Value Proposition Development
Expert-defined terms from the Professional Certificate in Health Economics and Market Access course at London School of Planning and Management. Free to read, free to share, paired with a professional course.
Absorption Rate is the percentage of a new product that is absorbed by th… #
Absorption Rate is the percentage of a new product that is absorbed by the market in a given period, it is an important metric in pharmaceutical industry to measure the market acceptance of a new product, related terms include market penetration and market share, for example, a high absorption rate indicates that a new product is well accepted by the market and has a high potential for growth, on the other hand, a low absorption rate may indicate that the product has quality issues or is not well marketed, in the context of Value Proposition Development, absorption rate is crucial to determine the reimbursement and pricing strategy for a new product.
Accelerated Approval is a regulatory pathway that allows for the appro… #
Accelerated Approval is a regulatory pathway that allows for the approval of a new product based on surrogate endpoints, related terms include conditional approval and fast track designation, for example, in the US, the FDA grants accelerated approval to products that demonstrate a significant improvement in a surrogate endpoint, such as overall response rate or progression-free survival, in the context of Value Proposition Development, accelerated approval can provide a competitive advantage by allowing for earlier market entry and revenue generation.
Accountable Care Organization (ACO) is a healthcare delivery model that a… #
Accountable Care Organization (ACO) is a healthcare delivery model that aims to improve the quality and efficiency of care by holding providers accountable for the cost and outcome of care, related terms include bundled payment and pay-for-performance, for example, ACOs are incentivized to reduce cost and improve quality by sharing savings with payers, in the context of Value Proposition Development, ACOs can provide opportunities for partnership and collaboration between providers, payers, and industry stakeholders to develop and implement value-based care models.
Adverse Event (AE) is an unfavorable change in a patient's condition</… #
Adverse Event (AE) is an unfavorable change in a patient's condition that occurs during or after the use of a medical product, related terms include serious adverse event (SAE) and adverse reaction, for example, AEs can be serious or non-serious, and can be related to the product itself or to the underlying disease or condition, in the context of Value Proposition Development, AEs are an important consideration in the benefit-risk assessment of a medical product, and can impact the reimbursement and pricing strategy.
Affordability is the extent to which a healthcare product or servi… #
Affordability is the extent to which a healthcare product or service is accessible to patients at a reasonable cost, related terms include cost-effectiveness and budget impact, for example, affordability is a key consideration in the development of value-based care models, where the goal is to provide high-quality care at a sustainable cost, in the context of Value Proposition Development, affordability is an important factor in determining the reimbursement and pricing strategy for a healthcare product or service.
Algorithm is a step #
by-step procedure for solving a problem or making a decision, related terms include decision tree and predictive model, for example, algorithms can be used to identify high-risk patients or to predict the likelihood of a patient responding to a particular treatment, in the context of Value Proposition Development, algorithms can be used to inform the development of value propositions by providing insights into patient needs and behavior.
Alternative Payment Model (APM) is a payment approach that rewards … #
Alternative Payment Model (APM) is a payment approach that rewards providers for delivering high-quality and cost-effective care, related terms include fee-for-service and pay-for-performance, for example, APMs can include bundled payments, capitation, and shared savings arrangements, in the context of Value Proposition Development, APMs can provide opportunities for partnership and collaboration between providers, payers, and industry stakeholders to develop and implement value-based care models.
Analytic Hierarchy Process (AHP) is a decision #
making method that involves evaluating options based on multiple criteria, related terms include multi-criteria decision analysis and cost-effectiveness analysis, for example, AHP can be used to evaluate the value of different treatments or interventions based on multiple criteria, such as efficacy, safety, and cost, in the context of Value Proposition Development, AHP can be used to inform the development of value propositions by providing a structured approach to evaluating options.
Annual Equivalent Cost is the average cost of a product or… #
Annual Equivalent Cost is the average cost of a product or service over a one-year period, related terms include total cost of ownership and life-cycle cost, for example, annual equivalent cost can be used to compare the cost of different products or services, in the context of Value Proposition Development, annual equivalent cost is an important consideration in determining the reimbursement and pricing strategy for a healthcare product or service.
Anti #
trust Law is a regulatory framework that prohibits anti-competitive practices, such as price-fixing and bid-rigging, related terms include competition law and monopoly, for example, anti-trust laws can impact the development of value propositions by prohibiting certain types of collaboration or agreements between competitors, in the context of Value Proposition Development, anti-trust laws are an important consideration in determining the legality and feasibility of a value proposition.
Article 29 Working Party is a regulatory body that provides guidan… #
Article 29 Working Party is a regulatory body that provides guidance on the implementation of the EU's General Data Protection Regulation (GDPR), related terms include data protection and privacy, for example, the Article 29 Working Party has issued guidelines on the use of personal data in clinical trials and the processing of health data, in the context of Value Proposition Development, the Article 29 Working Party is an important consideration in determining the compliance of a value proposition with data protection and privacy regulations.
Assumption is a statement or condition that is accepted as… #
Assumption is a statement or condition that is accepted as true without proof, related terms include hypothesis and prediction, for example, assumptions can be used to inform the development of value propositions by providing a framework for evaluating options and making decisions, in the context of Value Proposition Development, assumptions are an important consideration in determining the feasibility and viability of a value proposition.
Audit is a systematic examination and evaluation of a proce… #
Audit is a systematic examination and evaluation of a process or system, related terms include compliance audit and quality audit, for example, audits can be used to evaluate the effectiveness of a value proposition and identify areas for improvement, in the context of Value Proposition Development, audits are an important consideration in determining the compliance of a value proposition with regulatory requirements and industry standards.
Average Cost is the total cost of a product or service divi… #
Average Cost is the total cost of a product or service divided by the number of units produced or delivered, related terms include fixed cost and variable cost, for example, average cost can be used to evaluate the cost-effectiveness of a product or service, in the context of Value Proposition Development, average cost is an important consideration in determining the reimbursement and pricing strategy for a healthcare product or service.
Bayesian Analysis is a statistical method that involves … #
Bayesian Analysis is a statistical method that involves updating the probability of a
Benefit #
Risk Assessment is a systematic evaluation of the benefits and risks of a medical product, related terms include cost-effectiveness analysis and decision analysis, for example, benefit-risk assessment can be used to evaluate the value of a treatment or intervention based on its benefits and risks, in the context of Value Proposition Development, benefit-risk assessment is an important consideration in determining the reimbursement and pricing strategy for a healthcare product or service.
Biosimilar is a biological product that is highly similar to an ex… #
Biosimilar is a biological product that is highly similar to an existing biological product, related terms include generic and interchangeable, for example, biosimilars can offer cost-savings and increased access to biological products, in the context of Value Proposition Development, biosimilars can provide opportunities for partnership and collaboration between industry stakeholders to develop and implement value-based care models.
Budget Impact Analysis is a type of economic analysis that… #
Budget Impact Analysis is a type of economic analysis that evaluates the financial impact of a healthcare intervention on a healthcare system, related terms include cost-effectiveness analysis and cost-utility analysis, for example, budget impact analysis can be used to evaluate the financial impact of a new treatment or intervention on a healthcare system, in the context of Value Proposition Development, budget impact analysis is an important consideration in determining the reimbursement and pricing strategy for a healthcare product or service.
Burden of Illness is the impact of a disease or conditio… #
Burden of Illness is the impact of a disease or condition on a patient's quality of life and productivity, related terms include quality-adjusted life year (QALY) and disability-adjusted life year (DALY), for example, burden of illness can be used to evaluate the impact of a disease or condition on a patient's life and to inform the development of value propositions, in the context of Value Proposition Development, burden of illness is an important consideration in determining the value of a treatment or intervention.
Business Case is a document that outlines the rationale<… #
Business Case is a document that outlines the rationale and justification for a project or investment, related terms include cost-benefit analysis and return on investment (ROI), for example, a business case can be used to evaluate the feasibility and viability of a project or investment, in the context of Value Proposition Development, a business case is an important consideration in determining the reimbursement and pricing strategy for a healthcare product or service.
Capabilities Assessment is a process of evaluating an organ… #
Capabilities Assessment is a process of evaluating an organization's strengths and weaknesses, related terms include SWOT analysis and gap analysis, for example, capabilities assessment can be used to identify areas for improvement and to inform the development of value propositions, in the context of Value Proposition Development, capabilities assessment is an important consideration in determining the feasibility and viability of a value proposition.
Capitation is a payment arrangement in which a provider is paid a… #
Capitation is a payment arrangement in which a provider is paid a fixed amount per patient per period, related terms include bundled payment and fee-for-service, for example, capitation can be used to incentivize providers to deliver high-quality and cost-effective care, in the context of Value Proposition Development, capitation is an important consideration in determining the reimbursement and pricing strategy for a healthcare product or service.
Care Pathway is a structured approach to delivering care… #
Care Pathway is a structured approach to delivering care to patients with a specific condition or disease, related terms include clinical guideline and treatment protocol, for example, care pathways can be used to improve the quality and efficiency of care, in the context of Value Proposition Development, care pathways can provide opportunities for partnership and collaboration between providers, payers, and industry stakeholders to develop and implement value-based care models.
Case Control Study is a type of study design that compar… #
Case Control Study is a type of study design that compares patients with a specific condition or disease to patients without the condition or disease, related terms include cohort study and case series, for example, case control studies can be used to evaluate the effectiveness of a treatment or intervention, in the context of Value Proposition Development, case control studies can provide insights into the value of a treatment or intervention and inform the development of value propositions.
Cellular and Gene Therapy is a type of treatment that invol… #
Cellular and Gene Therapy is a type of treatment that involves modifying or manipulating cells or genes to treat a disease or condition, related terms include regenerative medicine and personalized medicine, for example, cellular and gene therapy can be used to treat a range of diseases and conditions, including cancer, genetic disorders, and rare diseases, in the context of Value Proposition Development, cellular and gene therapy can provide opportunities for innovation and growth in the healthcare industry.
Certificate of Authority is a regulatory document that grants</… #
Certificate of Authority is a regulatory document that grants permission for a medical product to be marketed and sold in a specific country or region, related terms include marketing authorization and product license, for example, a certificate of authority can be used to ensure that a medical product meets the regulatory requirements of a specific country or region, in the context of Value Proposition Development, a certificate of authority is an important consideration in determining the reimbursement and pricing strategy for a healthcare product or service.
Change Management is a process of planning , implementing… #
Change Management is a process of planning, implementing, and evaluating changes to an organization or system, related terms include project management and quality improvement, for example, change management can be used to improve the efficiency and effectiveness of an organization or system, in the context of Value Proposition Development, change management is an important consideration in determining the feasibility and viability of a value proposition.
Clinical Evidence is data and information that supports<… #
Clinical Evidence is data and information that supports the use of a medical product or treatment, related terms include clinical trial and real-world evidence, for example, clinical evidence can be used to evaluate the effectiveness and safety of a medical product or treatment, in the context of Value Proposition Development, clinical evidence is an important consideration in determining the value of a treatment or intervention.
Clinical Guideline is a document that outlines the best<… #
Clinical Guideline is a document that outlines the best practices for diagnosing and treating a specific condition or disease, related terms include treatment protocol and care pathway, for example, clinical guidelines can be used to improve the quality and consistency of care, in the context of Value Proposition Development, clinical guidelines can provide opportunities for partnership and collaboration between providers, payers, and industry stakeholders to develop and implement value-based care models.
Coefficient of Variation is a statistical measure that d… #
Coefficient of Variation is a statistical measure that describes the variability of a dataset, related terms include standard deviation and variance, for example, coefficient of variation can be used to evaluate the consistency of a dataset, in the context of Value Proposition Development, coefficient of variation can be used to inform the development of value propositions by providing insights into the variability of data.
Cohort Study is a type of study design that follows a group… #
Cohort Study is a type of study design that follows a group of patients over time, related terms include case control study and cross-sectional study, for example, cohort studies can be used to evaluate the effectiveness of a treatment or intervention, in the context of Value Proposition Development, cohort studies can provide insights into the value of a treatment or intervention and inform the development of value propositions.
Commercial Assessment is a process of evaluating the com… #
Commercial Assessment is a process of evaluating the commercial viability of a product or service, related terms include market research and competitive analysis, for example, commercial assessment can be used to evaluate the potential for a product or service to generate revenue and profit, in the context of Value Proposition Development, commercial assessment is an important consideration in determining the feasibility and viability of a value proposition.
Competitive Advantage is a unique benefit or feature … #
Competitive Advantage is a unique benefit or feature that sets a product or service apart from its competitors, related terms include unique selling proposition (USP) and value proposition, for example, competitive advantage can be used to differentiate a product or service from its competitors and to inform the development of value propositions, in the context of Value Proposition Development, competitive advantage is an important consideration in determining the value of a product or service.
Concordance is the extent to which a patient's behavior or acti… #
Concordance is the extent to which a patient's behavior or actions align with a recommended treatment or intervention, related terms include adherence and compliance, for example, concordance can be used to evaluate the effectiveness of a treatment or intervention and to inform the development of value propositions, in the context of Value Proposition Development, concordance is an important consideration in determining the value of a treatment or intervention.
Confidence Interval is a statistical measure that descri… #
Confidence Interval is a statistical measure that describes the range of values within which a population parameter is likely to lie, related terms include margin of error and p-value, for example, confidence interval can be used to evaluate the precision of a study estimate, in the context of Value Proposition Development, confidence interval can be used to inform the development of value propositions by providing insights into the uncertainty of data.
Conjoint Analysis is a statistical method that involves<… #
Conjoint Analysis is a statistical method that involves evaluating the preferences of patients or stakeholders for different attributes or features of a product or service, related terms include discrete choice experiment and choice modeling, for example, conjoint analysis can be used to inform the development of value propositions by providing insights into the preferences and needs of patients or stakeholders, in the context of Value Proposition Development, conjoint analysis is an important consideration in determining the value of a product or service.
Consumer Behavior is the study of how patients or consumers … #
Consumer Behavior is the study of how patients or consumers make decisions about healthcare products or services, related terms include patient engagement and patient centricity, for example, consumer behavior can be used to inform the development of value propositions by providing insights into the needs and preferences of patients or consumers, in the context of Value Proposition Development, consumer behavior is an important consideration in determining the value of a product or service.
Contingent Valuation is a method of valuating a product or… #
Contingent Valuation is a method of valuating a product or service by asking patients or stakeholders to state their willingness to pay for it, related terms include stated preference and revealed preference, for example, contingent valuation can be used to inform the development of value propositions by providing insights into the value that patients or stakeholders place on a product or service, in the context of Value Proposition Development, contingent valuation is an important consideration in determining the reimbursement and pricing strategy for a healthcare product or service.
Contract Research Organization (CRO) is a company that provides… #
Contract Research Organization (CRO) is a company that provides research and development services to the pharmaceutical and biotechnology industries, related terms include contract manufacturing organization (CMO) and clinical research organization (CRO), for example, CROs can be used to outsource research and development activities, in the context of Value Proposition Development, CROs can provide opportunities for partnership and collaboration between industry stakeholders to develop and implement value-based care models.
Cost Effectiveness Analysis is a type of economic analysis… #
Cost Effectiveness Analysis is a type of economic analysis that compares the costs and outcomes of different treatments or interventions, related terms include cost-utility analysis and cost-benefit analysis, for example, cost effectiveness analysis can be used to evaluate the value of a treatment or intervention and to inform the development of value propositions, in the context of Value Proposition Development, cost effectiveness analysis is an important consideration in determining the reimbursement and pricing strategy for a healthcare product or service.
Cost Minimization Analysis is a type of economic analysis t… #
Cost Minimization Analysis is a type of economic analysis that compares the costs of different treatments or interventions that have the same outcome, related terms include cost-effectiveness analysis and cost-utility analysis, for example, cost minimization analysis can be used to evaluate the cost-effectiveness of a treatment or intervention and to inform the development of value propositions, in the context of Value Proposition Development, cost minimization analysis is an important consideration in determining the reimbursement and pricing strategy for a healthcare product or service.
Cost Utility Analysis is a type of economic analysis that <… #
Cost Utility Analysis is a type of economic analysis that compares the costs and outcomes of different treatments or interventions in terms of their utility or value, related terms include cost-effectiveness analysis and cost-benefit analysis, for example, cost utility analysis can be used to evaluate the value of a treatment or intervention and to inform the development of value propositions, in the context of Value Proposition Development, cost utility analysis is an important consideration in determining the reimbursement and pricing strategy for a healthcare product or service.
Data Warehouse is a centralized repository of data that can… #
Data Warehouse is a centralized repository of data that can be used to support business decision-making, related terms include data mart and business intelligence, for example, data warehouse can be used to store and analyze large amounts of data, in the context of Value Proposition Development, data warehouse can provide opportunities for partnership and collaboration between industry stakeholders to develop and implement value-based care models.