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Health Economics Tools and Precision Medicine: Opportunities and Challenges

Author

Listed:
  • Veenstra David L.

    (University of Washington, Seattle, WA, USA)

  • Mandelblatt Jeanne

    (Georgetown University, Washington, DC, USA)

  • Neumann Peter

    (Tufts University, Boston, MA, USA)

  • Basu Anirban

    (University of Washington, Seattle, WA, USA)

  • Peterson Josh F.

    (Vanderbilt University Medical Center, Nashville, TN, USA)

  • Ramsey Scott D.

    (Hutchinson Cancer Research Center, Seattle, WA, USA)

Abstract

Precision medicine – individualizing care for patients and addressing variations in treatment response – is likely to be important in improving the nation’s health in a cost-effective manner. Despite this promise, widespread use of precision medicine, specifically genomic markers, in clinical care has been limited in practice to date. Lack of evidence, clear evidence thresholds, and reimbursement have been cited as major barriers. Health economics frameworks and tools can elucidate the effects of legal, regulatory, and reimbursement policies on the use of precision medicine while guiding research investments to enhance the appropriate use of precision medicine. Despite the capacity of economics to enhance the clinical and human impact of precision medicine, application of health economics to precision medicine has been limited – in part because precision medicine is a relatively new field – but also because precision medicine is complex, both in terms of its applications and implications throughout medicine and the healthcare system. The goals of this review are several-fold: (1) provide an overview of precision medicine and key policy challenges for the field; (2) explain the potential utility of economics methods in addressing these challenges; (3) describe recent research activities; and (4) summarize opportunities for cross-disciplinary research.

Suggested Citation

  • Veenstra David L. & Mandelblatt Jeanne & Neumann Peter & Basu Anirban & Peterson Josh F. & Ramsey Scott D., 2020. "Health Economics Tools and Precision Medicine: Opportunities and Challenges," Forum for Health Economics & Policy, De Gruyter, vol. 23(1), pages 1-14, June.
    • Handle: RePEc:bpj:fhecpo:v:23:y:2020:i:1:p:14:n:1
    DOI: 10.1515/fhep-2019-0013
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    References listed on IDEAS

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    1. Ernst R. Berndt & Dana P. Goldman & John W. Rowe, 2019. "Economic Dimensions of Personalized and Precision Medicine," NBER Books, National Bureau of Economic Research, Inc, number bern-13.
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    Blog mentions

    As found by EconAcademics.org, the blog aggregator for Economics research:
    1. Chris Sampson’s journal round-up for 10th August 2020
      by Chris Sampson in The Academic Health Economists' Blog on 2020-08-10 11:00:11

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    1. Gemma E. Shields & Paul Clarkson & Ash Bullement & Warren Stevens & Mark Wilberforce & Tracey Farragher & Arpana Verma & Linda M. Davies, 2024. "Advances in Addressing Patient Heterogeneity in Economic Evaluation: A Review of the Methods Literature," PharmacoEconomics, Springer, vol. 42(7), pages 737-749, July.

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