Publication

Value Creation in Precision Medicine: Acknowledging the Need to Devise New Ways to Measure. The Value of Healthcare

2019
Working Papers

Abstract

Precision medicine holds the promise of bringing the right treatment to the right patient at the right time with the upside of reduced undesirable effects. But the impact on healthcare costs are not clear. While targeting of conventional drugs through precision diagnostics may be relatively cost-effective and provide better performance and reduced side effects, fully personalised precision medicine treatments, such as cancer gene therapies, are generally high cost at least in the short term.

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2019
Working Papers

Abstract

Official source

Related concepts (17)

Personalized medicine

Personalized medicine, also referred to as precision medicine, is a medical model that separates people into different groups—with medical decisions, practices, interventions and/or products being tailored to the individual patient based on their predicted response or risk of disease. The terms personalized medicine, precision medicine, stratified medicine and P4 medicine are used interchangeably to describe this concept though some authors and organisations use these expressions separately to indicate particular nuances.

Molecular diagnostics

Molecular diagnostics is a collection of techniques used to analyze biological markers in the genome and proteome, and how their cells express their genes as proteins, applying molecular biology to medical testing. In medicine the technique is used to diagnose and monitor disease, detect risk, and decide which therapies will work best for individual patients, and in agricultural biosecurity similarly to monitor crop- and livestock disease, estimate risk, and decide what quarantine measures must be taken.

Cost-effectiveness analysis

Cost-effectiveness analysis (CEA) is a form of economic analysis that compares the relative costs and outcomes (effects) of different courses of action. Cost-effectiveness analysis is distinct from cost–benefit analysis, which assigns a monetary value to the measure of effect. Cost-effectiveness analysis is often used in the field of health services, where it may be inappropriate to monetize health effect.

Related publications (1)

Value Creation in Precision Medicine: Acknowledging the Need to Devise New Ways to Measure. The Value of Healthcare

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