Health Economics for Prescribers. Richard Smith (MED) [email protected] David Wright (CAP) [email protected] Deciding upon study question Viewpoint taken. Alternatives appraised. Assessment of costs and benefits Identification of relevant C&B. Measurement of C&B.
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Adjustment for timing.
Adjustment for uncertainty.
Making a decision.Stages in economic evaluation
Lectures 3 & 4
Chance nodeExample stochastic, prescriptive model (decision-tree)
EV = 0.5x100 + 0.5x0 = £50
Cost (have cancer)
Cost (no cancer)
Example of Markov model results
Type of Analysis results
Identical in all respects.
Least cost alternative.
Different magnitude of a common measure eg., LY’s gained, blood pressure reduction.
Cost per unit of consequence eg. cost per LY gained.
Single or multiple effects not necessarily common. Valued as “utility” eg. QALY
Cost per unit of consequence eg. cost per QALY.
As for CUA but valued in money.
cost: benefit ratio.Overall index depends on type of economic evaluation
Think about this for the next workshop when looking at checklist item 10 on “issues of concern to users”…
…you will be users of this information so what issues are relevant to you?
“Don’t let the pursuit of the perfect lead you to dismiss that which is merely very good” Alan Williams