PHE’s Shafrin Defines Precision Medicine for US News & World Report
In a new commentary for US News & World Report, Precision Health Economics’ senior research economist Jason Shafrin defines and elaborates on the field of precision medicine. Jason, also director of research for the Precision for Medicine-initiated Innovation and Value Initiative (thevalueinitiative.org), illustrates how the United States is moving headlong into this new treatment approach. He notes some of the challenges while also emphasizing the unique hope precision medicine brings through dramatically improving treatment for many diseases.
To read the complete commentary, please click here.
By: Jason Shafrin, PhD Sr. Director, Policy and Economics and Jacki Chou, MPL Senior Director, Policy and Economics The recent announcement that CVS Caremark will use value-based metrics to inform formulary design at first appears a step in the right direction. However, using value measurements from a single nongovernmental organization—the Institute for Clinical and Economic Review (ICER)—based on a limited picture of treatment value may be problematic. Using this single assessment of value in an effort solely to exclude drugs from a major insurance formulary is even more worrisome and fails to recognize the heterogeneity in patient clinical needs and preferences.