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

Helen Mason, Michael Jones-Lee and Cam Donaldson
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Helen Mason: Institute of Health and Society, Newcastle University, Newcastle upon Tyne, UK, Postal: Institute of Health and Society, Newcastle University, Newcastle upon Tyne, UK
Michael Jones-Lee: Business School (Economics), Newcastle University, Newcastle upon Tyne, UK, Postal: Business School (Economics), Newcastle University, Newcastle upon Tyne, UK

Health Economics, 2009, vol. 18, issue 8, pages 933-950

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. Copyright © 2008 John Wiley & Sons, Ltd.

Date: 2009
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