Using Preference Methods to Measure the Value of Personalized Medicine from Multiple
Perspectives-Tradeoffs at the Bench and the Bedside
Are we capturing the value of the personalized medicine to the health system and clinicians, as well as to patients and their families? Measuring and assessing the value of personalised medicine requires new approaches beyond standard economic evaluation using cost-effectiveness. Value should consider preferences and risk benefit trade-offs that include both process and outcomes attributes in addition to the value of testing information. The perception of value will also vary depending on the stakeholder, so a key question is whose preferences should inform estimates of value of personalized medicine. In personalized medicine, test performance is of critical importance in assessing the value since the whole premise of personalized medicine is that treatment decisions are dependent on the test result. Further the potential benefit of personalized medicine is dependent on the degree to which relatives of the patient are affected, and the positive or negative utility of testing information. Recognition of preferences in the value equation will have important implications for evidence generation as well as coverage and reimbursement decisions.