Quality Added Life Years: A Tool for Biologics and Biosimilars Marketing
Journal Title: International Journal of Research and Review - Year 2018, Vol 5, Issue 11
Abstract
Definition of quality of life has been much debated about, and continues to be blurred. The four approaches which have been identified for their contribution in measuring and evaluating the health level in a given population are epidemiological or biomedical approach, functional/dysfunctional approach, cultural approach and economic approach. The health-related quality of life, is a value which is assigned to duration of life modified by impairments, functional states, perceptions and social opportunities that are influenced by disease, injury, treatment or policy. Biologics and biosimilars are a class of medications which do not tend to follow the norms of the economics of small molecules and chemical drugs. Bevacizumab is used for metastatic colorectal cancer (mCRC), and the chemotherapy regimens for this cancer have been well established. Bevacizumab has high acquisition costs and its economic value has been questioned in recent pharmacoeconomic studies. In the case of diabetes, QALY is derived from utilities and these are important in terms of decisions regarding reimbursement policies, insurance policies and cost-effectiveness. In addition to concerns regarding costs associated with cancer and diabetes, targeted immunomodulators and other drugs associated with treatment are also a concern because of rising prices in recent years. QALY can be a tool that can help marketers add more value to their marketing strategies and communications in these therapy areas.
Authors and Affiliations
Manish Adhia
Keywords
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