Modelling the monetary value of a QALY: a new approach based on UK data

Helen Mason, Michael Jones-Lee, Cam Donaldson

Research output: Contribution to journalArticle

Abstract

Debate about the monetary value of a quality-adjusted life year (QALY) has existed in the health economics literature for some time. More recently, concern about such a value has arisen in UK health policy. This paper reports on an attempt to ‘model’ a willingness-to-pay-based value of a QALY from the existing value of preventing a statistical fatality (VPF) currently used in UK public sector decision making. Two methods of deriving the value of a QALY from the existing UK VPF are outlined: one conventional and one new. The advantages and disadvantages of each of the approaches are discussed as well as the implications of the results for policy and health economic evaluation methodology.

Original languageEnglish
Pages (from-to)933-950
Number of pages18
JournalHealth Economics
Volume18
Issue number8
DOIs
Publication statusPublished - 1 Aug 2009

Keywords

  • QALY
  • health care
  • health economics
  • quality adjusted life years

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