Context Matters and IHS Markit Launch Strategic Pricing Tool for Pharmaceutical Industry
PriceCurrents integrates global pricing, regulatory and reimbursement data
Context Matters, Inc., a leading provider of health economics data technology for the pharmaceutical industry, and IHS Markit (Nasdaq: INFO), a world leader in critical information, analytics and solutions, today announced the launch of PriceCurrents, the first integrated data product offering from the two organizations for the life sciences industry.
PriceCurrents integrates pricing data from PharmOnline International (POLI) from IHS Markit with reimbursement and regulatory data from Context Matters’s Market Access Platform (MAP). Designed as a strategic global pricing tool for the pharmaceutical industry, PriceCurrents provides convergent visualization of associations between pricing changes and regulatory and reimbursement events. Developed with direct input from biopharmaceutical companies that are customers of both IHS Markit and Context Matters, PriceCurrents leverages a proprietary API, custom-built by Context Matters, to drive the seamless data integration.
Pilot testing of PriceCurrents started earlier this year with select clients, including Janssen Biotech, Inc. “Previously, it would have taken me and my team hours of work manually extracting data from several sources to explore how HTA and regulatory decisions can affect price changes for a particular set of drugs,” explained Dan Pettitt, Global Head of Immunology Market Access and Policy for Janssen. “With PriceCurrents, I can visualize and explore price trends on a single page within moments and even compare multiple drugs with the click of a button.”
“Context Matters was founded on the idea that there is a common theme within data from clinical trial development through market access considerations. To provide those linkages requires technology that seamlessly integrates data from multiple sources—that is the technology that we built,” said Dr. Yin Ho, M.D., M.B.A., CEO of Context Matters. “PriceCurrents is the first demonstration of our integration capabilities with third-party data. It marks the start of an exciting new phase for our technology in reaching its full potential and the beginning of a partnership that will drive future innovation in the industry.”
“The high level of change in the pharmaceutical industry makes it challenging for manufacturers and payers to come to a consensus on price-value data,” noted Gustav Ando, Senior Director & Vice President for IHS Markit. “PriceCurrents delivers a mission-critical tool to the industry that enables rapid analysis and analytical insights on how health technology assessment (HTA) and regulatory approvals shape the pricing of drug assets.”
IHS Markit and Context Matters currently offer subscription access to PriceCurrents for joint customers with wider release and availability to the tool scheduled for the fall.
About Context Matters, Inc. (www.contextmatters.com)
Context Matters modernizes and improves the process of valuing drug therapies, empowering life sciences organizations to achieve optimal reimbursement for their innovation. The Context Matters Market Access Platform (MAP) defines a new product category for global drug valuation—a configurable technology platform linking drug development and market data through a sophisticated model making comparative analysis and contextual views possible to establish reimbursement and market access. The MAP is a disruptive innovation that provides pharmaceutical and biotechnology companies direct access to the insights they need to inform key product development decisions and gain optimal reimbursement value.
About IHS Markit (www.ihsmarkit.com)
IHS Markit (Nasdaq: INFO) is a world leader in critical information, analytics and solutions for the major industries and markets that drive economies worldwide. The company delivers next-generation information, analytics and solutions to customers in business, finance and government, improving their operational efficiency and providing deep insights that lead to well-informed, confident decisions. IHS Markit has more than 50,000 key business and government customers, including 85 percent of the Fortune Global 500 and the world’s leading financial institutions. Headquartered in London, IHS Markit is committed to sustainable, profitable growth.
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