A major challenge in health economics is the valuation of benefits from alternative health care interventions. The quality adjusted life year (QALY) has become the main valuation technique. For example, it is the valuation method recommended by bodies such as the National Institute for Health and Clinical Excellence (NICE), the Scottish Medicine Committee (SMC), the Canadian Agency for Drugs & Technologies in Health (CADTH) and the Australian Pharmaceutical Benefits Advisory Committee (PBAC).
Read the rest of this entry »