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Publication

The Economics of Precision Medicine

Marie-Valentine Renée Agnès Florin, Anjali Devi Vanapilli Nursimulu
2018
Reports

Abstract

This report from a multi-stakeholder workshop on the ‘Economics of precision medicine’ addresses the issues of cost-effectiveness, as well as the need to revise how economic and social value can be valorised and financed, and to develop new business models for fundamentally personalised gene therapies with high up-front costs.

Official source

Marie-Valentine Renée Agnès Florin, Anjali Devi Vanapilli Nursimulu
2018
Reports

Abstract

Official source

Related concepts (5)

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.

Cost–utility analysis

Cost–utility analysis (CUA) is a form of economic analysis used to guide procurement decisions. The most common and well-known application of this analysis is in pharmacoeconomics, especially health technology assessment (HTA). In health economics, the purpose of CUA is to estimate the ratio between the cost of a health-related intervention and the benefit it produces in terms of the number of years lived in full health by the beneficiaries. Hence it can be considered a special case of cost-effectiveness analysis, and the two terms are often used interchangeably.

Cost–benefit analysis

Cost–benefit analysis (CBA), sometimes also called benefit–cost analysis, is a systematic approach to estimating the strengths and weaknesses of alternatives. It is used to determine options which provide the best approach to achieving benefits while preserving savings in, for example, transactions, activities, and functional business requirements. A CBA may be used to compare completed or potential courses of action, and to estimate or evaluate the value against the cost of a decision, project, or policy.

Related publications (1)

The Economics of Precision Medicine

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