How do we measure a drug's value? Of course safety and effectiveness matter, but Tim Riley, Executive Chairman and CEO of Wellstate Group, tells us that price has become an increasingly important criteria of value. One of the leaders in drug pricing is the National Institute for Health and Care Excellence (NICE), formerly the National Institute for Clinical Excellence, an organization that evaluates the economics of drugs, devices, and surgical techniques. NICE's methodology is not simply focused on affordability, but encapsulates the social benefits and opportunity cost of a drug. This way, customers, clinicians, and politicians alike benefit by ensuring that each product holds the most value.
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