Health Affairs July 3, 2024
Value assessments in health care tend to focus on pharmaceuticals rather than services and procedures, despite the outsized contribution of services and procedures to health spending. We use the term “value assessment” to refer to explicit consideration of health benefits and economic costs through various analytic techniques. In the US, services and procedures comprise roughly 70 percent of health spending, but encompass 42 percent of published cost-effectiveness analyses (CEAs). In contrast, prescription drugs account for roughly 15 percent of total US health spending but 43 percent of CEAs. The Institute for Clinical and Economic Review (ICER), a value assessment organization in the US, focuses almost exclusively on pharmaceuticals.
Measuring the value of drugs is vital. But the lack of attention...
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