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. See What is the CEA Registry? for guidance.
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 indicator:
- 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
Reducing COVID-19 Transmission in Underserved Schools in North St. Louis County Through Testing and Vaccine Uptake
Evaluating strategies to reduce school-based COVID-19 transmission in underserved schools
Improving Care Access and Quality for Blood Cancers
Introducing ChromoSeq test for accurate and rapid cancer diagnosis in older patients
Telehealth Use and Access to Services for Children with Special Healthcare Needs
Broadening access to healthcare among children with complex medical needs through audio and video visits