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Translational medicine: State of the industry report
Leveraging benefit-risk information to achieve better outcomes
Findings in this report are meant to encourage greater stakeholder dialogue between life science organizations, regulatory agencies, and health plans to identify methods for greater collaboration and better use of benefit-risk information to enhance health and patient outcomes. As stakeholders in the health care industry are incentivized to be accountable to each other and patients, innovation can be revitalized, research synergies can emerge and collaboration can be centralized. Decisions around benefits and risks will no longer play an ancillary role in health care; instead, it will be a driver for pivotal decisions that are made with patient outcomes at the epicenter. The role of an integrator can help transform the patient experience and achieve better integration across the community.
- Stakeholders have different approaches
- Collaborative approach
- Potential role of an integrator
- Health care industry
- Meet the authors
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Stakeholders have different approaches to benefit-risk analysis
Stakeholders, including life sciences organizations, regulatory agencies, providers, health plans, and patients, have different priorities for benefit-risk decision making, so they value different criteria. These differences make it challenging to build consensus towards a collaborative benefit-risk approach.
Moving towards a collaborative approach
While several challenges exist, some organizations are taking strides to achieve a collaborative approach. These collaborations are often undertaken to achieve better coordination, reduce cost, and improve health and patient outcomes.
Potential role of an integrator
A third-party organization might be best positioned to spur the integration of a common benefit-risk approach into health care. Third-party organizations are subject to less regulation, prone to less hierarchy, and are able to convene stakeholders in ways that are sometimes challenging for government agencies.
As the health care industry continues to place greater emphasis on outcomes, stakeholder engagement, and interagency partnerships, a consistent benefit-risk approach may be required to achieving positive and sustainable results.