The pharmaceutical and biotech industries have made tremendous contributions to improving human health by developing new treatments, drugs, and vaccines. However, there is still a significant gap in healthcare outcomes between different racial, ethnic, and socioeconomic groups. This gap is due, in part, to the lack of representation of diverse populations in clinical trials and the high cost of many life-saving treatments. As a result, there is an urgent need for the pharmaceuticals and biotech industries to prioritize health equity.

The statistics are clear: racial and ethnic minorities have higher rates of chronic diseases, such as diabetes and heart disease, and are less likely to have access to preventive care and effective treatments. For example, according to the U.S Health and Human Services, OMH African Americans are 60% more likely to have diabetes than non-Hispanic whites, and Hispanic Americans are nearly twice as likely to die from liver disease as non-Hispanic whites. These disparities are not only unjust but also have significant economic consequences. According to a 2018 study by the W.K. Kellogg Foundation and Altarum the cost of health inequities in the US is estimated to be $93 billion per year.

One solution is to increase the representation of diverse populations in clinical trials. Currently, most clinical trials are conducted in wealthy, developed countries, with limited participation from low-income countries and minority populations. By recruiting more diverse participants, pharmaceutical and biotech companies can ensure that their products are effective for all patients, regardless of their background. In addition, these companies can work with community organizations and patient advocacy groups to engage with underrepresented populations and educate them about clinical trial opportunities.

However, part of it is a pipeline and representation problem. Underrepresented populations are also not seen enough in the hospitals, laboratories and the clinical research centers to encourage and educate those that need the services the most. An example of this is Johnson and Johnson's initiative to improve physician diversity. This helps to increase participation in clinical trials. We need to increase the diversity of the clinical trial workforce at all levels.

Another solution is to ensure that pricing and reimbursement policies do not create barriers to access for underserved communities. Many life-saving treatments are prohibitively expensive for low-income patients, leading to disparities in access and outcomes. By working with policymakers and insurance providers to develop pricing models that are more affordable for all patients, pharmaceutical and biotech companies can help address this issue.

One success story is Pfizer's partnership with GAVI to develop a vaccine for pneumococcal disease, a leading cause of death among children in developing countries. This partnership helped make the vaccine available at an affordable price to low-income countries, and has saved millions of lives. Through partnerships with government and nonprofit organizations, pharmaceutical and biotech companies can expand access to this life-saving vaccine and help save millions of lives.

Health Equity is an urgent issue that requires the attention and action of the pharmaceutical and biotech industries. There is a medical, business and legal case for health equity so more pharmaceutical and biotech companies should be paying attention. By increasing the representation of diverse populations in clinical trials and working to ensure that pricing and reimbursement policies do not create barriers to access for underserved communities, these companies can help close the gap in healthcare outcomes and improve the health and well-being of all patients. With the right partnerships and investments, pharmaceutical and biotech companies can make a significant impact in the fight for health equity.

What are you doing towards achieving health equity in clinical trials? It takes a village so let's collaborate!