Economic Perspectives on Personalized Health Care and Prevention

Phillips Kathryn A. (), Sakowski Julie Ann, Liang Su-Ying and Ponce Ninez A.
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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

Forum for Health Economics & Policy, 2013, vol. 16, issue 2, S23-S52

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

Keywords: costs and cost-effectiveness analysis; economics; health policy; individualized medicine; personalized medicine; preferences measurement (search for similar items in EconPapers)
Date: 2013
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DOI: 10.1515/fhep-2013-0010

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