AscellaHealth has been honored with an industry award for its innovative financial solution designed to address the affordability challenges associated with expensive treatments for rare and complex diseases. The award-winning initiative, known as the Pharma FlexFund program, was developed to tackle the funding issues that arise when dealing with cutting-edge medical interventions such as cell and gene therapies. These groundbreaking treatments, while offering potential cures for rare diseases, often come with exorbitant price tags, often costing millions of dollars.
The core concept of the Pharma FlexFund program revolves around a pay-over-time approach for payers, which assists in spreading the financial burden of these novel therapies. By doing so, it increases the likelihood of securing reimbursement for these therapies and makes them more commercially viable. This approach aligns with one of the key recommendations from a 2021 report by the BioIndustry Association (BIA), which emphasized the importance of allowing multi-year payments for cell and gene therapies.
The success of the Pharma FlexFund program played a pivotal role in AscellaHealth’s recognition as the Best Global Specialty Pharmacy & Healthcare Services Organization in this year’s Healthcare and Pharmaceutical Awards presented by Global Health & Pharma magazine. Furthermore, the program contributed to the company’s receipt of a Healthcare Eagles Award earlier in the year.
Craig Caceci, the Managing Director at AscellaHealth EU/UK, expressed his pride in the recognition received and the impact of their innovative solutions. He highlighted that their customized and novel solutions are poised to revolutionize the specialty and rare disease pharmaceutical industry by simplifying access to medications, enhancing affordability, and improving overall therapeutic outcomes. The program’s ability to facilitate the introduction of expensive, life-saving, and novel therapies to the market is expected to enable better access to treatments for patients.
The judges of the competition praised Pharma FlexFund for offering a more promising approach to funding for private healthcare organizations and the NHS, which, in turn, conserves valuable resources for further research into solutions for rare and complex diseases.
Affordability has emerged as a critical concern in the realm of cell and gene therapies, particularly due to the increasing number of these therapies coming to the fore from the pharmaceutical industry pipeline. In the United States alone, there are more than 1,500 ongoing trials related to cell and gene therapies, according to the clinicaltrials.gov register. As per a recent report by Precedence Research, the global cell and gene therapy market was estimated to be worth around $15.5 billion in 2022, with projections indicating that it could expand to more than $82 billion by 2032. This growth underscores the importance of innovative financial solutions like the Pharma FlexFund program in ensuring access to these transformative therapies.