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Economics and Precision Medicine
Katherine Payne1, Sean P Gavan2
1Manchester Centre for Health Economics, Division of Population Health, Health Services Research and Primary Care, School of Health Sciences, Faculty of Biology, Medicine and Health, The University of Manchester, Manchester, UK. Katherine.Payne@manchester.ac.uk.
Handbook of Experimental Pharmacology
|June 29, 2022
Summary
Generating robust economic evidence is crucial for implementing precision medicine. Health economic analysis techniques demonstrate the value of precision medicine, ensuring cost-effective strategies for future patient benefit.
Area of Science:
- Health Economics
- Precision Medicine
- Translational Science
Background:
- Implementing precision medicine requires strong economic evidence for decision-makers.
- Understanding the value of precision medicine compared to standard treatments is essential.
- Early economic evaluation can improve the translation of precision medicine into practice.
Purpose of the Study:
- To describe health economic analysis techniques for precision medicine.
- To highlight advances in economic analysis relevant to precision medicine.
- To emphasize the importance of economic evidence for resource allocation.
Main Methods:
- Review of health economic analysis techniques.
- Explanation of advances in economic modeling for precision medicine.
- Discussion of empirical methods for quantifying stakeholder preferences.
Main Results:
- A range of economic evidence generation techniques are available.
- Economic analysis can inform the design of precision medicine interventions and delivery models.
- Addressing delivery constraints enhances the value and uptake of precision medicine.
Conclusions:
- Economic evidence is essential for the successful integration of precision medicine into routine care.
- Cost-effective precision medicine strategies will improve future patient outcomes.
- Health economic analysis supports informed resource allocation for precision medicine.
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