Chapter

Can Medical Cost-Effectiveness Analysis Identify the Value of Research?

Edited by David Meltzer

in Measuring the Gains from Medical Research

Published by University of Chicago Press

Published in print April 2003 | ISBN: 9780226551784
Published online February 2013 | e-ISBN: 9780226551791 | DOI: http://dx.doi.org/10.7208/chicago/9780226551791.003.0007
Can Medical Cost-Effectiveness Analysis Identify the Value of Research?

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This chapter reviews the tools of medical cost-effectiveness analysis and examines the potential to use these tools to inform priorities for biomedical research. It has been suggested by some recent policy analysts that it is possible in principle to construct measures of the value of information that can describe the benefits of investing in research. The work required to move from what is theoretically possible to the actual application of these principles to produce valid and reliable estimates of the value of research involves a series of methodological and empirical challenges. This book has talked in detail about these challenges. Additional issues include ambiguities about how costs of illness may affect quality-of-life measurements and the implications of such effects for the measurement of productivity costs. The chapter ends by looking at the future of the value of medical research, considering the fact that health is a domain that people value very highly and in which great strides have been made in recent decades.

Keywords: medical cost-effectiveness; biomedical research; empirical challenges; research; productivity costs; health care

Chapter.  15691 words.  Illustrated.

Subjects: Econometrics and Mathematical Economics

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