Willingness-to-Pay for a New Pharmaceutical: Is it Worth the Money? Whose Money?
During this OHE Lunchtime Seminar, Prof Peter Zweifel, University of Zurich, will discuss his recent research on patients' willingness to pay.
True cost-benefit evidence for deciding whether a new pharmaceutical should be included in a benefit list is scarce because only surrogates of benefit usually are measured. From an economic point of view, the willingness-to-pay (WTP) of potential and actual patients constitutes the preferred measure. At this seminar Peter Zweifel will discuss the findings from a discrete-choice experiment conducted in Germany to elicit the WTP for modern insulin therapy using a long-acting insulin analogue rather than conventional insulin. WTP values were found to exceed the extra treatment cost, justifying inclusion of the new pharmaceutical in the benefit list from a cost-benefit point of view. More generally, choice experiments such as this could pave the way for actually applying the cost-benefit standard to health care.
Peter Zweifel is Professor of Economics at the University of Zurich, where he teaches and researches in the areas of health economics and insurance economics. A member of the OHE Editorial Board, Prof Zweifel has published a dozen books, notably Health Economics (2nd. ed. 2009, with Friedrich Breyer and Mathias Kifmann) and many journal articles.
The seminar will be held 12.00-2.00 PM, Friday, 16 July, at the OHE, 12 Whitehall, London. Space is limited at this seminar. To reserve your seat, please contact us.
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