Hidden in Plain Sight: How Social Value Modeling Can Assess the Whole Health Value of Innovative Medicines
Moderator
Joseph Biskupiak, MBA, PhD, University of Utah, Kamas, UT, United States
Speakers
Dennis A Ostwald, PhD, WifOR Institute, Darmstadt, Germany; Lotte Steuten, MSc, PhD, Office of Health Economics, London, United Kingdom
Presentation Documents
To deliver on ISPOR’s Strategic Plan 2030, HEOR must move beyond cost/QALY to a whole health–oriented, productivity-based social value framework that captures both paid labor and unpaid household and caregiving contributions through social value modelling (SVM). Demonstrating medicines’ social value via SVM enables decision-makers to weigh access, equity, affordability, sustainability, wellbeing, and economic resilience alongside traditional cost-effectiveness when making coverage, pricing, payment, and non-medical investment decisions. In this session, Dr. Biskupiak reviews current treatment of social value in drug evaluation, Prof. Ostwald shows how SVM quantifies macroeconomic impacts of health investments on prosperity, and Dr. Steuten explains how social value supports more explicit and defensible trade-offs in public-health and coverage priorities.
Topic
Economic Evaluation, Health Technology Assessment, Patient-Centered Research