Rethinking value: why diverse viewpoints matter
Value is a tricky concept to capture accurately. Given the diverse and complex world that we live in, different people will often hold contrasting views of what constitutes value.
Identifying and measuring value is a particularly interesting quandary for life sciences companies, as inevitably each of these viewpoints will interact with the industry in some way, shape or form.
Traditionally, it was relatively straightforward for companies to define the value of an intervention through the efficacy and safety results of treatments tested within the confines of a clinical trial. Payors and other decision-makers have created specific measures within different disease categories to define ‘what good looks like,’ when it comes to demonstrating value.
However, amid an ongoing global pandemic and surging demand for greater diversity, equity, and inclusion in healthcare, our understanding of value is changing, and life science companies are increasingly looking beyond the confines of clinical trial results for more inclusive and diverse ways to measure value.