We’re excited to launch “3 Things About the Value of New Cancer Drugs”, the sixth video in our ‘3 Things About’ series designed to simplify complex healthcare topics. In this episode, Carin Uyl-de Groot explores how the value of new cancer drugs is seen through different lenses — from pharmaceutical companies, doctors, and patients. Each group evaluates value in their own way, which influences drug pricing, treatment decisions, and ultimately patient access.
Transcript of the video
3 THINGS ABOUT VALUE OF NEW CANCER DRUGS
The value of a new cancer drug is interpreted differently among different stakeholders like the pharmaceutical industry, doctors, and patients.
Value of new drugs according to pharmaceutical industry
In the finance world, value is the monetary, material, or assessed worth of an asset, good, or service. Value can mean a quantity or number, but in finance, it’s often used to determine the worth of an asset, a company, and its financial performance. Investors, stock analysts, and company executives estimate and forecast the value of a company based on numerous financial metrics, such as how much profit they may generate. “Value” is attached to a myriad of concepts including shareholder value, the value of a firm, fair value, and market value. The process of calculating and assigning a value to a company or an asset is called valuation.
Value of new drugs according to doctors
When a doctor must treat a patient, the doctor will use the best available evidence with clinical knowledge and expertise while considering patients’ unique needs and personal preferences. As patients vary in age, gender, size, and sociocultural characteristics, the value of a new therapy may differ between patients. Many new drugs generally extend life or improve patients’ quality of life. Evidence-based guidelines are designed to summarize all evidence related to the added value of a new drug. In addition, doctors may also consider other factors, such as the availability of alternative treatments and the costs of the drug.
Value of new drugs according to patients
Patients with cancer will evaluate the value of a new cancer drug based on several factors, like:
Patients may consider the drug’s ability to reduce or eliminate their cancer, improve their symptoms, and potentially extend their life. For most cancer patients, survival is the most important outcome of their treatment, but periods of time without disease progression and better quality of life are also highly valued.
Patients may assess how the drug may impact their overall quality of life, including factors such as their ability to perform daily activities, manage symptoms, and maintain social and emotional connections.
Patients may also consider the safety profile of the drug, including potential side effects and risks associated with taking the drug.
It’s important to note that each patient’s perspective on the value of a new cancer drug may differ depending on their individual circumstances and priorities.
In conclusion, the value of a cancer drug depends on the perspective of the stakeholder and a variety of factors. In this respect, pharmaceutical profits will not be an issue, as long as each patient gets access to an optimal treatment tailored to their individual needs and circumstances. However, in order to reach that, there are some challenges to overcome.
And don’t miss the making-of video
The videos were filmed on November 28, 2024, at the Gegevens Erasmus Studio of Erasmus University Rotterdam.
We invite you to watch, share, and join the conversation about how we can work together to make healthcare more equitable and effective.
