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Published on: May 18, 2020
Biopharmaceuticals: the economic equation.
Erwin A Blackstone1, Joseph P Fuhr
1Erwin A. Blackstone, PhD, is a professor of economics at Temple University in Philadelphia. Joseph P. Fuhr Jr., PhD, is a professor of economics at Widener University, in Chester, Pa., and an adjunct research professor for the Department of Health Policy, Thomas Jefferson University, in Philadelphia.
As biologic therapies enter the market, understanding their long-term economic impact is crucial. Policy decisions will shape the appreciation of their value and influence cost-effectiveness, biosimilars, and pricing.
Area of Science:
- Health Economics
- Pharmaceutical Policy
- Biotechnology
Background:
- Increasing market presence of biopharmaceutical products.
- Growing need for economic evaluations of biologic therapies.
Purpose of the Study:
- To highlight the importance of understanding the economic value of biologic therapies.
- To emphasize the role of policy in realizing the full economic benefits of these treatments.
Main Methods:
- Analysis of market trends in biopharmaceuticals.
- Review of economic evaluation frameworks for healthcare interventions.
Main Results:
- Biologic therapies present complex economic considerations.
- Long-term value appreciation is contingent on policy and market dynamics.
Conclusions:
- Policy decisions are essential for understanding the cost-effectiveness and market integration of biopharmaceuticals.
- Further research is needed to fully quantify the economic impact of biologic therapies.
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