Understanding The Value Of Innovations In Medicine

Today, there was an excellent briefing put on by Health Affairs at the National Press Club. The topic was “Understanding the Value of Innovations in Medicine” and the briefing contained two panel discussions (see agenda).  The first panel , “Many Stakeholders, Many Values: Measuring Value In A Diverse Healthcare” featured expert economists, epidemiologists, and patient advocates and was moderated by Sam Nussbaum, who also serves as the Chair of the Innovation and Value Initiative’s Strategic Advisory Panel.   Bios of all panelists are here.

  • Lou Garrison presented on the ISPOR value Framework.
  • Rena Conti discussed how well prices currently align  with value in the pharmaceutical market.
  • Darius Lakdawalla highlighted the importance of measuring value to the patients, including less well known components of value such as the value of hope, option value, and insurance value.
  • Jeroen Jansen focused on the need for open source, transparent models to measure value.
  • Anna Hyde discussed the need to incorporate the patient’s perspective into any value assessment.

The second panel on “What’s Next For Value-Based Reimbursement In Healthcare?” was lead by Alan Weil, the editor in chief of Health Affairs. The panelists included:

  • Peter Neumann – A Tufts Professor and Chair of the Second Panel on Cost Effectiveness in Health and Medicine
  • Alan Balch – CEO of the Patient Advocate Foundation and National Patient Advocate Foundation
  • Michael Sherman – The senior vice president and chief medical officer of Harvard Pilgrim Health Care.
  • Kavita Patel, a nonresident fellow at the Brookings Institution, was not able to make the meeting due to a last minute family emergency and Darius Lakdawalla sat in her place for the discussion.

You can view video of the whole panel discussion here and also view the slide presentations from the first panel here.  It was a very interesting morning and well worth the trip to DC.

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