Economic evaluation
9 important questions on Economic evaluation
What two large uncertainties are involved in Economic evaluation?
2. How much a decision maker is willing to pay for health gains
What does economic evaluation?
Do the results of an intervention warrant its implementation, compared with the results from other interventions that could have been implemented using the same resources?
Why conduct economic evaluations?
- Resources (time, money, skills) for health promotion are scarce.
- To answer the question: Which promotion program should be funded?
- Designed and conducted to inform decisions on which program to invest in.
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Name the four types of economic evaluations.
- Cost-effectiveness analysis
- Cost-utility analysis
- Cost-benefit analysis
- Cost-minimization analysis
What is cost-effectiveness analysis? Explain.
- Differences in costs of the interventions compared with the differences in health effects.
- Assessed in terms of physical units (Program outcome measurements: weight loss, blood pressure, back pain)
- Drawback: results are hard to compare accross different interventions.
What is cost-utility analysis
- Difference in costs accross programs compared to differences in utility units.
- Expressed in QALY's.
- Advantage: relevant to all kinds of interventions, easily comparable results
What is a cost-benefit analysis?
- Difference in program costs compared to the difference in outcomes
- Expressed in money (net savings/losses) that are associated with an intervention.
What is a cost-minimization analysis?
- Only the difference in costs (program costs) is assessed between the alternatives being compared based on the assumption that the effect outcomes are exactly the same.
- Drawback (major!): not to be implemented when assessing new interventions.
Name the steps of an economic evaluation.
- Identification of the perspective
- Identification of the alternatives
- Identification, measurement and valuation of effects
- Identification, measurement and evaluation of costs
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