Newswise — The PhRMA Foundation announced today the recipients of $300,000 in funding for research projects that yield new, innovative strategies for assessing the value of medicines and health care services -- while improving patient outcomes and reducing inefficiency in health care.
Three national research leaders will receive one-year grants of $100,000 each for their projects. The recipients are Louis P. Garrison, PhD, of the University of Washington; Eleanor Perfetto, PhD, of the National Health Council; and Quang A. Le, PharmD, PhD, of the Western University of Health Science.
The three Value Assessment Research Awards are the latest funding to be announced in the PhRMA Foundation’s Value Assessment Initiative, which is designed to improve patient outcomes while reducing inefficiencies in health care by better assessing the value of medicines and health care services. Through its funding, the initiative is encouraging more evidence-based research on how the true value of medicines can be accurately defined and quantified.
The Value Assessment Initiative was launched in 2017 and includes funding for the establishment of four national Centers of Excellence in Value Assessment in addition to support for the efforts of individual researchers. Centers of Excellence have been established at University of Maryland, Baltimore, University of Colorado, Tufts Medical Center and Altarum/VBID-Health.
To date, the Foundation has awarded more than $2.8 million to support a variety of research projects on value assessment.
“As the U.S. health care system encourages value-driven decision-making, it is important that research support is increased to ensure that we have an evidence-based approach that is robust, transparent and addresses the needs of all health care stakeholders, including patients, payers and providers,” said Eileen Cannon, President of the PhRMA Foundation. “The recipients of this year’s Value Assessment Research Awards are the latest examples of a growing list of national leaders, supported by the Foundation, who are moving us in the right direction when it comes to delivering value in health care.”
Dr. Garrison’s research project—in collaboration with Professor Adrian Towse of the Office of Health Economics in London— titled “Implementing Augmented Cost-Effectiveness Analysis: Challenges and Next Steps,” will build on conventional cost-effectiveness analysis (CEA) with the aim of implementing “Augmented” CEA (ACEA), by considering additional and novel elements of value in health care. The project will include the preparation of policy papers to help advance the use of ACEA.
Dr. Perfetto’s research project, titled “Methods Principles for Using Patient-Provided Information to Improve Real-World Evidence for Patient-Centered Value Assessment,” will address current methodological limitations in value assessment by offering strategies in which patient-provided information (PPI), gathered through meaningful patient engagement, can be translated by researchers into more patient-centered research designs using real-world data sources that reflect patients' lived experiences.
Dr. Le’s research project, titled “New Approach in Value Assessment of Health Interventions Using Doubly-Randomized Preference Trial (DRPT) Design,” will formalize methods to estimate treatment, choice, preference, and selection effects in DRPT design and evaluate these effects on health-related quality of life outcomes, with the goal of helping to enable more application of the DRPT design for assessing value of health interventions.
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, a number of initiatives aiming to drive value in health care have emerged, but few offer transformative solutions that reflect patient preferences and real-world clinical practice. The PhRMA Foundation’s Value Assessment Initiative represents a unique effort to prioritize research and innovation in advancing new approaches to the determination of value.
The Value Assessment Initiative offers three separate award categories: Centers of Excellence, Challenge Awards and Research Awards. For more information, please visit the Foundation’s Value Assessment Initiative web page or call 202-572-7756.
About the PhRMA Foundation
For more than 50 years, the PhRMA Foundation has been helping to build a larger pool of highly-trained, top-quality scientists to meet the growing needs of scientific and academic institutions, government, and the research-intensive pharmaceutical industry. To advance this mission, the PhRMA Foundation has awarded more than $90 million in competitive research fellowships and grants since its founding.
The Foundation’s emphasis on evidence-based research that determines the true value of medicines is supported by its Value Assessment Initiative. To date, the Foundation has awarded more than $2.8 million to support a variety of research projects to help advance this goal, including the establishment of four national Centers of Excellence in Value Assessment.
To learn more, please visit www.phrmafoundation.org.
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