Study Set Content:
refers to the potential benefits that are given up when choosing one treatment, intervention, or healthcare program over another, essentially representing the value of the next best alternative that could have been funded with the same resources.
opportunity cost in healthcare
Choosing to fund a new expensive drug for a small patient population, potentially meaning () funding is available for preventative care for a larger group.
less
refers to the maximum amount of money an individual is willing to give up to access a specific healthcare service or treatment, essentially representing the value they place on that health improvement, as measured in monetary terms
WTP in healthcare
• a key concept used to evaluate the costeffectiveness of different healthcare interventions and inform policy decisions by understanding how much people are willing to pay for better health outcomes.
WTP in healthcare
should account for the effect of the passage of time on the value of costs and outcomes.
Cost analyses
Costs and outcomes that occur in the future usually have() present value than costs and outcomes realized today.
less
Thus, costs and outcomes should be discounted relative to their ()value (e.g., at a rate of 3% or 5% per year).
present
Australia cost and discount
5%
UK(NICE)
3.5%
Netherlands(CVZ) Costs
4%
Netherlands discount
1.5%
Germany
3%
Finland
3%
Portugal
5%
Canada(CADTH)
5%
New Zealand(PHARMAC)
3.5%
Australia(PBAC) sensitivity analysis
0%
UK(NICE) sensitivity analysis
1.5%
France
0-6%
Netherlands(CVZ)
0%
