Perspectives by the Leerink Center for Pharmacoeconomics

Perspectives by the Leerink Center for Pharmacoeconomics

By The Leerink Center for PharmacoeconomicsBusinessInvesting
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Perspectives by the Leerink Center for Pharmacoeconomics episodes

  • How Does 340B Impact the Economics of a Drug? A 340B 101 with Sabrina Aery

    Sabrina Aery, a 340B expert with more than 30 years of experience across hospitals, health plans, pharmaceutical manufacturers, and consulting, joins Perspectives to provide a 340B 101. She discusses the foundations of the program, how it works in practice, and how the program layers into the broader pharmaceutical pricing system. The episode concludes by discussing how the 340B program can impact the economics of a prescription drug and what biotech investors and executives can consider when evaluating potential 340B exposure.

    Topics discussed include:

    • Who qualifies as a 340B covered entity and which patients and drugs may fall within the program
    • How 340B ceiling prices are determined
    • How 340B can affect gross-to-net, net price, and revenue forecasting
    • Three things biotech executives and investors can examine to assess a product’s potential 340B exposure

      • Whether you work in biotech or simply want to better understand the U.S. drug pricing system, this episode explains 340B and why it matters.

      Show links:

      Report - BRG - The Size of the 340B Program - October 2026_20260928012221.pdf

      Drug Channels: The 340B Program Hit $100 Billion in 2025: Has It Become Too Big to Reform?

      Growth in the 340B Drug Pricing Program

      Analysis of 340B modifier usage in Medicare Part B claims - ADVI

      Date recorded: October 2, 2026

      51 min
    • How Do WAC, AMP, ASP, 340B, and MFP Fit Together? A Branded Drug Pricing 101 with Inma Hernandez

      Inma Hernandez, PharmD, PhD, Senior Advisor for Drug Prices at the Centers for Medicare and Medicaid Services, joins Perspectives to give an overview of drug pricing regulatory dynamics for branded drugs in the US. The episode is a step-by-step walkthrough of the different prices a branded drug can have in the U.S. and how those prices are established across commercial insurance, Medicaid, Medicare Part B, and Medicare Part D. Inma explains the alphabet soup of WAC, AMP, best price, ASP, and MFP; how rebates and statutory discounts translate list prices into the net prices realized by innovators; and how pricing decisions in one market can spill over into others. The episode then layers in 340B and the drug pricing provisions within the Inflation Reduction Act. Consider this a U.S. Branded Drug Pricing 101 taught by a nationally recognized expert in pharmaceutical pricing and policy with a graphical representation linked below that is worth printing for your desk.

      Topics discussed include:

      • How net prices for branded drugs are established across commercial insurance, Medicaid, Medicare Part B, and Medicare Part D
      • The differences between WAC, AMP, best price, ASP, and MFP
      • How commercial rebates can spill over into Medicaid and 340B through best price
      • How 340B impacts the economics of a drug across different insurance markets
      • How inflation rebates and Medicare drug price negotiation add another layer to this framework

        • Graphical Representation Created by Dr. Hernandez: Microsoft PowerPoint - Keynote_OPENING_Inma_ISPOR 2026

        1 hr 5 min
      • Can Health Economics Lead to Better Biotech? A Conversation with Rob Abbott

        Rob Abbott, CEO of ISPOR, joins Perspectives to talk about why health economics and outcomes research (HEOR) has become more relevant for biotech founders, executives, and investors. The conversation challenges the common perception that HEOR is primarily a post-approval exercise used to support pricing and reimbursement. Instead, Rob discusses how evidence generation, economic modeling, and value strategy can shape clinical development, inform investment decisions, and strengthen the commercial potential of new therapies. The episode concludes with a discussion of ISPOR's Healthcare Investment Summit that will be held in September 2026 and will convene investors, drug developers, and value strategists to translate HEOR into early-stage investment decisions and drug development.

        Topics discussed include:

        • Two HEOR activities biotech companies should do before Phase III
        • Four questions investors can ask management teams to gauge commercial opportunity
        • Novel applications of HEOR and their usefulness for biotech executives and investors
        • ISPOR's Healthcare Investment Summit and what biotech leaders and investors might get out of attending

          • Show links:  https://www.ispor.org/conferences-education/conferences/upcoming-conferences/ispor-healthcare-investment-summit-2026

          44 min
        • What Happens When Drug Pricing Meets Trade Policy? A Conversation with Ron Lanton

          Ron Lanton, the Founder and President of Lanton Strategies International, joins Perspectives by the Leerink Center for Pharmacoeconomics to discuss the use of trade mechanisms to address pharmaceutical pricing. Ron provides insight into the growing intersection of pharmaceutical pricing and international trade policy, why recent developments could be significant, and what it could mean for biopharmaceutical companies, investors, and patients.

          Topics discussed include:

          • U.S. Trade Representative’s recent Section 301 investigation into Germany’s drug pricing and reimbursement practices
          • U.S.-U.K. drug pricing arrangement
          • Use of trade mechanisms to address pharmaceutical pricing
          • Implications for biotech investors and executives
            • 46 min
          • Can Clinical Trial Failure Be Insured? A Conversation with Tomas Philipson

            Dr. Tomas Philipson, former Acting Chairman of the White House Council of Economic Advisers and Professor Emeritus at the University of Chicago, joins Perspectives by the Leerink Center for Pharmacoeconomics to discuss a new insurance model he developed that insures biotech investments against clinical trial failure. He explains how this insurance could reshape the way risk is managed in life sciences innovation and could expand access to capital for biotech. The second half of the episode turns to drug pricing policy where Philipson shares his perspectives on current and proposed reforms.

            Topics discussed include:

            • A new insurance model for clinical trial failure
            • The role of AI in underwriting these insurance policies
            • Perspectives on the Inflation Reduction Act, Medicare drug price negotiations, and Most Favored Nation pricing
            • A NATO-style approach to global drug spending

              • Episode Links:

              https://www.mciuw.com/service/clinical-trial-funding-insurance/

               

              46 min
            • Are We Pricing Drugs Right? A Conversation with Peter Neumann on How Innovation is Valued Globally

              In this episode of Perspectives by the Leerink Center for Pharmacoeconomics, host Mel Whittington sits down with renowned health economist Dr. Peter Neumann following the annual meeting of the Center for the Evaluation of Value and Risk in Health (CEVR) at Tufts Medical Center. Drawing from conversations that took place at the meeting, Mel and Peter explore some of the questions that are shaping how innovation is valued globally.

              The discussion covers:

              • Whether cost-effectiveness analysis captures all the factors that are considered when pricing a drug  
              • How payers use outcomes assessments to shape, and sometimes restrict, coverage decisions
              • What Medicare drug price negotiations and MFN proposals reveal about “value-based pricing”
              • The distinction between price and value and whether current frameworks adequately reward innovation
              • The growing debate around centralized health technology assessment in the U.S.
              • Why the field may be moving toward narrower definitions of value over time

                • This episode offers a window into the economic debates influencing how medicines are evaluated, reimbursed, and ultimately brought to patients. 

                CEVR webpage : https://cevr.tuftsmedicalcenter.org/

                US vs. MFN CEA thresholds paper: https://academic.oup.com/healthaffairsscholar/article/4/4/qxag081/8586328

                Cost-effective price vs. Medicare negotiated price paper:  https://pubmed.ncbi.nlm.nih.gov/40939703/

                47 min
              • What’s Behind Drug Pricing: The Hidden Role and Limits of Cost-Effectiveness Analysis
                In this episode of Perspectives by the Leerink Center for Pharmacoeconomics, Melanie Whittington breaks down a fundamental—and increasingly consequential—question in health economics: what counts as value in cost-effectiveness analysis?
                For biotech leaders and investors, Mel cautions that this isn’t just an academic debate. The frameworks adopted by HTA bodies influence pricing, access, and ultimately, how innovation is rewarded.
                40 min
              • Making Value Propositions Clearer with Peter Kolchinsky, PhD, Founder and Managing Partner, RA Capital Management
                Melanie Whittington, PhD, Head of the Leerink Center for Pharmacoeconomics, talks with Peter Kolchinsky, PhD, Founder and Managing Partner of RA Capital Management, to discuss if the U.S. market-based approach to pricing novel prescription medicines could result in paying more than they are worth and if companies and company builders should use health economic modeling to support their value propositions.
                46 min
              • The National Pharmaceutical Council President and CEO & Former Trump Drug Pricing Advisor, John O’Brien, PharmD, MPH
                Melanie Whittington, PhD, Head of the Leerink Center for Pharmacoeconomics, talks with John M. O'Brien, PharmD, MPH, President and CEO of the National Pharmaceutical Council & Former Trump Drug Pricing Advisor, to tackle some big questions like if it is possible to reward innovation without busting budgets and how to get to a sustainable, innovation-friendly, patient-centered drug pricing system. Additional resources:
                Subscribe to NPC’s Newsletter
                https://www.npcnow.org/subscribe-updates
                IRA Impact on Pharmaceutical Investment: Insights From Investor Interviews (Health Affairs Scholar)
                https://academic.oup.com/healthaffairsscholar/article/3/9/qxaf156/8223954
                How Time Is Accounted For When Modeling Pharmaceutical Impacts: Investment vs Assessment Perspectives (Health Affairs Scholar)
                https://academic.oup.com/healthaffairsscholar/article/3/9/qxaf169/8244606
                The IRA and Drug Development: Potential Early Signals of Impact on Post-Approval Clinical Trials (Therapeutic Innovation & Regulatory Science)
                https://link.springer.com/article/10.1007/s43441-025-00774-2
                Subsequent Indications in Oncology Drugs: Pathways, Timelines, and the Inflation Reduction Act (Therapeutic Innovation & Regulatory Science)
                https://link.springer.com/article/10.1007/s43441-024-00706-6
                Unintended Consequences of the Inflation Reduction Act: Clinical Development Toward Subsequent Indications (American Journal of Managed Care)
                https://www.ajmc.com/view/unintended-consequences-of-the-inflation-reduction-act-clinical-development-toward-subsequent-indications
                The Impact of the Inflation Reduction Act’s Drug Price Negotiation Program on Incentives for Clinical Development of New Drugs (Value in Health)
                https://www.valueinhealthjournal.com/article/S1098-3015(25)02527-6/fulltext?_returnURL=https%3A%2F%2Flinkinghub.elsevier.com%2Fretrieve%2Fpii%2FS1098301525025276%3Fshowall%3Dtrue
                Follow John O’Brien on LinkedIn
                https://www.linkedin.com/in/drjmob/
                38 min

              About Perspectives by the Leerink Center for Pharmacoeconomics

              From the publisher's feed

              Welcome to Perspectives, a signature podcast series from the Leerink Center for Pharmacoeconomics. Hosted by Dr. Mel Whittington, a health economist and Head of the Center for Pharmacoeconomics, we…