The terms “efficacy” and “effectiveness” are often used interchangeably. But when evaluating health technologies (e.g., drugs, vaccines, diagnostics, devices), their meanings have crucial differences. Efficacy concerns the question, “Can it work?” That is, can a novel technology improve health outcomes under ideal conditions in an experimental design? Randomized … [Read more...]
Is Your Product “Cost-Effective”?
How does your health technology (e.g., drug, vaccine, device, diagnostic) compare to competing alternatives in the same therapeutic area? Is it considered cost-effective? Cost-effectiveness focuses on maximizing health benefits for a given budget. It does not simply indicate the least expensive or the most effective alternative. There are 5 common scenarios where a health … [Read more...]