How Do We Know the Value of Our Research?

Research is vital to the progress of medicine. Patients depend on it to generate new knowledge that may improve their lives. Clinicians yearn for more effective tools and better guidance for themselves and their patients. Funders seek a substantial return on their investment, often in the form of a contribution to society. Researchers want their work to result in meaningful benefits for others. But how can we gauge the value of the information provided by our research?Some scientists have had the thrill of a breakthrough that definitively eradicates pain and suffering. These researchers, such as Salk and Fleming, have witnessed their efforts result in a fundamental change in the lives of patients. However, for most research, the benefit is less apparent. Perhaps we should be considering the value of information produced by the research.Value of information is an economic concept that quantifies how much we value certain types of information by determining what we might pay for it. We value some types of information highly. For example, we might have been willing to pay an extraordinary amount on September 10, 2001, for information about the …