Concern over rising health care costs has increased interest in promoting high-quality care, while avoiding low value or inefficient care. As the U.S. health care system encourages value-driven decision-making, it is important that information on value of health care interventions be robust, transparent and address the needs of all health care stakeholders, including patients, payers and providers.
A number of initiatives aiming to drive value in health care have emerged in recent years, but few offer transformative solutions that reflect patient preferences and real-world clinical practice. In addition, many issues in methodology and patient engagement remain unresolved.
To address these factors and encourage patient-centered, value-driven care, the PhRMA Foundation launched its Value Assessment Initiative in 2017, a comprehensive effort to progress toward a value-driven health care system.
This major initiative is seeking transformative, multi-stakeholder-driven solutions to address challenges in assessing the value of medicines and health care services — with the overarching goal of improving patient outcomes and reducing health care spending and inefficiency. The Foundation is committed to supporting the work of the nation’s leading value assessment researchers as they develop innovative new tools and frameworks to advance this goal.
As a part of the initiative, the Foundation is supporting four Centers of Excellence in Value Assessment that are identifying high- and low-value health services and making recommendations for prioritizing the services that are most valuable to patients.
The four research centers are collecting real-world evidence and patient-centered outcomes that reflect the value of treatments and outcomes for a wide range of stakeholders. Researchers from the centers have published their findings and concepts in a range of publications and forums. A virtual conference supporting this collaboration is scheduled to be convened in 2021.
In late 2019, the Foundation launched its “Voices in Value” blog, intended to promote dialogue on new trends and concepts in value assessment.
The recent challenges of COVID-19 brought the crucial work of our nation’s scientists to the forefront and highlighted the need to address racial inequity in health care. As a part of the Initiative, the PhRMA Foundation established a new Challenge Award focused on finding solutions to racial health disparities.
Launched in late 2020, this new Challenge Award aims to inspire bold and vital research on how value assessment can better capture evidence regarding diverse populations and drivers of health disparities.
Overall, the Foundation has invested more than $4 million in these efforts, which it believes are critically important to the future of the U.S. health care system.
For more detailed information visit our Value Assessment Initiative page.