Measuring Cost-Effectiveness in Health Economics

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What is the most common measure of cost-effectiveness in health economic evaluations?

Cost per unit of survival years

Cost per unit of quality adjusted life-years (QALY) (correct)

Cost per unit of life years gained

Cost per unit of disease-free life years

What does a QALY value of 1 represent?

A year lived in perfect mental health

A year lived in perfect health

A year lived with partial value

A year lived with full value (correct)

How are quality-adjusted life-years (QALY) determined?

By measuring the patient's lifespan expectancy

By calculating the patient's illness severity

By directly eliciting health state utility (correct)

By assessing the patient's physical health only

What does health state utility measure in relation to disease?

Patient's preference for a particular health state Signup and view all the answers

What is a limitation of health state utilities?

They have not been measured for every disease Signup and view all the answers

How is cost-effectiveness defined?

By dividing the net costs of the therapy by the net benefits of the therapy Signup and view all the answers

What does it mean if a therapy is considered dominant?

It has both the lowest cost and the largest QALY gain Signup and view all the answers

When is a therapy considered dominated?

When it has the highest cost and lowest QALY gain Signup and view all the answers

How do thresholds for cost per QALY vary across different economies?

They are adjusted for inflation within any economy Signup and view all the answers

What does an incremental cost-effectiveness ratio (ICER) calculate?

The net costs of one therapy divided by the net benefits of another therapy Signup and view all the answers

What is the purpose of using Markov-chain models in cost-effectiveness models?

To allow transitions between different health states Signup and view all the answers

What does a state transition diagram help establish in cost-effectiveness models?

Potential health states and transition probabilities Signup and view all the answers

Why is it important for a cost-effectiveness model to allow transitions between various health states?

To approximate real-life patient experiences more closely Signup and view all the answers

What does the model enable someone to transition contextually in and out of over the time horizon being investigated?

Various health states Signup and view all the answers

What is the purpose of a decision tree in health economic analysis?

To evaluate potential strategies and outcomes associated with each strategy Signup and view all the answers

In health economic analysis, what is included in 'Table I'?

Specific probability and confidence interval for each individual outcome or cost Signup and view all the answers

What is a preferred source for informing probabilities in health economic analysis?

Meta-analysis or other systematic review Signup and view all the answers

How can uncertainty be dealt with when estimating inputs in health economic analysis?

By using probability distributions Signup and view all the answers

What is a commonly used method for simulating outcomes in health economic analysis?

Monte-Carlo simulation Signup and view all the answers

Why is it important to conduct stringent literature searches on outcomes of interest in health economic analysis?

To ensure robust estimates based on objective and comprehensive point estimates Signup and view all the answers