Panel releases best practices in cost-effectiveness analysis
Findings from the Second Panel on Cost-Effectiveness in Health and Medicine detail best practices in cost-effectiveness analysis.
Findings from the Second Panel on Cost-Effectiveness in Health and Medicine detail best practices in cost-effectiveness analysis.
Recently, the Journal of the American Medical Association (JAMA) published findings and recommendations from the Second Panel on Cost-Effectiveness in Health and Medicine, detailing what the authors consider to be best practices in the field. Findings from the original panel were first published in 1996, and since then, cost-effectiveness analysis (CEA) has become a field of increasing interest, particularly with emerging frameworks and tools that rely on CEA to quantify the value of medicines. This includes the framework developed by the Institute for Clinical and Economic Review.
Several of the panel’s recommendations, developed by academic thought leaders in the field of CEA, echo positions in PhRMA’s Principles for Value Assessment Frameworks released earlier this year. Highlights from the Second Panel on Cost-Effectiveness in Health and Medicine include:
The panel also notes key areas for future research, including use of multiple-criteria decision analysis and group decision-making; use of CEA and value-based pricing or coverage or clinical guideline decisions; the link between CEA and incentives for innovation; comparisons of community versus patient preferences used to calculate quality-adjusted life years; and family spillover effects.
While stakeholders may disagree on the appropriate role of cost-effectiveness analysis in health care, most would agree that we should start with strong methods. Advancing sound models for value assessment is just one element of PhRMA’s agenda in support of value-driven health care.
Learn more about PhRMA’s position on value-driven health care here.