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The economic case for precision medicine.

Sean P Gavan1, Alexander J Thompson1, Katherine Payne1

  • 1Manchester Centre for Health Economics, Division of Population Health, Health Services Research and Primary Care, Faculty of Biology, Medicine and Health, The University of Manchester, Manchester Academic Health Science Centre, Manchester, UK.

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PubMed
Summary

Making precision medicine standard practice requires demonstrating its economic value. This report explains how cost-effectiveness analysis can build the economic case for precision medicine, addressing payer requirements and resource allocation challenges.

Keywords:
Cost-effectivenessdiagnostic testeconomic evaluationheterogeneitypersonalized medicineprecision medicinestratified medicineuncertainty

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Area of Science:

  • Health economics
  • Health services research
  • Precision medicine

Background:

  • Precision medicine integration into clinical practice faces payer and reimbursement barriers.
  • National and international health care policy emphasizes precision medicine advancement.
  • Limited healthcare resources necessitate robust economic justification for new medical interventions.

Purpose of the Study:

  • To explain the economic case for precision medicine.
  • To align precision medicine's value proposition with healthcare decision-makers' objectives.
  • To address barriers in demonstrating the economic benefits of precision medicine.

Main Methods:

  • Utilizing cost-effectiveness analysis (CEA) as a framework for economic evaluation.
  • Applying CEA to illustrate how patient-level heterogeneity can improve health outcomes and cost-effectiveness.
  • Examining four case studies to identify practical challenges in economic demonstration.

Main Results:

  • Precision medicine can theoretically improve population health outcomes and cost-effectiveness by leveraging patient heterogeneity.
  • Case studies highlight practical challenges in substantiating the economic case for precision medicine.
  • Early consideration of economic factors during research and development is crucial.

Conclusions:

  • The economic case for precision medicine must be established early in the research and development process.
  • Iterative generation of clinical and economic evidence, aligned with decision-maker requirements, is essential.
  • Prioritizing further research based on reducing decision-maker uncertainty can advance precision medicine adoption.