Join us as we delve into the intricacies of health economics, exploring how cost-effectiveness analyses shape medical interventions and impact public health policies.
•Reading time: 2 minutes
In the health economics podcast, I had a deep dive with Nishma Patel, an expert in health economics, about her work on making CAR T-cell therapies more affordable and effective. We discussed the importance of understanding health inequalities, the cost-effectiveness of medical interventions, and the future of healthcare.
Table of Contents
- 1. Meet Nishma Patel: Researcher in Health Economics
- 2. The Journey into Health Economics
- 3. Demystifying Health Economics
- 4. Cost-Effectiveness in Preventive Medicine
- 5. The High Stakes of CAR T-Cell Therapies
- 6. Challenges and Future Directions
- 7. Health Economics: Shaping Future Healthcare
Meet Nishma Patel: A Veteran in Health Economics
In the health economics episode, I had the pleasure of interviewing Nishma Patel, a seasoned health economist with over two decades of experience. Currently working at UCL, Nishma specializes in CAR T-cell therapies and groundbreaking blood cancer treatments. She enjoys playing tennis, baking, and knitting when she’s not immersed in her work. Even though she is dedicated to her work she still makes time for hobbies
The Journey into Health Economics
I was curious to know why Nishma chose to venture into health economics. She explained that her journey began during her BSc in Economics when she studied social inequalities. She loved the idea of working in a field which catered for a societal need and addressed health disparities. According to Nishma, it’s all about identifying health inequalities and bringing new therapies to meet patient needs. This focus on policy early in her career continues to drive her passion today.
Demystifying Health Economics
One of the common questions Nishma encounters is about what exactly health economics entails. She explained that it involves assessing the cost-effectiveness of medical interventions such as drugs, devices, and vaccines. For example, she might compare a new paracetamol formula against an existing one to evaluate additional costs and benefits. This process helps determine the most efficient allocation of resources within the healthcare system. The ultimate goal is to maximize health gains while considering budget constraints.
Cost-Effectiveness in Preventive Medicine
We also touched upon how QALYs (Quality-Adjusted Life Years) are used not just for drugs but also for preventive measures. Nishma provided insightful examples like weight loss programs that can prevent costly surgical interventions. She emphasises how economic evaluations can influence public health strategies by comparing programs like Weight Watchers and simple community-based initiatives. These comparisons help ensure that preventive measures are both effective and economical.
The High Stakes of CAR T-Cell Therapies
A significant portion of our conversation centered around CAR T-cell therapies. These treatments are revolutionary but come with high costs ranging from £282,000 to £350,000 for a single infusion. Nishma highlighted the tough decisions that must be made due to limited funding within the NHS. When considering costs number of lives saved or quality of life years needs to be factor in as therapies such as CAR T-cell therapies are expensive.
Challenges and Future Directions
Nishma also discussed some challenges related to CAR T-cell therapies like manufacturing complexities and supply chain issues. Despite these hurdles, there are long-term cost savings due to reduced hospital stays and improved patient outcomes. The conversation then shifted towards making these treatments more accessible beyond urban centers, raising questions about future healthcare delivery models. Moreover, research is now extending beyond blood cancers to explore CAR T-cells’ efficacy in treating solid tumors.
Health Economics: Shaping Future Healthcare
Towards the end of our discussion, we delved into how health economics can predict future healthcare trends. Nishma emphasized that economic evaluations are not just about finding cost-saving measures but maximizing overall benefits, even if they come at additional costs. Collaboration between researchers and public bodies like NICE ensures that unmet patient needs are addressed comprehensively. As long as there is a need for new medical interventions, health economics will play a pivotal role in guiding policy decisions.
To gain deeper insights into how health economics shapes our healthcare system and the future of medical interventions, don’t miss this episode of our podcast.
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