Beyond the Horizon: The Critical Determinants Shaping Value-Based Pricing Adoption for European Prescription Drugs
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Abstract
The expenditure on prescription medications forms a significant and growing portion of total healthcare spending. Value-based pricing (VBP) has surfaced as a possible approach to control the rising costs associated with pharmaceuticals. Nevertheless, despite in-depth conversations about value-based frameworks, implementing these models has presented difficulties, resulting in low adoption rates and frequent unsuccessful implementation. In this study, we conducted empirical research to investigate the various factors that influence the successful adoption of VBP for prescription drugs in Europe. To gather quantitative data, we administered a survey to 333 professionals working in drug manufacturing, payer organizations, pharmacies, and hospitals. Using the conceptual model and the ADANCO software, we examined seven direct and four indirect hypothesized relationships. The results revealed that five constructs, namely health information technology, value measurement, perceived behavioral control, perceived social norms, and drug selection intent impacted the adoption of VBP, mediated by contractual intent and organizational intent.