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Medical Technology

Managing the benefits and costs of advances in pharmaceuticals

Medicines save lives, relieve pain, cure and prevent disease. They help improve quality of life for patients and caregivers and enable employees to stay at work and remain economically productive.

There have been significant advances in medical technology over the past few years and there will be many more in the future. GSK alone has 148 new products in clinical development and a range of new compounds which have significant potential to fight neurodegenerative and psychiatric diseases such as multiple sclerosis, Alzheimer’s and schizophrenia.

Finding appropriate ways of assessing the cost and health effectiveness of these innovations may prove challenging and will require improved data from all sources, a more holistic means of considering all sources of funding within the healthcare system and greater transparency and agreement around the value of the benefits associated with increased life expectancy and quality of life.

GSK recently prepared a response to the Productivity Commission on the impact of advances in medical technology on healthcare expenditure in Australia.

A copy of the submission is available below.

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Managing the benefits and costs of advances in pharmaceuticals
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