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QALYs in cost-effectiveness analysis: an overview for cardiologists

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  • Wouters, Olivier J.
  • Naci, Huseyin
  • Samani, Nilesh J

Abstract

In recent years, cost-effectiveness data have strongly influenced clinical practice guidelines for several cardiovascular treatments. Economic considerations are increasingly common as health systems are under mounting pressure to maximise value for money. The quality-adjusted life year (QALY)—an outcome measure that expresses the duration and quality of life—is the main pillar of cost-effectiveness analyses. It is widely used in assessments of the clinical and economic value of new cardiovascular treatments, but how the QALY is derived is often unclear to clinicians. In this article, we first explain how QALYs are defined and calculated. We then review a selected set of cost-effectiveness analyses of recently introduced cardiovascular treatments and outline how these studies derived their QALYs. Finally, we discuss the limitations of the QALY and how the presentation of the measure could be improved in cost-effectiveness studies.

Suggested Citation

  • Wouters, Olivier J. & Naci, Huseyin & Samani, Nilesh J, 2015. "QALYs in cost-effectiveness analysis: an overview for cardiologists," LSE Research Online Documents on Economics 63798, London School of Economics and Political Science, LSE Library.
    • Handle: RePEc:ehl:lserod:63798
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    File URL: http://eprints.lse.ac.uk/63798/
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    Cited by:

    1. Angelis, Aris & Kanavos, Panos, 2017. "Multiple Criteria Decision Analysis (MCDA) for evaluating new medicines in Health Technology Assessment and beyond: The Advance Value Framework," Social Science & Medicine, Elsevier, vol. 188(C), pages 137-156.
    2. repec:bla:glopol:v:8:y:2017:i:s2:p:76-83 is not listed on IDEAS
    3. Aris Angelis & Ansgar Lange & Panos Kanavos, 2018. "Using health technology assessment to assess the value of new medicines: results of a systematic review and expert consultation across eight European countries," The European Journal of Health Economics, Springer;Deutsche Gesellschaft für Gesundheitsökonomie (DGGÖ), vol. 19(1), pages 123-152, January.
    4. Angelis, A. & Linch, M. & Montibeller, G. & Molina-Lopez, T. & Zawada, A. & Orzel, K. & Arickx, F. & Espin, J. & Kanavos, P., 2020. "Multiple Criteria Decision Analysis for HTA across four EU Member States: Piloting the Advance Value Framework," Social Science & Medicine, Elsevier, vol. 246(C).
    5. Efthymiadou, Olina & Mossman, Jean & Kanavos, Panos, 2019. "Health related quality of life aspects not captured by EQ-5D-5L: Results from an international survey of patients," Health Policy, Elsevier, vol. 123(2), pages 159-165.
    6. Panos Kanavos & Olivier Wouters & Aris Angelis & Panos Kanavos & Gilberto Montibeller, 2017. "Resource Allocation and Priority Setting in Health Care: A Multi-criteria Decision Analysis Problem of Value?," Global Policy, London School of Economics and Political Science, vol. 8, pages 76-83, March.

    More about this item

    JEL classification:

    • R14 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Land Use Patterns
    • J01 - Labor and Demographic Economics - - General - - - Labor Economics: General

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