TABLE 1.
Empirical Studies Relevant to the Measurement of Novel Uncertainty-Related Elements of Value
| Element/Study | Context | Method | Monetary Effect Above Conventional ICER |
|---|---|---|---|
| Insurance value: financial risk protection | |||
| Verguet et al., 201314 | Rotavirus-India (I) and Ethiopia (E) | Dynamic CEA modeling | Financial risk protection (FRP) of $16k (I) and $8K (E) per 1 million households. Largest FRP in lowest income quintile. |
| Verguet et al., 201515 | Tuberculosis in India | Universal public finance model (90% coverage) | Per million people in India, insurance value is $9,000, and 80% would accrue to the bottom 2 quintiles. |
| Insurance value: financial and physical health risk protection | |||
| Shih et al., 201616 | Multiple sclerosis in United States | Parameterized utility function | 33% of conventional value |
| Lakdawalla et al., 201710 | General U.S. population | Numerical exercise with a parameterized utility function | 38%-62%: The physical insurance values greatly exceed the financial insurance value |
| Real option value | |||
| Sanchez et al., 201217 | Small molecule medicine for chronic myeloid leukemia in United States | Projection of mortality trends | 9% of conventional survival benefit |
| Thornton Snider et al., 201718 | Monoclonal antibody medicine for renal cell carcinoma and lung cancer in United States | Projection of mortality trends | 5%-18% of conventional survival benefit |
| Li et al., 201919 | Monoclonal antibody medicine for metastatic melanoma in United States | Projection of mortality trends and new drug approvals and economic modeling | Incremental QALY gained increased by 5%-8% and ICER decreased by 0%-2% |
| Value of hope | |||
| Lakdawalla et al., 201213 | Treatments for metastatic melanoma and metastatic breast cancer in United States | Discrete choice/contingent valuation | WTP $35,000 for a 1 standard deviation increase in survival |
| Shafrin et al., 201723 | Treatments for advanced stage melanoma or lung cancer in United States | Patient and physician surveys | Majority of patients prefer higher variance in survival; physicians do not |
| Shafrin et al., 201824 | Treatments for sqamous non-small cell lung cancer in Canada | Economic modeling estimation | 0.039 additional QALYs (equivalent to Canadian $5,580) |
| Value of knowing | |||
| Neumann et al., 201225 | Predictive testing for diseases with no preventive option in United States | Stated-preference study | $109-$263 per test |
| Goldman et al., 201326 (Sood et al., 2013, technical analysis)27 | Dx testing in personalized medicine: RA patients at risk for CV event on an NSAID in United States | Population economic modeling | Test generates $1,284 per patient |
CEA = cost-effectiveness analysis; CV=cardiovascular; Dx = diagnostic; ICER=incremental cost-effectiveness ratio; NSAID = nonsteroidal anti-inflammatory drug; QALY = quality-adjusted life-year; RA =rheumatoid arthritis; WTP = willingness to pay.