Precision Medicine is a Value-of-Information Proposition – and Vice-Versa
In this inaugural issue of the Journal of Precision Medicine, we would like to draw attention to a decision-analytic concept that has grown prominent in health economics: value of information (VOI). Regarding VOI, we wish to advance two related arguments. First, we argue that precision medicine is essentially a value-of-information proposition: if you are working to advance the cause and science of precision medicine, you are perforce advancing a VOI principle. Conversely, we argue that a VOI methodology grounded in the ethical principle of individualism must necessarily be grounded in precision medicine. That is, on a certain ethical perspective, when you talk about VOI, you ought to be thinking in terms of precision medicine. We use some findings from our own VOI methodology research to show how respecting this ethical principle may prove technically fruitful.