Last week at the ISPOR annual international meeting, PhRMA partnered with multiple organizations committed to advancing value assessment research and methods. We worked with a range of academics, researchers and key stakeholders to drive constructive conversations around value assessment research that examines drugs and other treatments and services across the entire health care system; incorporating outcomes that matter to patients; and tackling diversity and health equity. PhRMA-sponsored research included:
The Innovation and Value Institute (IVI): IVI led a discussion on the extent to which the current data infrastructure can be used and improved upon to better capture what is important to patients across diverse backgrounds in both patient-focused drug development and value assessment.
Patient-Driven Values in Healthcare Evaluation (PAVE): The PAVE Center presented new research to engage patients on value elements that are important to them for COVID-19 treatments, including recovery time, time permitted from symptom onset to treatment initiation, and missed work or school related to infusion appointments, and ability to resume daily activities quickly after treatment.
RAND Corporation: RAND presented research on the extent to which diversity is represented in utility assessments — which are used to define quality of life in value assessments. They found that nearly 60% of the evidence in utility studies failed to report information on race, and less than 15% reported information on ethnicity, employment or disability status. The authors recommended ensuring transparent and diverse representation in cost-effectiveness analysis methods as a primary step toward equity in value assessment.
Research Consortium for Health Care Value Assessment (Value Consortium): Altarum, Tufts University and VBID Health led a panel that highlights how value is a system-wide issue, and the importance of applying methods to assess value not only for drugs but also other tests, treatments and services throughout health care.
In addition to this work, other academics across the country and several of the PhRMA Foundation’s Centers of Excellence in Value Assessment continue to develop and study new ways to assess and improve the value of health care.
The COVID-19 pandemic highlighted the need to improve value assessment methods — leading to a better and more efficient health care system. To do this we need to focus on equity and improve methodology. PhRMA is proud to support diversity and inclusion and make sure the patient voice is incorporated when it comes to treatment decisions and the measures used to assess value of treatment. By moving beyond outdated traditional cost-effectiveness methods and exploring new approaches to value assessment, we can ensure clinical and economic evidence better supports patients and caregivers.
To learn more about how we can better assess value, visit PhRMA.org/Value-Collaborative.