We work to make our medicines available by considering both effective affordability strategies and innovative solutions to disease management, as well as off-patent solutions to complement our innovative medicines portfolio.
We aim to price our new medicines based on the value they deliver to patients, healthcare systems and society. For example, cost offsets from prevented hospitalizations have played an important role in the way our treatment for heart failure is priced.
To help improve the affordability of our medicines, we strive to take into account income levels, local affordability barriers and economic realities, while maintaining the sustainability of our business. In developing countries, for instance, we have introduced local brands of many innovative therapies in an effort to address affordability issues, expand access, and help reduce the time lag between the availability of our innovative products in higher-income and lower-income countries. Initial estimates indicate that, compared to traditional commercial models, this approach enables us to reach from three to five times more patients in low- to middle-income countries.
As part of our global access strategy reviews, we plan to conduct regular reviews of prices and affordability strategies to help ensure alignment with our access principles. At the same time, we are working to scale our patient assistance programs and social business models in order to expand their reach and impact.