Value assessment is a field of research that seeks to evaluate the relative benefits and costs of health care interventions — such as pharmaceuticals, medical devices, or medical procedures — to ensure health care decisions are guided by the best possible evidence.
In this white paper, the PhRMA Foundation:
- Reviews the value assessment landscape in the United States
- Identifies key challenges that may hinder the robust application of value assessment in the U.S. health system
- Highlights how Foundation-funded researchers are working toward solutions that will advance the field
The white paper examines the methodological strengths and limitations of value assessment tools from three organizations that actively conduct value assessments to guide stakeholder decision-making: the Institute for Clinical and Economic Review (ICER), the Innovation and Value Initiative (IVI), and the National Comprehensive Cancer Network (NCCN). It also outlines the gaps in the field that may lead to value assessments misaligned with patient needs.
To address these gaps and cultivate new research in the field, the PhRMA Foundation is investing in the development of advanced value assessment methodologies that are rigorous and transparent and address the needs of all health care stakeholders — especially patients. The paper describes how Foundation-funded researchers are working to improve the inclusion of patient-focused value elements and considerations of health equity in value assessment.
The PhRMA Foundation continues to provide funding for researchers at every stage of their careers to focus attention on value assessment research needs. The Foundation’s re-envisioned Value Assessment and Health Outcomes Research Program provides awards for predoctoral students, postdoctoral trainees, and early- and mid-career faculty. The Foundation will also launch a new Frontier Award designed to encourage additional empirical research on new value assessment methodologies.Apply Now