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Modelling the monetary value of a QALY: a new approach based on UK data
Author(s) -
Mason Helen,
JonesLee Michael,
Donaldson Cam
Publication year - 2009
Publication title -
health economics
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 1.55
H-Index - 109
eISSN - 1099-1050
pISSN - 1057-9230
DOI - 10.1002/hec.1416
Subject(s) - quality adjusted life year , value (mathematics) , economics , actuarial science , willingness to pay , health economics , value of life , economic evaluation , public economics , medicine , macroeconomics , cost effectiveness , operations management , microeconomics , economic growth , health care , statistics , mathematics
Debate about the monetary value of a quality‐adjusted life year (QALY) has existed in the health economics literature for some time. More recently, concern about such a value has arisen in UK health policy. This paper reports on an attempt to ‘model’ a willingness‐to‐pay‐based value of a QALY from the existing value of preventing a statistical fatality (VPF) currently used in UK public sector decision making. Two methods of deriving the value of a QALY from the existing UK VPF are outlined: one conventional and one new. The advantages and disadvantages of each of the approaches are discussed as well as the implications of the results for policy and health economic evaluation methodology. Copyright © 2008 John Wiley & Sons, Ltd.