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level: Level 1 of ECONOMIC ANALYSIS METHODS

Questions and Answers List

level questions: Level 1 of ECONOMIC ANALYSIS METHODS

Question	Answer
Studies of costs and related economic implications of different interventions or technology can also involve either or both primary data collection and integrative methods	ECONOMIC ANALYSIS METHODS
Main types of economic analysis used in HTA	• Cost-of-illness analysis • Cost-minimization analysis • Cost-effectiveness analysis (CEA) --------------Cost-utility analysis (CUA) --------------Cost-consequence analysis • Cost-benefit analysis (CBA) • Budget-impact analysis (BIA)
a determination of the economic IMPACT OF AN ILLNESS OR CONDITION (typically on a given population, region, or country) e.g., of smoking, arthritis, or diabetes, including associated treatment costs	Cost-of-illness analysis
a determination of the least costly among alternative interventions that are assumed to produce equivalent outcomes	Cost-minimization analysis
a comparison of costs in monetary units WITH OUTCOMES IN QUANTITATIVE NON-MONETARY UNITS, e.g., reduced mortality or morbidity	Cost-effectiveness analysis (CEA)
a form of cost-effectiveness analysis that compares costs in monetary units with outcomes IN TERMS OF THEIR UTILITY, usually to the patient, measured,	Cost-utility analysis (CUA) under Cost-effectiveness analysis (CEA)
a form of cost-effectiveness analysis that PRESENTS COSTS AND OUTCOMES IN DISCRETE CATEGORIES, without aggregating or weighting them	Cost-consequence analysis under Cost-effectiveness analysis (CEA)
COMPARES COSTS AND BENEFITS, both of which are quantified in COMMON MONETARY UNITS	Cost-benefit analysis (CBA)
determines the impact of implementing or adopting a particular technology or technology-related policy ON A DESIGNATED BUDGET, e.g., of a drug formulary or health plan	Budget-impact analysis (BIA)
1 estimates of utility are assigned to health outcomes, enabling comparisons of disparate technologies 2 enables comparison of disparate or different in kind technologies or no comparison at all. ex: coronary artery bypass, screening process of cancer	1 Cost-utility analysis (CUA) 2 Cost-consequence analysis
1 A drawback of Cost-benefit analysis (CBA) 2 How to avoid this drawback	1 DIFFICULTY OF ASSIGNING MONETARY VALUES to all pertinent outcomes, including changes in the length or quality of life 2 using more DIRECT OR NATURAL UNITS OF OUTCOMES (lives saved or strokes averted)
Two basic approaches for CBA	1 ratio approach 2 net benefit approach
Indicates the amount of benefits (or outcomes) that can be realized per unit expenditure on a technology vs. a comparator. a technology is cost beneficial vs. a comparator if the ratio of the change in costs to the change in benefits is less than one.	ratio approach
indicates the absolute amount of money saved or lost due to a use of a technology vs. a comparator. a technology is cost-beneficial vs. a comparator if the net change in benefits exceeds the net change in costs.	net benefits approach