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.
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)
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