How do you calculate what a “fair” price is for a drug? This nonprofit has a method –– and it's been called 'big pharma's biggest threat.' (WBUR)
Steven D. Pearson is the Founder and President of the Institute for Clinical and Economic Review, which aims to calculate fair prices for drugs. .
It might seem dull. And the name — the Institute for Clinical and Economic Review — could make anyone feel drowsy. But this quiet office is actually a powerful player in the increasingly furious fight over American drug prices.A whiteboard at one desk hints at its role. The writing reads: peanut allergy, heart disease, rheumatoid arthritis and an abbreviation — UPI, for"unsupported price increase.
ICER calculates how much each drug extends a patient's life and improves their life. It uses a complex economic model; in the simplest terms, it considers a drug cost-effective if it costs no more than $150,000 per year of quality life it gives the average patient. "Consequently, we have no rational signpost for when something is too expensive or fairly priced," Sherman said."ICER has stepped into that void, and fills that role and provides information to entities like Harvard Pilgrim."
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