Economic evaluation of Personalized Medicine (PM) is growing, but there are several unsolved challenges that require further research and consensus.
Some of those challenges include:
- accurately assessing costs in the face of testing inaccuracies such as false negatives and false positives;
- lack of generalized and integrated observational ‘real-world’ databases for costs and health outcomes associated with PM technologies;
- fine-tuning data on testing costs;
- failure of QALY’s to capture subtleties of PM health outcomes and well-being; and
- complexity of decision analytic models which results in greater uncertainty around the final incremental cost-effectiveness ratio (ICER)
This article by Terkola et al. in the December 2017 issue of The European Journal of Health Economics details some of these challenges, calls upon greater real-world evidence, and proposes solutions to resultant uncertainty using scenario analysis for ICER outcomes.
Read more here. (Source: Euro J Health Econ, December 2017)