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Quantifying the Value of Personalized Medicines: Evidence from COX-2 Inhibitors.
Quantifying the Value of Personalized Medicines: Evidence from COX-2 Inhibitors.
- Source :
- Forum for Health Economics & Policy; Jan2013, Vol. 16 Issue 1, p-1, 22p, 1 Diagram, 3 Charts, 3 Graphs
- Publication Year :
- 2013
-
Abstract
- We develop a conceptual framework for estimating the value of personalized medicines. We show that personalizing medicines generates value from two sources. The first is a market-expansion effect by persons who initiate treatment due to reduced pre-treatment uncertainty about the effectiveness or side effects of treatment. The second is a market-contraction effect due to discontinuation of treatment by persons unresponsive to treatment. We apply the conceptual framework to evaluate the value of a predictive test to assess whether patients are at elevated risk for cardiac complications from COX-2 inhibitors. We find that this predictive test would yield an overall value to patients of about $16 billion per year or $1284 per likely patient. [ABSTRACT FROM AUTHOR]
- Subjects :
- CARDIOVASCULAR diseases risk factors
CONCEPTUAL structures
COST effectiveness
LONGITUDINAL method
MATHEMATICAL statistics
HEALTH outcome assessment
NONSTEROIDAL anti-inflammatory agents
PATIENTS
RESEARCH funding
CYCLOOXYGENASE 2
PARAMETERS (Statistics)
TREATMENT effectiveness
PREDICTIVE tests
CROSS-sectional method
INDIVIDUALIZED medicine
ECONOMICS
Subjects
Details
- Language :
- English
- ISSN :
- 15589544
- Volume :
- 16
- Issue :
- 1
- Database :
- Complementary Index
- Journal :
- Forum for Health Economics & Policy
- Publication Type :
- Academic Journal
- Accession number :
- 91277417
- Full Text :
- https://doi.org/10.1515/fhep-2013-0005