Economic Evaluation in Healthcare

These flashcards cover key concepts, definitions, and details related to economic evaluation in healthcare as discussed in the lecture.

What is economic evaluation?

An economic evaluation is the comparative analysis of alternative courses of action in terms of both their costs and consequences.

Why is economic evaluation used in healthcare?

To address increasing healthcare costs, public demands, and competing health priorities, and to assist in price negotiations, decision making, and resource allocation.

What are the main components of economic evaluation?

1. Rapid review of existing economic evaluations, 2. De novo economic evaluation with country-specific input parameters, 3. Budget impact analysis.

What does the literature search strategy involve?

Systematically searching databases such as Tufts Medical Center and NHS Economic Evaluation Database to find relevant economic evaluations.

What is the role of PICOT in study selection?

PICOT is used as the basis for the inclusion and exclusion of studies from a systematic review.

What is a cost-utility analysis (CUA)?

A preferred type of economic evaluation that compares the costs and outcomes of health interventions by expressing outcomes in terms of utility.

What is considered a direct healthcare cost?

Expenses directly incurred due to illness, including medical care and travel costs.

What is the concept of DALYs?

Disability-Adjusted Life Years, a measure combining years of life lost due to premature death and years lost due to disability.

How is YLL calculated?

Years of Life Lost (YLL) = Number of deaths (N) x Standard life expectancy (L).

What is the formula for calculating YLD?

YLD = Incidence rate (I) x Average duration (L) x Disability weight (DW).

How are Quality-Adjusted Life Years (QALYs) calculated?

QALYs = Number of years lived × Utility weight (DW).

What is the principle of discounting in economic evaluation?

Discounting adjusts future costs and benefits to their present value to account for the time value of money.

What are the three types of uncertainty to consider in economic evaluations?

1. Modelling uncertainty, 2. Parameter uncertainty, 3. Uncertainties in sources of values for estimates.

What is a deterministic sensitivity analysis?

It assesses the sensitivity of model results by varying input parameters one at a time.

What is the significance of the Philippine reference case?

It specifies methodological standards considered in evaluating the value of health technologies in the Philippine context.