Research Paper Series 2004

(No.20:July 2004)

The Value of Medicine

Office of Pharmaceutical Industry Research

  The R&D-based pharmaceutical industry has the mission to continue to provide effective and innovative medicines to patients suffering from various diseases all over the world. In order to fulfill this mission, the pharmaceutical industry must continue to take on the challenges of R&D, and the evaluation of the medicines it creates should reflect their effectiveness as well as innovativeness.

  In this paper, "the value of medicine" was attempted to define from the viewpoint of healthcare consumers. Also, the process of value creation was described and how that value can be measured was examined. "The value of medicine" was thought to be created as a result of the accumulation and integration of scientific and technological innovations. A medicine is comprised of diverse values, all of which should be appropriately measured.

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