Earlier engagement needed for precision medicine costs – NCPE Director

By Niamh Quinlan - 16th Dec 2022 | 187 views

precision medicine costs

Earlier engagement with the health economics community is needed when considering the adoption of new high-cost precision medicines, according to the Director of the National Centre for Pharmacoeconomics (NCPE) Prof Michael Barry.

Prof Barry gave a presentation on the cost-effectiveness of personalised medicine at the Health Research Board national conference on personalised medicine in Ireland on 30 November. 

During a questions-and-answers session, Prof Barry said that after research is conducted and a high-cost drug is developed “is when we first hear about it…. So there has to be earlier dialogue.”

Prof Barry told the Medical Independent: “I think we have to be aware that they [precision medicines] are high-cost, [have a] high-budget impact, and there has to be… greater engagement at an earlier stage with the health economics community in relation to this.”

In his presentation Prof Barry concluded: “We need fair pricing and better value when it comes to personalised medicines.”

Prof Barry outlined that the high cost of precision medicines was expected to continue to increase. Already 1 per cent of all prescription items accounted for 40 per cent of expenditure.

Budget 2023 allocated €18 million for reimbursement of new medicines. However, Prof Barry highlighted that “considering drug expenditure is increasing by about €150 million a year… I’m suggesting that the €18 million was probably not enough”.

He added that projected total drug expenditure could be €4 billion by 2027.

The Chair of the session Prof Charles Normand, the Edward Kennedy Professor of Health Policy and Management at Trinity College Dublin, said: “I think one of the things that is coming out of all of this discussion is that we really need a new model for how we finance the research and development for new drugs.”

Leave a Reply

Latest
Latest Issue
The Medical Independent 24th January 2023
The Medical Independent 24th January 2023

You need to be logged in to access this content. Please login or sign up using the links below.

Most Read