Collaborating with pharmaceutical companies
From an ethics and a compliance standpoint, we all recognize the reasons why we needed to better manage the way pharma reps market to providers, but for the benefit of our patients, we still need to be collaborating with Big Pharma. At Northwell, we've created an entity called Pharma Ventures that focuses attention and resources on enterprise partnerships with pharmaceutical companies. It's led by Elaine Brennan, one of our healthcare executive with a background in the pharmaceutical industry, who has helped formalize our agenda around clinical trials, research and value-based agreements.
Recognizing that pharmaceutical companies are key stakeholders in the health care ecosystem, I meet regularly with pharmaceutical company executives to discuss mutually beneficial strategies. After all, prescribing drugs as part of treatment modalities is an integral part of physicians' responsibilities, and the companies that create these drugs should be given a seat at the table to forge partnerships that can lower costs and increase efficiency.
Pharma Ventures has been exploring risk-based contracts with pharmaceutical partners, which are designed to link drug prices to drug performance with actual patients. Large health systems like Northwell can also serve as a super-site for clinical trials, where clinical researchers can recruit from multiple locations in fully integrated systems and reduce patient enrollment and site set-up costs, thanks to our systemwide electronic health record.
Northwell and pharmaceutical companies have also collaborated on a number of digital and consumer-driven initiatives we believe can leverage the combined strengths of our organizations to improve the customer experience and lower costs. These initiatives include a physician education pilot program that will help better inform physicians about clinical trials and new treatment options.