Fair Medicine puts transparency first
The core of the business model that Fair Medicine proposes, is open collaboration by all of the stakeholders, who freely share their knowledge and expertise in order to make the necessary products. At the end of the process, we transparently communicate how the price of the medication is structured and what the actual costs are.
The procedure
Fair Medicine uses a six-step process to develop new pharmaceuticals.
1 The choice of what we aim to develop. If a good, affordable product is already on the market, then we will not intervene. We will only develop new drugs if a medically necessary product or therapy is legally and technically feasible.
2 A coalition is formed around the product selected. This coalition includes patient associations, physicians, a UMC, researchers, a pharmaceutical company and investors. The coalition shares joint responsibility for the product development.
3 Together with the coalition, Fair Medicine will draw up a development plan that includes a prognosis of the costs of investment and which parties will provide what contributions.
4 The coalition will form a separate legal entity, such as a product B.V., which will commit to the charter of the Fair Medicine Foundation.
5 During the development, production and registration of the product, the partners will meet at least once per year to discuss and amend the development plan in consultation with the Fair Medicine Foundation. Once the product is delivered, the investments will be itemised and the market price for the product will be determined.
6 When the medicine is released to the market, the product and price will be evaluated, monitored, and corrected as necessary. Time and resources will also be set aside for the development of a second generation of the product, if scientifically feasible.