IDEAS home Printed from https://ideas.repec.org/a/bpj/fhecpo/v16y2013i2p57-86n2.html
   My bibliography  Save this article

Economic Perspectives on Personalized Health Care and Prevention

Author

Listed:
  • Phillips Kathryn A.

    (University of California, San Francisco – Department of Clinical Pharmacy, 3333 California Street Box 0613, San Francisco, CA 94143, USA)

  • Sakowski Julie Ann

    (Associate Professor of Health Economics, Department of Clinical Pharmacy, UCSF and Executive Director, UCSF Center for Translational and Policy Research on Personalized Medicine)

  • Liang Su-Ying

    (Research Professor of Health Economics, UCSF Center for Translational and Policy Research on Personalized Medicine and Department of Clinical Pharmacy UCSF; and Research Economist, Department of Health Policy Research, Palo Alto Medical Foundation Research Institute)

  • Ponce Ninez A.

    (Associate Professor, UCLA Fielding School of Public Health Department of Health Policy and Management)

Abstract

The objective of this paper is to provide an overview of economic evaluation of personalized medicine, focusing particularly on the use of cost-effectiveness analysis and other methods of valuation. We draw on insights from the literature and our work at the University of California, San Francisco Center for Translational and Policy Research on Personalized Medicine (TRANSPERS). We begin with a discussion of why personalized medicine is of interest and challenges to adoption, whether personalized medicine is different enough to require different evaluation approaches, and what is known about the economics of personalized medicine. We then discuss insights from TRANSPERS research and six areas for future research:Develop and Apply Multiple Methods of Assessing ValueIdentify Key Factors in Determining the Value of Personalized MedicineUse Real World Perspectives in Economic AnalysesConsider Patient Heterogeneity and Diverse Populations in Economic AnalysesPrepare for Upcoming Challenges of Assessing Value of Emerging TechnologiesIncorporate Behavioral Economics into Value Assessments

Suggested Citation

  • Phillips Kathryn A. & Sakowski Julie Ann & Liang Su-Ying & Ponce Ninez A., 2013. "Economic Perspectives on Personalized Health Care and Prevention," Forum for Health Economics & Policy, De Gruyter, vol. 16(2), pages 23-52, June.
    • Handle: RePEc:bpj:fhecpo:v:16:y:2013:i:2:p:57-86:n:2
    DOI: 10.1515/fhep-2013-0010
    as

    Download full text from publisher

    File URL: https://doi.org/10.1515/fhep-2013-0010
    Download Restriction: For access to full text, subscription to the journal or payment for the individual article is required.
    File URL: https://libkey.io/10.1515/fhep-2013-0010?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    As the access to this document is restricted, you may want to search for a different version of it.

    References listed on IDEAS

    as
    1. Daniel Kahneman & Amos Tversky, 2013. "Prospect Theory: An Analysis of Decision Under Risk," World Scientific Book Chapters, in: Leonard C MacLean & William T Ziemba (ed.), HANDBOOK OF THE FUNDAMENTALS OF FINANCIAL DECISION MAKING Part I, chapter 6, pages 99-127, World Scientific Publishing Co. Pte. Ltd..
    2. Deborah A. Marshall & F. Reed Johnson & Nathalie A. Kulin & Semra Özdemir & Judith M. E. Walsh & John K. Marshall & Stephanie Van Bebber & Kathryn A. Phillips, 2009. "How do physician assessments of patient preferences for colorectal cancer screening tests differ from actual preferences? A comparison in Canada and the United States using a stated‐choice survey," Health Economics, John Wiley & Sons, Ltd., vol. 18(12), pages 1420-1439, December.
    3. Daniel Polsky, 2005. "Does Willingness to Pay per Quality-Adjusted Life Year Bring Us Closer to a Useful Decision Rule for Cost-Effectiveness Analysis?," Medical Decision Making, , vol. 25(6), pages 605-606, November.
    4. William Wong & Josh Carlson & Rahber Thariani & David Veenstra, 2010. "Cost Effectiveness of Pharmacogenomics," PharmacoEconomics, Springer, vol. 28(11), pages 1001-1013, November.
    5. F. Reed Johnson & Ateesha F. Mohamed & Semra Özdemir & Deborah A. Marshall & Kathryn A. Phillips, 2011. "How does cost matter in health‐care discrete‐choice experiments?," Health Economics, John Wiley & Sons, Ltd., vol. 20(3), pages 323-330, March.
    6. Peter J. Neumann & Joshua T. Cohen & James K. Hammitt & Thomas W. Concannon & Hannah R. Auerbach & ChiHui Fang & David M. Kent, 2012. "Willingness‐to‐pay for predictive tests with no immediate treatment implications: a survey of US residents," Health Economics, John Wiley & Sons, Ltd., vol. 21(3), pages 238-251, March.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Stuart J. Wright & William G. Newman & Katherine Payne, 2019. "Accounting for Capacity Constraints in Economic Evaluations of Precision Medicine: A Systematic Review," PharmacoEconomics, Springer, vol. 37(8), pages 1011-1027, August.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Menegaki, Angeliki, N. & Olsen, Søren Bøye & Tsagarakis, Konstantinos P., 2016. "Towards a common standard – A reporting checklist for web-based stated preference valuation surveys and a critique for mode surveys," Journal of choice modelling, Elsevier, vol. 18(C), pages 18-50.
    2. Seow Eng Ong & Davin Wang & Calvin Chua, 2023. "Disruptive Innovation and Real Estate Agency: The Disruptee Strikes Back," The Journal of Real Estate Finance and Economics, Springer, vol. 67(2), pages 287-317, August.
    3. Christiane Goodfellow & Dirk Schiereck & Steffen Wippler, 2013. "Are behavioural finance equity funds a superior investment? A note on fund performance and market efficiency," Journal of Asset Management, Palgrave Macmillan, vol. 14(2), pages 111-119, April.
    4. Philippe Fevrier & Sebastien Gay, 2005. "Informed Consent Versus Presumed Consent The Role of the Family in Organ Donations," HEW 0509007, University Library of Munich, Germany.
    5. Shuang Yao & Donghua Yu & Yan Song & Hao Yao & Yuzhen Hu & Benhai Guo, 2018. "Dry Bulk Carrier Investment Selection through a Dual Group Decision Fusing Mechanism in the Green Supply Chain," Sustainability, MDPI, vol. 10(12), pages 1-19, November.
    6. Senik, Claudia, 2009. "Direct evidence on income comparisons and their welfare effects," Journal of Economic Behavior & Organization, Elsevier, vol. 72(1), pages 408-424, October.
    7. Jose Apesteguia & Miguel Ballester, 2009. "A theory of reference-dependent behavior," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 40(3), pages 427-455, September.
    8. Shoji, Isao & Kanehiro, Sumei, 2016. "Disposition effect as a behavioral trading activity elicited by investors' different risk preferences," International Review of Financial Analysis, Elsevier, vol. 46(C), pages 104-112.
    9. Christoph Engel & Michael Kurschilgen, 2011. "Fairness Ex Ante and Ex Post: Experimentally Testing Ex Post Judicial Intervention into Blockbuster Deals," Journal of Empirical Legal Studies, John Wiley & Sons, vol. 8(4), pages 682-708, December.
    10. Christina Leuker & Thorsten Pachur & Ralph Hertwig & Timothy J. Pleskac, 2019. "Do people exploit risk–reward structures to simplify information processing in risky choice?," Journal of the Economic Science Association, Springer;Economic Science Association, vol. 5(1), pages 76-94, August.
    11. Boone, Jan & Sadrieh, Abdolkarim & van Ours, Jan C., 2009. "Experiments on unemployment benefit sanctions and job search behavior," European Economic Review, Elsevier, vol. 53(8), pages 937-951, November.
    12. Singal, Vijay & Xu, Zhaojin, 2011. "Selling winners, holding losers: Effect on fund flows and survival of disposition-prone mutual funds," Journal of Banking & Finance, Elsevier, vol. 35(10), pages 2704-2718, October.
    13. Jos'e Cl'audio do Nascimento, 2019. "Behavioral Biases and Nonadditive Dynamics in Risk Taking: An Experimental Investigation," Papers 1908.01709, arXiv.org, revised Apr 2023.
    14. Alex Cukierman & Anton Muscatelli, 2001. "Do Central Banks have Precautionary Demands for Expansions and for Price Stability?," Working Papers 2002_4, Business School - Economics, University of Glasgow, revised Mar 2002.
    15. Dash, Saumya Ranjan & Maitra, Debasish, 2018. "Does sentiment matter for stock returns? Evidence from Indian stock market using wavelet approach," Finance Research Letters, Elsevier, vol. 26(C), pages 32-39.
    16. José F. Tudón M., 2019. "Perception, utility, and evolution," Economic Theory Bulletin, Springer;Society for the Advancement of Economic Theory (SAET), vol. 7(2), pages 191-208, December.
    17. Francesco GUALA, 2017. "Preferences: Neither Behavioural nor Mental," Departmental Working Papers 2017-05, Department of Economics, Management and Quantitative Methods at Università degli Studi di Milano.
    18. Lepone, Grace & Tian, Gary, 2020. "Usage of conditional orders and the disposition effect in the stock market," Pacific-Basin Finance Journal, Elsevier, vol. 61(C).
    19. Shunda, Nicholas, 2009. "Auctions with a buy price: The case of reference-dependent preferences," Games and Economic Behavior, Elsevier, vol. 67(2), pages 645-664, November.
    20. Castilla, Carolina & Haab, Timothy C., 2010. "Asymmetric Search and Loss Aversion: Choice Experiment on Consumer Willingness to Search in the Gasoline Retail Market," 2010 Annual Meeting, July 25-27, 2010, Denver, Colorado 61672, Agricultural and Applied Economics Association.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bpj:fhecpo:v:16:y:2013:i:2:p:57-86:n:2. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Peter Golla (email available below). General contact details of provider: https://www.degruyter.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.