Skip to main content
Open access
Editorial
26 November 2024

Generalized cost–effectiveness analysis: charting a path forward for measuring the societal value of medical technologies

First page of PDF

Formats available

You can view the full content in the following formats:

References

1.
Paulden M, O'Mahony JF, Culyer AJ, McCabe C. Some inconsistencies in NICE's consideration of social values. Pharmacoeconomics 32(11), 1043–1053 (2014).
2.
Angelis A, Harker M, Cairns J et al. The evolving nature of health technology assessment: a critical appraisal of NICE's New Methods Manual. Value Health. 26(10), 1503–1509 (2023).
3.
Institute for Clinical and Economic Review. Value Assessment Framework (2023). https://icer.org/wp-content/uploads/2024/02/ICER_2023_2026_VAF_For-Publication_021324.pdf
4.
Westrich T, Westrich K, Hydery T et al. Payer perceptions and use of value assessment tools in the United States. J. Manag. Care Spec. Pharm. 29(5), 582–588 (2023).
5.
Institute for Clinical and Economic Review. Special Assessment to Inform CMS Drug Price Negotiation: Breo Ellipta and Trelegy Ellipta. Available at: https://icer.org/assessment/special-assessment-cms-2025/
6.
Kim DD, Silver MC, Kunst N, Cohen JT, Ollendorf DA, Neumann PJ. Perspective and costing in cost–effectiveness analysis, 1974–2018. Pharmacoeconomics 38(10), 1135–1145 (2020).
7.
Yuasa A, Yonemoto N, LoPresti M, Ikeda S. Use of productivity loss/gain in cost–effectiveness analyses for drugs: a systematic review. Pharmacoeconomics 39(1), 81–97 (2021).
8.
Lakdawalla DN, Phelps CE. A guide to extending and implementing generalized risk-adjusted cost–effectiveness (GRACE). Eur. J. Health Econ. 23(3), 433–451 (2022).
9.
Lakdawalla DN, Doshi JA, Garrison LP Jr, Phelps CE, Basu A, Danzon PM. Defining elements of Value Health care – a health economics approach: an ISPOR Special Task Force Report [3]. Value Health. 21(2), 131–139 (2018).
10.
Li M, Garrison L, Lee W, Kowal S, Wong W, Veenstra D. A pragmatic guide to assessing real option value for medical technologies. Value Health. 25(11), 1878–1884 (2022).
11.
Li M, Basu A, Bennette C, Veenstra D, Garrison LP. How does option value affect the potential cost–effectiveness of a treatment? The case of ipilimumab for metastatic melanoma. Value Health. 22, 777–784 (2019).
12.
Lee W, Wong WB, Kowal S, Garrison LP, Veenstra DL, Li M. Modeling the ex ante clinical real option value in an innovative therapeutic area: ALK-positive non-small-cell lung cancer. Pharmacoeconomics 40(6), 623–631 (2022).
13.
Shafrin J, Kim J, Cohen J et al. Valuing the societal impact of medicine and other health technologies: a user guide to current best practices. Forum Health Econ. Policy (2024). https://doi.org/10.1515/fhep-2024-0014
14.
Wadsworth LP, Wessman I, Björnsson AS, Jonsdottir G, Kristinsson SY. The half-painted picture: reviewing the mental health impacts of cancer screening. Medicine (United States). 101(38), E30479 (2022).
15.
Taupin D, Chambers SL, Corbett M, Shadbolt B. Colonoscopic screening for colorectal cancer improves quality of life measures: a population-based screening study. Health Qual. Life Outcomes. 4, 82 (2006).
16.
Devlin N, Parkin D, Janssen B. An introduction to EQ-5D instruments and their applications. In: Methods for Analysing and Reporting EQ-5D Data. Springer, Switzerland (2020).
17.
Paulsen DJ, Platt ML, Scott AH, Brannon EM. From risk-seeking to risk-averse: the development of economic risk preference from childhood to adulthood. Front Psychol. 3(SEP) (2012). https://www.frontiersin.org/journals/psychology/articles/10.3389/fpsyg.2012.00313
18.
Mulligan K, Baid D, Doctor JN, Phelps CE, Lakdawalla DN. Risk preferences over health: empirical estimates and implications for medical decision-making. J. Health Econ. 94, 102857 (2024).