Five tips for the reference price jungle
Substitutability, price notification, reference price, availability, the Hila process, the Kela process, exceptional reference price group, transition period, maximum wholesale price procedure or price confirmation procedure? Sounds confusing? You need to be familiar with the Finnish reference price system in order to submit price notifications appropriately and on schedule. At worst, forgetting to submit price notification may lead to the medicinal product losing its reimbursability.
The Pharmaceuticals Pricing Board (Hila) defines reference price groups and the medicinal products included in them quarterly on the basis of the list of substitutable medicinal products published by Fimea. After this, companies must notify Kela of the product’s price at the beginning of the upcoming reference price period and confirm the product’s availability. Kela will relay the information to the Pharmaceuticals Pricing Board as well as other parties that process the price information of medicinal products. Finally, Hila will publish lists of confirmed reference prices for the next quarter.
The last reference price period of the year, Q4, will start soon, and price notifications for this upcoming quarter were already submitted in early September. However, you can use the checklist below for future price notification rounds:
1. Check your medicinal products and their marketing information using the list of substitutable medicinal products published by Fimea.
2. Submit notifications of placing a medicinal product on the market to Fimea for new medicinal products placed on the market.
3. Submit price notifications to Kela for all substitutable and marketed medicinal products.
4. The price notification must also include information about the product’s availability: the product is available if it is available both at the moment the price notification is submitted as well as during the whole quarter.
5. Examine reference price decisions and submit any price change notifications.
Would you like to make sure that all of this gets done on time and correctly? DRA’s Market Access team would be happy to help you at any stage of the process, from designing pricing strategies to submitting price notifications and making price changes. Through us, you can also order tailored training in the reference price system and submitting reference price notifications. Contact us for more information