ArticleCost effectiveness and resource allocation : C/E2014
A pilot study to assess feasibility of value based pricing in Cyprus through pharmacoeconomic modelling and assessment of its operational framework: sorafenib for second line renal cell cancer.
Article in Cost effectiveness and resource allocation : C/E, 2014. The graph could read no effect estimate from its abstract, so it casts no vote on the map. Cited by 7 papers.
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Who cites it
7 citing papers in PubMed, 16 citations in OpenAlex.
- Strategic resource allocation: an agent-based model of ambidextrous strategies in the pharmaceutical industry.Cost effectiveness and resource allocation : C/E · 2026Article
- Cost-effectiveness analysis of belzutifan versus everolimus for previously treated advanced clear cell renal cell carcinoma in the United States and China.Therapeutic advances in medical oncology · 2025Article
- Framework for developing cost-effectiveness analysis threshold: the case of Egypt.The Journal of the Egyptian Public Health Association · 2024Article
- Impact of changes in the methodology of external price referencing on medicine prices: discrete-event simulation.Cost effectiveness and resource allocation : C/E · 2020Article
- Seeking to introduce a pharmacoeconomics framework in Cyprus.International journal of public health · 2019Article
- Economic Burden of Renal Cell Carcinoma-Part I: An Updated Review.PharmacoEconomics · 2019Review
- Transitioning to a national health system in Cyprus: a stakeholder analysis of pharmaceutical policy reform.Bulletin of the World Health Organization · 2015Article
Corrections and comments
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Authors and funding
2 authors at 1 institution in 1 country.
Funding
No grant is acknowledged in the PubMed record.
Abstract
backgroundThe continuing increase of pharmaceutical expenditure calls for new approaches to pricing and reimbursement of pharmaceuticals. Value based pricing of pharmaceuticals is emerging as a useful tool and possess theoretical attributes to help health system cope with rising pharmaceutical expenditure.
aimTo assess the feasibility of introducing a value-based pricing scheme of pharmaceuticals in Cyprus and explore the integrative framework.
methodsA probabilistic Markov chain Monte Carlo model was created to simulate progression of advanced renal cell cancer for comparison of sorafenib to standard best supportive care. Literature review was performed and efficacy data were transferred from a published landmark trial, while official pricelists and clinical guidelines from Cyprus Ministry of Health were utilised for cost calculation. Based on proposed willingness to pay threshold the maximum price of sorafenib for the indication of second line renal cell cancer was assessed.
resultsSorafenib value based price was found to be significantly lower compared to its current reference price.
conclusionFeasibility of Value Based Pricing is documented and pharmacoeconomic modelling can lead to robust results. Integration of value and affordability in the price are its main advantages which have to be weighed against lack of documentation for several theoretical parameters that influence outcome. Smaller countries such as Cyprus may experience adversities in establishing and sustaining essential structures for this scheme.
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Registered trials
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