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Valuing COVID-19 Morbidity Risk Reductions.

Lisa A Robinson1, Michael R Eber2, James K Hammitt3

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Summary
This summary is machine-generated.

Valuing nonfatal COVID-19 cases is crucial for policy decisions. This study estimates the economic value of averting mild, severe, and critical COVID-19 illnesses, finding significant monetary gains.

Keywords:
COVID-19quality-adjusted life years (QALYs)value per statistical life (VSL)valuing morbidity risk reductionswillingness to pay (WTP)

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Area of Science:

  • Health Economics
  • Epidemiology
  • Public Health Policy

Background:

  • Economic analyses of pandemics often overlook the value of averting nonfatal illnesses.
  • The significance of nonfatal cases is growing as COVID-19 case-fatality rates decline due to immunity and treatments.
  • Limited research exists on the economic valuation of COVID-19 morbidity.

Purpose of the Study:

  • To develop and implement a method for approximating the economic value of averting nonfatal illnesses.
  • To apply this methodology to estimate the value of averting COVID-19 morbidity in the United States.

Main Methods:

  • Utilized quality-adjusted life year (QALY) metrics to quantify health gains from averted illnesses.
  • Translated QALY gains into monetary values per case of varying severity (mild, severe, critical).

Main Results:

  • Estimated health gains of 0.01 QALY/mild, 0.02 QALY/severe, and 3.15 QALYs/critical case averted.
  • Translated these into monetary values: ~$5,300/mild, ~$11,000/severe, and ~$1.8 million/critical case.

Conclusions:

  • Averting nonfatal COVID-19 cases represents substantial economic value, potentially altering policy desirability.
  • The methodology provides an approximation for the economic impact of COVID-19 morbidity.
  • Further research is needed, but these estimates highlight the importance of considering nonfatal outcomes in public health economic evaluations.