How Should Economic Evaluation Be Used to Measure Value and Set Priorities in Health Care?

Novel interventions that are effective and safe but costly suggest the importance of questions about value, accessibility, and affordability. Economic evaluation is one useful tool that health care systems draw upon to help make investment decisions and set priorities. But translating results from economic evaluations into actionable insights about a novel intervention's value remains elusive, given ethical and practical complexities. This article illuminates 5 key factors to consider in interpretating economic evaluations of novel interventions: the health care decision problem, the design and structure of the mathematical model, characterization of uncertainty, awareness of health outcome measure limitations, and the contrast between optimal decision-making conditions and real-world decision-making conditions.