GLADSTONE, N.J. and VANCOUVER, Nov. 4, 2015 /PRNewswire/ -- Precision for Value (Precision) today announced that it has acquired Redwood Outcomes, a leading international health economics and outcomes research (HEOR) company. Redwood Outcomes serves pharmaceutical and biotechnology companies and applies the science of evidence generation, synthesis, and modeling to optimize healthcare decision making.
"More than ever, companies in the pharmaceutical and biotech industries need to demonstrate which of the many competing treatments on the market will provide the best value to patients," said Dan Renick, president, Precision for Value (www.precisionforvalue.com). "Redwood Outcomes addresses the evolving and intensifying need for rigorous comparative and cost-effectiveness evidence of medical interventions to support healthcare and reimbursement decision making."
The acquisition of Redwood Outcomes strengthens Precision's existing health economic and outcomes research capabilities, adding extensive experience in epidemiology, statistics, meta-analysis, network meta-analysis (NMA), and decision modeling. The Redwood Outcomes team can help clients determine which therapies and treatments are most likely to benefit patients, especially in the context of ever more challenging evidentiary standards.
This marks the second health economics acquisition by Precision for Value in the past seven months. In April 2015, Precision acquired Precision Health Economics (PHE), a world renowned, cutting-edge health economics consultancy and analytics firm. The Redwood Outcomes organization will be integrated into PHE, adding new world-class scientific capabilities and significantly expanding Precision's global offering.
"With the acquisition of Redwood, Precision for Value continues to bring together the industry's foremost experts and academic scholars in health economics, evidence synthesis, and health policy," said Darius Lakdawalla, chief strategy officer, Precision for Value. "Redwood also positions Precision to expand rapidly in the European marketplace as they are a leader in the complex comparative effectiveness analyses that are often required by health technology assessment agencies."
Headquartered in Vancouver, British Columbia, Canada, Redwood was founded in 2013 by three leading healthcare academics, Edward Mills PhD, Kristian Thorlund PhD MSc, and Jeroen Jansen PhD MSc, with internationally recognized expertise in epidemiology, statistics, evidence synthesis, and global health.
"By joining with Precision, Redwood Outcomes will now enable our clients to access the most innovative expertise and experience in health economics and outcomes research to demonstrate product value, from early-stage planning through payer submissions," said Edward Mills, co-founder of Redwood Outcomes.
About Precision for Value
Precision for Value supports commercial excellence for global pharmaceutical and life sciences clients through the demonstration and communication of product value and outcomes. The Precision for Value teams provide clients with services grounded in decades of industry knowledge, demonstrated analytics proficiency, and marketing and communications prowess — making Precision for Value the preferred strategic partner in the industry. Visit www.precisionforvalue.com for more information.
SOURCE Precision for Value