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Economic Dimensions of Personalized and Precision Medicine

Personalized and precision medicine (PPM)—the targeting of therapies according to an individual’s genetic, environmental, or lifestyle characteristics—is becoming an increasingly important approach in health care treatment and prevention. The advancement of PPM is a challenge in traditional clinical, reimbursement, and regulatory landscapes because it is costly to develop and introduces a wide range of scientific, clinical, ethical, and socioeconomic issues. PPM raises a multitude of economic issues, including how information on accurate diagnosis and treatment success will be disseminated and who will bear the cost; changes to physician training to incorporate genetics, probability and statistics, and economic considerations; questions about whether the benefits of PPM will be confined to developed countries or will diffuse to emerging economies with less developed health care systems; the effects of patient heterogeneity on cost-effectiveness analysis; and opportunities for PPM’s growth beyond treatment of acute illness, such as prevention and reversal of chronic conditions.
This volume explores the intersection of the scientific, clinical, and economic factors affecting the development of PPM, including its effects on the drug pipeline, on reimbursement of PPM diagnostics and treatments, and on funding of the requisite underlying research; and it examines recent empirical applications of PPM.   

392 pages | 91 line drawings, 67 tables | 6 x 9 | © 2019

National Bureau of Economic Research Conference Report

Economics and Business: Health Economics

Table of Contents

Ernst R. Berndt, Dana Goldman, and John Rowe
1. The Economic Value and Pricing of Personalized Medicine
Tomas J. Philipson
2. Therapeutic Translation of Genomic Science: Opportunities and Limitations of GWAS
Manuel Hermosilla and Jorge Lemus
3. The Value of Pharmacogenomic Information
John A. Graves, Zilu Zhou, Shawn Garbett, and Josh F. Peterson
4. The Information Pharms Race and Competitive Dynamics of Precision Medicine: Insights from Game Theory
Ernst R. Berndt and Mark R. Trusheim
5. Characterizing the Drug Development Pipeline for Precision Medicines
Amitabh Chandra, Craig Garthwaite, and Ariel Dora Stern
6. Cost Sharing in Insurance Coverage for Precision Medicine
Mark V. Pauly
7. Measuring the Potential Health Impact of Personalized Medicine: Evidence from Multiple Sclerosis Treatments
Kristopher J. Hult
8. Physicians’ Financial Incentives to Personalize Medicine
David H. Howard, Jason Hockenberry, and Guy David
9. Economic Dimensions of Personalized and Precision Medicine in Asia: Evidence from Breast Cancer Treatment in Taiwan
Jui-fen Rachel Lu, Karen Eggleston, and Joseph Tung-Chieh Chang
10. The Value of Cytochrome P450 2C19 Pharmacogenomic Information for Patients Receiving Clopidogrel Therapy Following a Major Cardiovascular Event: Evidence from Geisinger
Rebecca A. Pulk, Jove Graham, Frank R. Lichtenberg, Daniel Maeng, Marc S. Williams, and Eric Wright
11. Orphan Drug Designations as Valuable Intangible Assets for IPO Investors in Pharma-Biotech Companies
Philippe Gorry and Diego Useche

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