Healthy Skepticism Library item: 18455

Warning: This library includes all items relevant to health product marketing that we are aware of regardless of quality. Often we do not agree with all or part of the contents.

Publication type: Journal Article

Wise J
New drugs should be judged on 'willingness to pay' basis, says leading economist
BMJ 2010 July 19; 341:
http://www.bmj.com/cgi/content/extract/341/jul19_2/c3899

Abstract:

A leading economist has argued that “willingness to pay” is the best way to judge whether a new drug should be funded.

Peter Zweifel, professor of economics at the University of Zurich, said that the willingness to pay criterion-which assigns a value to health benefits by directly asking members of the public how much they would be prepared to pay to gain a benefit-is a better measure than quality adjusted life years (QALYs), the commonly used measure that combines an estimate of the life years gained from an intervention with a judgment on the quality of these life years.

Speaking at a seminar at the independent Office of Health Economics in London, Professor Zweifel said, “I would argue that the real gold standard in economic terms is not cost effectiveness but cost-benefit.”

He added: “The current focus on QALYs is very narrow. The outcome is valued, rather than how you . . .