Ten years ago, if a drug delivered efficacy to the patient who was taking it, it had value. But in the past couple of years, defining value for a healthcare treatment has become far more complex, with different stakeholders disagreeing over what value means and how it should be measured.
Determining the value of any product, in any industry, is always a balancing act. With every purchase we’re looking for that tradeoff between quality and cost, and that’s true in healthcare as well. When governments, payers, provider systems, and individual patients look at healthcare, they are trying to ascertain whether the treatment delivers the balance of value and cost they desire.
The problem is that the balance changes depending on who’s making the tradeoff.
In a recent Quintiles...