Value, Health and Profit: Strategies to Price Pharmaceuticals
By: Walter Brown (Ph.D. Candidate, University of Durham, UK)
Questions: Is the amount spent on toiletries reflective of the value of these to society? Do pharmaceutical corporations research investment strategies track value? Is the price of a
pharmaceutical reflective of its value or of its scarcity? Are maket forces and profit good proxy measures for evaluating the benefit gained from pharmaceuticals to an individual?
Context and Topic: Value monism is the proposition that value can be defined by its relation to a single property such as a subjective mental state like happiness. Value monism also arises in health decision making where contribution to health is said to be the ultimate metric of value. Value
pluralism states that both happiness and health are important. Furthermore, decisions about health need to take a wider informational base as salient such as concerns about equity and distributional concerns. There are in fact a wide range of concerns not captured by a single measure such as profit,
happiness or a quality adjusted life year. I will introduce participants at this seminar to multi-criteria decision analysis, an approach taken by philosophers at University College London to try and resolve the question 'which values should count in value based pricing'?
Value, Health and Profit: Strategies to Price Pharmaceuticals
By: Walter Brown (Ph.D. Candidate, University of Durham, UK)
Questions: Is the amount spent on toiletries reflective of the value of these to society? Do pharmaceutical corporations research investment strategies track value? Is the price of a
pharmaceutical reflective of its value or of its scarcity? Are maket forces and profit good proxy measures for evaluating the benefit gained from pharmaceuticals to an individual?
Context and Topic: Value monism is the proposition that value can be defined by its relation to a single property such as a subjective mental state like happiness. Value monism also arises in health decision making where contribution to health is said to be the ultimate metric of value. Value
pluralism states that both happiness and health are important. Furthermore, decisions about health need to take a wider informational base as salient such as concerns about equity and distributional concerns. There are in fact a wide range of concerns not captured by a single measure such as profit,
happiness or a quality adjusted life year. I will introduce participants at this seminar to multi-criteria decision analysis, an approach taken by philosophers at University College London to try and resolve the question 'which values should count in value based pricing'?
