Perspectives by the Leerink Center for Pharmacoeconomics

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/ [https://nam12.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.mciuw.com%2Fservice%2Fclinical-trial-funding-insurance%2F&data=05%7C02%7Ckmccaughey%40growthential.com%7C9b9877e10ebd4327310008deb5c6a9d6%7C71c628747adb45b5a54de9e819d8d66e%7C0%7C0%7C639148062123138909%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=qtbn1dWvjXAskP6nlL%2BfNclCdI9Myjya%2BmkjeAxLKkk%3D&reserved=0]

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/ [https://nam12.safelinks.protection.outlook.com/?url=https%3A%2F%2Fcevr.tuftsmedicalcenter.org%2F&data=05%7C02%7Ckmccaughey%40growthential.com%7C10e509af57ed499e1d8808deaf89015e%7C71c628747adb45b5a54de9e819d8d66e%7C0%7C0%7C639141200174507293%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=OWOrEHJ17yNsUvyVtsCtZGEH2M4km7td%2BhiBSOTbE2k%3D&reserved=0] US vs. MFN CEA thresholds paper: https://academic.oup.com/healthaffairsscholar/article/4/4/qxag081/8586328 [https://nam12.safelinks.protection.outlook.com/?url=https%3A%2F%2Facademic.oup.com%2Fhealthaffairsscholar%2Farticle%2F4%2F4%2Fqxag081%2F8586328&data=05%7C02%7Ckmccaughey%40growthential.com%7C10e509af57ed499e1d8808deaf89015e%7C71c628747adb45b5a54de9e819d8d66e%7C0%7C0%7C639141200174530088%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=3kOeZ9HmQJ8JOIAPSMTv4FMdwMG%2BYSbElz6hHBDMJO4%3D&reserved=0] Cost-effective price vs. Medicare negotiated price paper:  https://pubmed.ncbi.nlm.nih.gov/40939703/ [https://nam12.safelinks.protection.outlook.com/?url=https%3A%2F%2Fpubmed.ncbi.nlm.nih.gov%2F40939703%2F&data=05%7C02%7Ckmccaughey%40growthential.com%7C10e509af57ed499e1d8808deaf89015e%7C71c628747adb45b5a54de9e819d8d66e%7C0%7C0%7C639141200174555415%7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4zMiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=q5dcIDuoq8XDHSZ17shl2Q1iVDKac1RyHwH0VNDTIUo%3D&reserved=0]

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.

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.

Specialty Drug Coverage Predictions with James Chambers, PhD, MPharm, Professor of Medicine, CEVR, Tufts Medical Center

Melanie Whittington, PhD, Head of the Leerink Center for Pharmacoeconomics, interviews James Chambers, PhD, MPharm, Professor of Medicine in the Center for the Evaluation of Value and Risk in Health at Tufts Medical Center, to dig into specialty drug coverage and what it might look like in 2026.