Reference pricing policy in Northern European countries

Abstract

Introduction: This paper explores the distinct characteristics of the reference pricing policy and the regulatory mechanisms governing the interactions among the pharmaceutical market, medical sector, and consumers. It presents a case study of five Northern European states. These countries demonstrate a notable correlation between economic factors and healthcare expenditures, which serves as a key indicator of the citizens’ overall well-being. Methodology: A methodical exploration of the literature was undertaken by utilizing scientific-referencing journal databases, namely Science Direct, Google Scholar, DOAJ, and PubMed. The search aimed to identify published papers pertaining to the subjects of “reference pricing” and “pharmaceutical market regulation.” Certain articles were omitted from consideration based on specific criteria, including unavailability in the English language, incomplete accessibility, or content misalignment with the review’s intended purpose. Results: The implementation of the reference pricing system in Northern European countries has led to a significant reduction in state-budget expenditures on medications and alleviated the financial burden of out-of-pocket payments for beneficiaries. Simultaneously, there has been an expansion in the utilization of generic medicines. It is important to highlight that the effectiveness of this reform was contingent upon the integration and execution of multiple regulatory mechanisms. Conclusion: In countries where the necessary legal framework has been established and enforcement procedures, as well as continuous monitoring, are underway, a favorable and competitive environment has been established in the pharmaceutical market. The implementation of reference pricing policy has proven to be highly cos-effective, ensuring that high-quality pharmaceutical products are accessible to the general beneficiaries.