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The quality-adjusted life year (QALY) is a generic measure of disease burden, including both the quality and the quantity of life lived. [1] [2] It is used in economic evaluation to assess the value of medical interventions. [1] One QALY equates to one year in perfect health. [2] QALY scores range from 1 (perfect health) to 0 (dead). [3]
The most commonly used outcome measure is quality-adjusted life years (QALY). [1] Cost–utility analysis is similar to cost-effectiveness analysis. Cost-effectiveness analyses are often visualized on a plane consisting of four quadrants, the cost represented on one axis and the effectiveness on the other axis. [3]
As such, the ICER facilitates comparison of interventions across various disease states and treatments. In 2009, NICE set the nominal cost-per-QALY threshold at £50,000 for end-of-life care because dying patients typically benefit from any treatment for a matter of months, making the treatment's QALYs small. [3]
QALY stands for Quality-Adjusted Life Year and it is one measurement system used by ICER to determine the value of a drug. One QALY is equal to one perfect year of health. Critics of the QALY argue that the measurement is too subjective to be used broadly.
Thus, any health intervention which has an incremental cost of more than £30,000 per additional QALY gained is likely to be rejected and any intervention which has an incremental cost of less than or equal to £30,000 per extra QALY gained is likely to be accepted as cost-effective. This implies a value of a full life of about £2.4 million.
In health economics and in the pharmaceutical sector, however, the value of a quality-adjusted life-year (QALY) is used more often than the VSL. Both of these measures are used in cost-benefit analyses as a method of assigning a monetary value of bettering or worsening one's life conditions.
The first study on the global burden of disease, conducted in 1990, quantified the health effects of more than 100 diseases and injuries for eight regions of the world, giving estimates of morbidity and mortality by age, sex, and region.
The Global Burden of Disease Study (GBD) 2001–2002 counted disability adjusted life years equally for all ages, but the GBD 1990 and GBD 2004 studies used the formula [15] W = 0.1658 Y e − 0.04 Y {\displaystyle W=0.1658Ye^{-0.04Y}} [ 16 ] where Y {\displaystyle Y} is the age at which the year is lived and W {\displaystyle W} is the value ...