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Cost-effectiveness and dynamic efficiency: does the solution lie within?

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Title: Cost-effectiveness and dynamic efficiency: does the solution lie within?
Authors: Camejo, RR
Miraldo, M
Rutten, F
Item Type: Journal Article
Abstract: The majority of the current systems spread across the world require the demonstration of the value of pharmaceuticals to be done with an acceptable degree of certainty before a technology is funded. Often involving the notion of cost-effectiveness, one of the key characteristic of such assessments tends to be the consideration of efficiency as a static outcome; with a strong emphasis on current health gains but a disregard of the impact of decision making on the potential health value over time. In this manuscript we argue that current systems using cost-effectiveness thresholds may provide an incomplete indicator of value and defend that funding decisions should be informed by dynamic efficiency considerations by considering both the current and the future value of achieving a certain level of effectiveness in a disease area. We further lay down the foundations for the implementation such framework.
Issue Date: 24-Feb-2017
Date of Acceptance: 30-Nov-2016
URI: http://hdl.handle.net/10044/1/42922
DOI: https://dx.doi.org/10.1016/j.jval.2016.12.004
ISSN: 1524-4733
Publisher: Elsevier
Start Page: 240
End Page: 243
Journal / Book Title: Value in Health
Volume: 20
Issue: 2
Copyright Statement: © 2017, International Society for Pharmacoeconomics and Outcomes Research (ISPOR). Published by Elsevier Inc. This manuscript is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International http://creativecommons.org/licenses/by-nc-nd/4.0/
Keywords: cost-effectiveness
dynamic efficiency
pharmaceutical innovation
value framework
Health Policy & Services
1117 Public Health And Health Services
1402 Applied Economics
Publication Status: Published
Appears in Collections:Imperial College Business School