Economics of Precision Medicine

(relaxing music) – When it comes to Precision Medicine, economics should be more
than just an after thought. Precision Medicine can
identify the patients most likely to benefit from a therapy, saving them money, time
and the disappointment from undergoing treatments
that just won’t for them. Having said that, not all new shiny things are equally valuable. Economic analysis have
different kinds of therapies. Can help identify which of these new tests and therapies will be
most of value to patients. Precision Medicine will
also change the way that drug companies price their products. It will change what health insurers cover, how they will cover it
and who they will cover. Economic analysis can
unpack the incentives that manufactures and insures face. And help providers and policy makers find the contractual arrangements
that insure that patients can get access to the
treatments that they need. Finally, Precision Medicine
requires health systems raise their game in
gathering and analyzing data about patient treatments,
outcomes and costs. Clinical trials of targeted
therapies and tests can tell us what happens in
highly controlled settings. But our patients live in the real world. At Penn Medicine, we’re
investing in the data systems that incorporate patient information in a way that will help
patients and physicians make informed choices in real time. Economic analysis is an important part of Precision Medicine at Penn. It means that we’re continually evaluating how well we’re meeting the unique needs of our individual patients. I’m Dr. Gene Kanter and this is Precision Medicine at Penn.

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