Cost-Value Analysis of Health Interventions: Introduction and Update on Methods and Preference Data

According to the consensus statement from the International Society for Pharmacoeconomics and Outcomes Research Quality-Adjusted Life-Year (QALY) workshop in Philadelphia in 2007 “concerns for fairness may cause social resource allocation preferences to deviate considerably from the ranking that con...

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Bibliographic Details
Published in:PharmacoEconomics 2015-02, Vol.33 (2), p.89-95
Main Author: Nord, Erik
Format: Article
Language:English
Subjects:
Cost analysis
Cost-Benefit Analysis
Current Opinion
Decision making
Delivery of Health Care - economics
Equity
Health Administration
Health care
Health Economics
Health technology assessment
Humans
Illnesses
International
Intervention
Medicine
Medicine & Public Health
Mental depression
Pain
Pharmacoeconomics
Pharmacoeconomics and Health Outcomes
Preferences
Public Health
Quality of life
Quality of Life Research
Quality-Adjusted Life Years
Resource Allocation - economics
Severity of Illness Index
Studies
Value analysis
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Summary:According to the consensus statement from the International Society for Pharmacoeconomics and Outcomes Research Quality-Adjusted Life-Year (QALY) workshop in Philadelphia in 2007 “concerns for fairness may cause social resource allocation preferences to deviate considerably from the ranking that consideration of costs per QALY would suggest.” Salient concerns for fairness include the view that priority should be given to the severely ill over the less severely ill, that people have a right to realize their potential for health even if their capacity to benefit from treatment is moderate, and that everybody has the same right to treatment that averts premature death, even if their health and functional level is less than perfect. Cost-value analysis incorporates these concerns in formal economic evaluation of health interventions and programs and thus has a potential for ranking interventions and programs in a way that is more consistent with societal values. Data on the strength of public concerns for fairness are now sufficient to be useful in formal economic evaluation. The data may, within a context of fair and open deliberations, help societal decision makers to roughly indicate the societal value of a QALY in different circumstances and thus determine a tentative grading of willingness to pay for a QALY.
ISSN:1170-7690
1179-2027
DOI:10.1007/s40273-014-0212-4