The PhRMA Foundation and the Personalized Medicine Coalition (PMC) announced that Lou Garrison is one of the first place recipients of the 2018 Value Assessment Challenge Awards. These awards are designed to encourage innovative approaches in defining and measuring value in health care. Lou and the other award recipients were recognized for submitting research proposals that focus specifically on novel methods for assessing the value of personalized medicine.
A total of $85,000 in funding was provided for the researchers, who answered the question: What are potentially transformative strategies and methods to define and measure value at all levels of decision making that are aligned with personalized/precision medicine?
Louis serves as faculty emeritus at University of Washington School of Pharmacy and Visiting Senior Fellow at the Office of Health Economics and collaborated with Adrian Towse, MPhil, MA, Office of Health Economics, London, England on the Research Proposal that garnered the $50,000 first place award.
“Adrian and I are really pleased and honored to receive this award. Our proposed strategy weaves together various threads of our joint research over the past ten years—much of it in collaboration with others in our field. We recognize the new challenges for health technology assessment and financing stemming from the exciting recent developments in precision medicine, and we call for greater focus on rewarding value creation to support optimal long-term innovation.”—Lou Garrison, Faculty Emeritus, UWSOP
In their research proposal, “A Strategy to Support the Efficient Development and Use of innovations in Personalized and Precision Medicine,” Garrison and Towse call for a broadening of the concepts of value in personalized/precision medicine, laying out six basic policy principles as pathways to help determine value. These range from the need for flexible, value-based pricing to real-world evidence generation in personalized/precision medicine and the challenging implications for assessing and rewarding value.
The Challenge Awards, first offered in 2017, are one component of the PhRMA Foundation’s multi-faceted Value Assessment Initiative, which supports a variety of research and innovation projects to help the United States make a successful transition to a value-based health care system.
Concern over rising U.S. health care costs in recent years has increased interest in promoting high-quality care while avoiding low-value or inefficient care. In response, various efforts aimed at driving value in health care have emerged, but few have offered transformative solutions that reflect patient preferences and real-world clinical practice.
Recipients of Challenge Awards will be acknowledged during PMC’s 14th Annual Personalized Medicine Conference at Harvard Medical School on Thursday, November 15th. They will be asked to present their winning papers at a public forum, to be announced later, where they will be honored for their work.
Award recipients will also become part of the Value Assessment Research Network, which has been established to encourage collaboration and dissemination of findings that emerge from various projects the Foundation is supporting through its Value Assessment Initiative.
“Working with PMC, the PhRMA Foundation is delighted to recognize and reward the innovative approaches to value assessment demonstrated in these outstanding research proposals,” said PhRMA Foundation President Eileen Cannon. “The work of these outstanding researchers will make a significant contribution to the effort to create truly value-based health care in the United States.”
To learn more about these awards, go to the PhRMA Foundation site.
Advance your career in patient-centered outcomes research at the University of Washington. Learn more about studying Pharmaceutical Outcomes Research and Policy at The CHOICE Institute at UWSOP.