Wellstate Group, tells us that price has become an increasingly important criteria of value. One of the leaders in drug pricing is the National Institute for Health and Care Excellence (NICE), formerly the National Institute for Clinical Excellence, an organization that evaluates the economics of drugs, devices, and surgical techniques. NICE’s methodology is not simply focused on affordability, but encapsulates the social benefits and opportunity cost of a drug. This way, customers, clinicians, and politicians alike benefit by ensuring that each product holds the most value.
Tim Riley is an Executive Chairman of the Wellstate Group, a health policy, HTA, and market evaluations consultancy which advises on regulation and market investment. He has been a top level Government Policy Maker and a health care CEO for over 25 years. Dr. Riley led the policy and establishment of the UK’s National Institute for Health and Care Excellence (NICE); was a founder member of the NHS R&D program, a Board Member of the NIHR Health Services Research Board and led the policy development team for the UK’s National Screening Committee. He is an alumnus and member of Kings College, Cambridge University and the Berkeley School of Public Health Global Health Leadership Forum.