Translational Science Benefits
Economic benefits (Financial savings & benefits)
Definition
Reduced financial costs of services or goods to providers or consumers. Examples of healthcare cost savings include generic drugs, at-home testing kits, or advances in surgery techniques or equipment that allow procedures to be done at outpatient facilities.
Rationale
Cost savings for patients, medical professionals and scientists from scientific research constitute direct benefits that are measurable through comparing costs of newly developed and established drugs, procedures, and other interventions. For example, less expensive but equally effective drugs developed through translational science lower purchase costs for patients and decrease disparities in access to care.
Guidance
Advice from authors on searching for information:
Consult the website of pertinent organizations for analyses related to changes in costs for treatment or prevention of a disease, disorder, or condition. Also, look to specific health care institutions for reports of incorporating effective cost savings strategies into policies and practices.
Resources & Data
Organizations, repositories, websites, and other sources where you can find more information:
- The Tufts Medical Center Cost-Effectiveness Analysis (CEA) Registry. The CEA Registry is a comprehensive database of 5,655 cost-utility analyses on a wide variety of diseases and treatments.
Data Limitations
Challenges you may encounter while searching for information:
Cost savings is a broad topic. In general, savings is an additive benefit from progress in clinical and translational science, such as the other indicators featured here. Cost savings could be cited in reports of new drugs, procedures, and programs.
Publications
Articles, books, and other publications in translational science using the benefit:
- Russell L. The Science of Making Better Decisions About Health: Cost-Effectiveness and Cost-Benefit Analysis. 2014. Working Paper 2014-06. New Brunswick, NJ: Rutgers University Department of Economics; 2014.
Case Studies
Advancing Equitable Caregiver Support Through Peer Navigation
Improving caregiver well-being through scalable, personalized support from trained former caregivers
Community & public health benefits
Economic benefits
Policy & legislative benefits
Refining Multiple Sclerosis Severity Detection with MRI
Improving how we measure the severity of multiple sclerosis using a new MRI method to better match disease severity with patients’ symptoms
Clinical & medical benefits
Community & public health benefits
Economic benefits
Guiding Healthcare Workers and Governments on Treating Any Child with Cancer, Anywhere.
The ARIA Guide provides cancer management guidelines for a range of geographic and resource-diverse settings, freely available to healthcare providers worldwide through the ARIA Guide web portal
Clinical & medical benefits
Community & public health benefits
Economic benefits
Policy & legislative benefits