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Policymakers increasingly consult value assessment models to help price new medical interventions. Value models use prespecified approaches and selected health outcomes to match the price of an intervention to its expected benefits. Who chooses the approach and outcomes, however, is at the center of a debate about the value of pharmaceutical, biotech, and medical device-based interventions.…

The remainder of this commentary is available at statnews.com.

Thomas Concannon is a senior policy researcher at the nonprofit, nonpartisan RAND Corporation, assistant professor of medicine at Tufts University School of Medicine, and director of Stakeholder and Community Engagement at Tufts Clinical and Translational Science Institute. Lori Frank is a senior behavioral scientist at RAND and president of the International Society for Quality of Life Research. She founded and served as program director of the Evaluation and Analysis Program at the Patient-Centered Outcomes Research Institute, and currently serves on the Board of the Personalized Medicine Coalition and the Alzheimer's Foundation of America Medical, Scientific, and Memory Screening Advisory Board.

This commentary originally appeared on STAT on July 10, 2020. Commentary gives RAND researchers a platform to convey insights based on their professional expertise and often on their peer-reviewed research and analysis.