What are Economic Evaluations?

Economic Evaluations are tools that health economists use to assess the cost-effectiveness of healthcare interventions. Economic evaluations also include the notion of ‘choice’ in which the relative values of alternative courses of action are weighed. A typical question asked is:

‘What are the additional costs and benefits of switching from Drug A to Drug B?’

Decision-makers are better able to judge the economic value of an intervention, by assessing whether benefits justify the costs.

A good working definition of an economic evaluation is: ‘the comparative analysis of alternative courses of action in terms of both their costs and consequences’. The role of a health economist is, therefore, to identify, measure, value and compare the costs and consequences of a particular medical intervention.

 

 What are Economic Evaluations?

SOURCE: Whittington, Ruth. Introduction to Health Economics: A Beginners Guide. Greenflint Ltd., 2008, p. 3.

This extract was re-produced from the above source which derives from range of Health Economics related titles including;

  • Demonstrating the Value of Healthcare
  • Health Economics Methodology
  • Introduction to Biostatistics Concepts
  • Introduction to Comparative Effectiveness and Evidence Based Medicine
  • Introduction to Patient Reported Outcomes (PRO’s)

All titles come in generic format available on Amazon however, all are completely customisable and can be sourced via Rx Communications; www.rxcomms.com