How useful really is Expected Value of Perfect Information as an additional analysis to support decision-making for the healthcare system? Are there settings/countries now who are conducting this as part of their standard analysis to complement the results of cost effectiveness analysis?
Senior Researcher |
Replied: 13 Jun 2018 at 18:22
Thank you for very good responses from Alec. I cannot agree more with him on the potential use of value of information analysis. Having a quick review of major country guidelines in GEAR database (which consists of national methodological guidelines from 43 countries/settings--http://www.gear4health.com/gear/health-economic-evaluation-guidelines), I found only two guidelines from Canada and the Netherlands mention about the value of information analysis or EVPI. The Dutch guideline perhaps provide the most detail guidance when and how the value of information analysis should be performed. It reads (on page 21): "....In all model-based economic evaluations where decision uncertainty is found (when the probability that the intervention is cost-effective is lower than 100% at the applicable reference value but still higher than 0%) an EVPI should be calculated. Supplementary VOI analyses can answer the question whether, and what kind of additional study is efficient. Additionally, they can indicate whether the definitive decision should be postponed while awaiting the results of additional studies. These analyses are relevant if additional study and/or postponement of the decision is a viable policy option....".
United Kingdom |
Replied: 02 Jun 2018 at 23:41
I dont know of any countries where it is a standard part of analysis to complement the results of cost-effectiveness analysis (though it is possible there could be such countries). I think this form of analysis is most useful to funders of clinical research, National Institutes of Health and the like, who should be looking for situations where there is a wide uncertainty range which be resolved relatively cheaply resulting in changed decisions about whether to provide a technology.
Probably the best resource is the reports of the ISPOR taskforce on value of information analysis, which should be published very soon, and will give a picture of the state of play in terms of both practice and technical methods https://www.ispor.org/TaskForces/Value-of-Information-Analysis-for-Research-Decisions.asp