Exploring a new method for deriving the monetary value of a QALY.
Several studies have sought to determine the monetary value of health gains expressed as quality adjusted life years (QALYs) gained, predominantly using willingness to pay approaches. However, willingness to pay has a number of recognized problems, most notably its insensitivity to scope. This paper presents an alternative approach to estimate the monetary value of a QALY, which is based on the time trade-off method. Moreover, it presents the results of an online study conducted in the Netherlands exploring the feasibility of this novel approach. The results seem promising, but also highlight a number of methodological problems with this approach, most notably nontrading and the elicitation of negative values. Additional research is necessary to try to overcome these problems and to determine the potential of this new approach.
School of Health and Related Research, University of Sheffield, Sheffield, UK.
Carl
C
Tilling
Institute for Medical Technology Assessment, Erasmus University, Rotterdam, The Netherlands.|Department of Health Policy and Management, Erasmus University, PO Box 1738, 3000 DR, Rotterdam, The Netherlands.
Marieke
M
Krol
Department of Health Policy and Management, Erasmus University, PO Box 1738, 3000 DR, Rotterdam, The Netherlands. attema@bmg.eur.nl.
Arthur E
AE
Attema
School of Health and Related Research, University of Sheffield, Sheffield, UK.|Department of Economics, University of Sheffield, Sheffield, UK.
Aki
A
Tsuchiya
School of Health and Related Research, University of Sheffield, Sheffield, UK.
John
J
Brazier
Department of Health Policy and Management, Erasmus University, PO Box 1738, 3000 DR, Rotterdam, The Netherlands.
Job
J
van Exel
Department of Health Policy and Management, Erasmus University, PO Box 1738, 3000 DR, Rotterdam, The Netherlands.
Werner
W
Brouwer
D000293:Adolescent; D000328:Adult; D000368:Aged; D003362:Cost-Benefit Analysis / Q000379:methods*; D003657:Decision Making; D005260:Female; D006801:Humans; D007182:Income; D008017:Life Expectancy; D008297:Male; D008875:Middle Aged; D009426:Netherlands; D019057:Quality-Adjusted Life Years; D013997:Time Factors; D055815:Young Adult
QALY; Time trade-off method; Willingness to pay