Michael Drummond is a professor of health economics and former director of the Centre for Health Economics at the University of York. His particular field of interest is in the economic evaluation of health care treatments and programs. He has undertaken evaluations in a wide range of medical fields, including care of the elderly, neonatal intensive care, immunization programs, services for people with AIDS, eye health care, and pharmaceuticals. Dr. Drummond is the author of two textbooks and more than 500 scientific papers. He has acted as a consultant to the World Health Organization, and served as project leader of a European Union Project on the Methodology of Economic Appraisal of Health Technology. He has been president of both the International Society of Technology Assessment in Health Care and the International Society for Pharmacoeconomics and Outcomes Research. Dr. Drummond is currently a member of the Guidelines Review Panels of the National Institute for Health and Clinical Excellence (NICE) in the UK, and is a principal consultant for OptumInsight.
The standard marketing value equation taught in business school states value equals utility or benefits less costs. Because the relationship between the price of medicines and the value they deliver isn’t... Read more »