Unbiased Analysis of Today's Healthcare Issues
COVID-19 is a global pandemic and finding a vaccine for COVID-19 would be a boon to societal. The value would be enormous. One study found that the value would be more than 1.1% of GDP. Since global GDP is $87.7 trillion, the value of a vaccine would be nearly $1 trillion. In a recent colloquium…
According to a paper by Stevens et al. (2020), the answer is ‘yes’. One clear reason why it would change is if the drug’s price changes. Even if that is not the case, however, the drug may be more or less effective over time. For instance, physicians may improve their ability to manage side effects…
In general, health economists would like to have health insurers cover treatments that are welfare improving in the Pareto sense. This means, if a treatment provides more expected benefits than costs and no one is worse off (in expectation), then this treatment should certainly be covered. It could be the case, however, that people care…
Measuring treatment value is difficult. Costs are relatively easier to measure but benefits are often more difficult, particularly impact on caregiver burden, productivity, quality of life and other factors. Not only that, but the “benefits” that accrue to a person may vary by individual. Some individuals may prefer treatments that are more effective, but with…
Please see below some exciting news from the Innovation and Value Initiative (IVI) on the release of the IVI-NSCLC Value Tool. The press release is below. IVI is excited to publish our Open-Source Value Platform (OSVP) model focusing on epidermal growth factor receptor (EGFR) positive, non-squamous non-small cell lung cancer (NSCLC), and we invite public…
The Innovation and Value Initiative (IVI) where I serve as the Director of Research was recently in the news with a Journal of Clinical Pathways interview with Executive Director Jennifer Bright and Director of Scientific Communications Mark Linthicum. Some excerpts: Can you tell us about the Innovation and Value Initiative? Bright: We are working in three primary areas.…
While many advancements have been made thus far in the progression toward value-based health care, there are persistent challenges in the measurement of value. In order to deliver value-based care, health care decision makers, eg, insurers and health system administrators, need value data at their fingertips—data that are relevant to their own context and reflect…
Health technology assessment (HTA) is growing in popularity. Already widely entrenched in Europe, in the U.S. value frameworks are being used to measure the cost effectiveness of different therapies. Some of these frameworks, however, take a narrow view of societal benefits and value to include components of value to patients or society such as caregiver…