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Exploring a new method for deriving the monetary value of a QALY
Carl Tilling1, Marieke Krol2,3, Arthur E Attema4
1School of Health and Related Research, University of Sheffield, Sheffield, UK.
Summary
This study explores a new method for valuing health gains, using the time trade-off approach instead of willingness to pay. While promising, challenges like non-trading and negative values require further research for quality adjusted life years (QALYs).
Area of Science:
- Health Economics
- Decision Analysis
- Outcome Research
Background:
- Determining the economic value of health gains, particularly quality-adjusted life years (QALYs), is crucial for healthcare policy.
- Existing willingness-to-pay methods have limitations, including insensitivity to the scope of health improvements.
Purpose of the Study:
- To present and evaluate an alternative method for valuing QALYs based on the time trade-off (TTO) approach.
- To explore the feasibility of using TTO for QALY valuation through an online study.
Main Methods:
- An online study was conducted in the Netherlands to elicit values for QALYs using a novel TTO-based approach.
- Data collection focused on participants' willingness to trade time for health improvements.
Main Results:
- The TTO-based approach shows potential for valuing QALYs.
- Methodological challenges were identified, including issues with non-trading responses and the elicitation of negative health values.
Conclusions:
- The TTO approach offers a promising alternative to willingness-to-pay for QALY valuation.
- Further research is needed to address identified methodological problems and refine the approach for practical application in health economics.
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