Note: Applications for the 2018 Value Assessment Challenge Awards are now closed. Information about the 2019 awards will be available at this website in early 2019. Recipients of the 2018 Value Assessment Challenge Awards will be announced later this year. Call 202-572-7756 for more details.
To learn more about the most recent application cycle for Value Assessment Challenge Awards, please read the information below:
The PhRMA Foundation, in partnership with the Personalized Medicine Coalition (PMC), offered Value Assessment Challenge Awards in 2018, providing more than $80,000 to support scientific papers that advance solutions to the following question: What are potentially transformative strategies and methods to define and measure value at all levels of decision making that are aligned with personalized/precision medicine?
The Challenge Awards, first offered in 2017, are one component of the Foundation’s multi-faceted Value Assessment Initiative, which supports a variety of research and innovation projects to help the United States make a successful transition to a value-based health care system.
PMC, a 501(c)3 education and advocacy organization, has defined personalized medicine as an evolving field in which physicians use diagnostic tests to determine which medical treatments will work best for each patient. As such, personalized medicine presents unique opportunities to improve the value of health care.
2018 Challenge Award applicants were given the flexibility to propose a wide range of solutions aimed at the 2018 challenge question. Examples could include, but were not limited to:
• Developing tools to facilitate value-based personalized decision-making based on an individual patient’s specific genetic characteristics and preferences.
• Proposing a mechanism to incorporate individual patient characteristics into value assessment so as to appropriately value treatments at the patient level.
• Defining a set of measures to capture health care value that can be integrated into a framework to support decision-making from different perspectives.
• Generating instruments capable of capturing relevant and standardized measures of value.
• Designing value-based or outcomes-based contracts that incentivize improved quality, sustainability and continued innovation in medical devices, diagnostics and medicines.
• Building decision-making tools that adapt behavioral economic principles to promote value.
Recipients of the 2018 Challenge Awards will be asked to present their winning papers at a public forum, where they will be honored for their work. Winners will receive up to $50,000.
A PDF with more application details about the 2018 awards is available www.phrmafoundation.org/wp-content/uploads/2018/04/PhRMAFoundation_ValueAssessmentRFP_ChallengeAward-0402.pdf. A PDF with information about the 2019 awards will be posted in early 2019.