How value-based policy interventions influence price negotiations for new medicines: An experimental approach and initial evidence

•Confidential agreements make it difficult to assess pricing policies for new medicines.•An approach to study policy interventions in pharmaceutical price negotiations is presented.•Existing therapy alternatives influence the outcomes of price negotiations for new therapies.•A value framework mitigates this effect in favour of increased societal outcomes.•Further development of the approach could support reforms of pharmaceutical pricing policies.