Patient Preferences Considered for the First Time in an FDA Approval Decision
We partnered with the U.S. Food and Drug Administration (FDA) to conduct a study on patients’ preferences which contributed to the Agency’s regulatory decision to approve the Maestro Rechargeable System, a first-of-kind device to treat obesity. Learn more about this groundbreaking study here.
Do you know what your patients value and what they would be willing to trade-off (or pay for) to get what is important to them? For example, if your patient has to choose between a highly effective drug with a bad side effect profile and a less effective drug with minimal side effects, which would they choose?
Rooted in traditional economic theory, stated-preference methods have historically been used in a variety of non-healthcare industries. Our experts have been applying these methods to medical decision making for nearly two decades. What we and our clients have learned is that traditional health economics, patient-reported outcomes (PROs) and the patient’s point-of-view are increasingly important factors to consider for you to fully understand the potential and positioning of a treatment in the market.
Preference studies can be used to help you with:
- Product development strategies
- Product positioning and value messages
- Market segmentation
- Product uptake estimates
- Adherence and treatment effectiveness
- Critical satisfaction measures
- Risk management strategies
- Risk tolerance assessments
Let our Health Preference Assessment team help you understand your patients’ (or other stakeholders’) preferences and predict how they value different treatment options. We are a multi-disciplinary team skilled in applying the most appropriate stated preference methods—discrete choice experiments (DCE) / conjoint analysis, best-worst scaling, threshold technique, and contingent valuation methods—to your research question so you can make better product and market decisions.