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Cost-value analysis of health interventions: introduction and update on methods and preference data
1Norwegian Institute of Public Health, Torshov, PO Box 4404, 0403, Oslo, Norway, erik.nord@folkehelsa.no.
Pharmacoeconomics
|December 10, 2014
Summary
Societal fairness concerns, such as prioritizing the severely ill, can influence healthcare resource allocation beyond cost-per-Quality-Adjusted Life-Year (QALY) metrics. Cost-value analysis offers a framework to align economic evaluations with these societal values.
Area of Science:
- Health economics
- Public health policy
- Decision science
Background:
- Societal preferences for fairness can conflict with traditional cost-effectiveness analyses based on Quality-Adjusted Life-Years (QALYs).
- Concerns include prioritizing the severely ill, enabling individuals to reach their health potential, and ensuring equitable access to life-saving treatments.
Purpose of the Study:
- To introduce cost-value analysis as a method to incorporate fairness concerns into health economic evaluations.
- To explore how to align resource allocation with societal values and fairness considerations.
Main Methods:
- Review of consensus statements on QALYs and fairness.
- Conceptual framework for cost-value analysis integrating fairness dimensions.
- Discussion of data requirements for formal economic evaluation.
Main Results:
- Fairness concerns necessitate a deviation from rankings based solely on cost per QALY.
- Cost-value analysis provides a potential method to rank interventions more consistently with societal values.
- Sufficient data now exist to inform formal economic evaluations using fairness considerations.
Conclusions:
- Cost-value analysis can better reflect societal values in health resource allocation.
- Data on public fairness concerns can help determine the societal value of a QALY in different contexts.
- This approach can guide decision-makers in setting willingness-to-pay thresholds for QALYs.
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