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Economic Perspectives on Personalized Health Care and Prevention

Author

Listed:
  • Phillips Kathryn A.

    (University of California, San Francisco – Department of Clinical Pharmacy, 3333 California Street Box 0613, San Francisco, CA 94143, USA)

  • Sakowski Julie Ann

    (Associate Professor of Health Economics, Department of Clinical Pharmacy, UCSF and Executive Director, UCSF Center for Translational and Policy Research on Personalized Medicine)

  • Liang Su-Ying

    (Research Professor of Health Economics, UCSF Center for Translational and Policy Research on Personalized Medicine and Department of Clinical Pharmacy UCSF; and Research Economist, Department of Health Policy Research, Palo Alto Medical Foundation Research Institute)

  • Ponce Ninez A.

    (Associate Professor, UCLA Fielding School of Public Health Department of Health Policy and Management)

Abstract

The objective of this paper is to provide an overview of economic evaluation of personalized medicine, focusing particularly on the use of cost-effectiveness analysis and other methods of valuation. We draw on insights from the literature and our work at the University of California, San Francisco Center for Translational and Policy Research on Personalized Medicine (TRANSPERS). We begin with a discussion of why personalized medicine is of interest and challenges to adoption, whether personalized medicine is different enough to require different evaluation approaches, and what is known about the economics of personalized medicine. We then discuss insights from TRANSPERS research and six areas for future research:Develop and Apply Multiple Methods of Assessing ValueIdentify Key Factors in Determining the Value of Personalized MedicineUse Real World Perspectives in Economic AnalysesConsider Patient Heterogeneity and Diverse Populations in Economic AnalysesPrepare for Upcoming Challenges of Assessing Value of Emerging TechnologiesIncorporate Behavioral Economics into Value Assessments

Suggested Citation

  • Phillips Kathryn A. & Sakowski Julie Ann & Liang Su-Ying & Ponce Ninez A., 2013. "Economic Perspectives on Personalized Health Care and Prevention," Forum for Health Economics & Policy, De Gruyter, vol. 16(2), pages 23-52, June.
    • Handle: RePEc:bpj:fhecpo:v:16:y:2013:i:2:p:57-86:n:2
    DOI: 10.1515/fhep-2013-0010
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    References listed on IDEAS

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    1. Daniel Kahneman & Amos Tversky, 2013. "Prospect Theory: An Analysis of Decision Under Risk," World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 6, pages 99-127, World Scientific Publishing Co. Pte. Ltd..
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    4. Peter J. Neumann & Joshua T. Cohen & James K. Hammitt & Thomas W. Concannon & Hannah R. Auerbach & ChiHui Fang & David M. Kent, 2012. "Willingness‐to‐pay for predictive tests with no immediate treatment implications: a survey of US residents," Health Economics, John Wiley & Sons, Ltd., vol. 21(3), pages 238-251, March.
    5. Daniel Polsky, 2005. "Does Willingness to Pay per Quality-Adjusted Life Year Bring Us Closer to a Useful Decision Rule for Cost-Effectiveness Analysis?," Medical Decision Making, , vol. 25(6), pages 605-606, November.
    6. William Wong & Josh Carlson & Rahber Thariani & David Veenstra, 2010. "Cost Effectiveness of Pharmacogenomics," PharmacoEconomics, Springer, vol. 28(11), pages 1001-1013, November.
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    Cited by:

    1. Stuart J. Wright & William G. Newman & Katherine Payne, 2019. "Accounting for Capacity Constraints in Economic Evaluations of Precision Medicine: A Systematic Review," PharmacoEconomics, Springer, vol. 37(8), pages 1011-1027, August.

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