Finding Value in Healthcare
The notion of value in healthcare is incredibly important in 2014. There is, perhaps, no better therapeutic area than in oncology to look for value in healthcare. Why? Because there are so many new treatments that have come on the market in the past few years and many more treatments that are in development.
When we have options, we look for value. We know that we can find health outcomes that will help people live longer but, also, to live a better quality of life for their remaining time as a cancer survivor.
When we introduce cost into the equation, we see that there are value messages. We need to be able to understand those value messages and compare them with our options so that patients, in consultation with their healthcare providers, can make informed decisions.
It’s not just patients, however, who are looking for value. Insurance companies, including the private sector, as well as public payers like Medicare and Medicaid, are looking for value.
What we need to then look for is evidence of cost and improved health outcomes, and bring these 2 series of evidences together to look for value.