The patient engagement ecosystem takes a step forward through the launch of the Fair Market Value Calculator. The National Health Council (NHC), PFMD and many other partners have developed tools to assist all stakeholders to confidently enter into ongoing, compliant, and sustainable engagement. The shared goal: drive health care innovation based on patient and caregiver insights, collected in a trusted and high-quality manner.
The Fair Market Value Calculator
The goal of the project is to figure out how to fairly compensate patients and family caregivers when they’re involved in patient engagement in medicine development activities.
Many stakeholders are at work to figure out how a fair market calculator can be developed. It has to be context-sensitive and help identify proper ways to compensate patients and family caregivers for their time, expertise and commitment to help develop new drugs.
The final calculator product will be something companies can adapt and further customise for their own needs. The calculator will also include building blocks, such as an engagement activities list and principles, as well as patient-friendly conflict-of-interest policies and contract templates, complementing the Legal Agreements initiative.
Representatives of the industry including The European Federation of Pharmaceutical Industries and Associations (EFPIA), National Health Council (NHC) and Workgroup of European Cancer Patient Advocacy Networks (WECAN) are already leading the fair market value narrative for patient expertise and PFMD extends its support to synergise their efforts.
Why is this initiative important
Similar tools already exist for researchers and doctors when they collaborate with companies by providing their expertise, but we don’t yet have a similar mechanism to give us any sense of how patients and family caregivers should be compensated.
The Fair Market Value Contributors
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The “Patient Engagement Management Suite” is brought to you by the PFMD partnership.