What is a Value-Added Medicine?
Innovation normally occurs incrementally not as a major breakthrough. In any industry, value-added products are defined economically as having an ‘extra’ feature(s) of interest (product, service) that goes beyond standard expectations and provide something ‘more’. Value-added features can give competitive edges to products. In the pharmaceutical industry, incremental innovation often results in a Value-Aadded Medicine (VAM). VAMs have been defined by Medicines for Europe as “medicines based on known molecules that address healthcare needs and deliver relevant improvement for patients, healthcare professionals and/or payers.
In the US, Value-added medicines are often considered patient-centric and focused on improving the patient quality of life and life expectancy. VAM Week is a week-long recognition of the importance of Value-Added Medicines in the United States Healthcare system. The VAM Week Conference is a meeting of thought leaders from regulatory authorities, the biopharma industry and solution providers to share ideas, successes and best practices in the development and commercialization of Value-Added Medicines