Published on Jun 23, 2014
Dr. Steven Pearson, president, Institute for Clinical and Economic Review, discusses the differences in how payers, patients and the pharmaceutical industry consider the definition of “value.” According to Dr. Pearson, “value” is more than just the acquisition cost of a medication, device or other health service—it also involves an assessment of the benefits relative to the costs.
He points out that there is a need for a conceptual framework to help different stakeholders understand what is included in the consideration of value, how best to measure it, and how to demonstrate it. He also notes that it can be difficult to integrate all of these different approaches into an evaluation.
Dr. Pearson spoke with us between his presentations on this topic on June 16, 2014, at the HTAi 11th Annual Meeting in Washington, DC.