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PharmacoEconomics
Published in: PharmacoEconomics 1/2013

01-01-2013 | Systematic Review

A Systematic and Critical Review of the Evolving Methods and Applications of Value of Information in Academia and Practice

Authors: Lotte Steuten, Gijs van de Wetering, Karin Groothuis-Oudshoorn, Valesca Retèl

Published in: PharmacoEconomics | Issue 1/2013

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Abstract

Objective

This article provides a systematic and critical review of the evolving methods and applications of value of information (VOI) in academia and practice and discusses where future research needs to be directed.

Methods

Published VOI studies were identified by conducting a computerized search on Scopus and ISI Web of Science from 1980 until December 2011 using pre-specified search terms. Only full-text papers that outlined and discussed VOI methods for medical decision making, and studies that applied VOI and explicitly discussed the results with a view to informing healthcare decision makers, were included. The included papers were divided into methodological and applied papers, based on the aim of the study.

Results

A total of 118 papers were included of which 50 % (n = 59) are methodological. A rapidly accumulating literature base on VOI from 1999 onwards for methodological papers and from 2005 onwards for applied papers is observed. Expected value of sample information (EVSI) is the preferred method of VOI to inform decision making regarding specific future studies, but real-life applications of EVSI remain scarce. Methodological challenges to VOI are numerous and include the high computational demands, dealing with non-linear models and interdependency between parameters, estimations of effective time horizons and patient populations, and structural uncertainties.

Conclusion

VOI analysis receives increasing attention in both the methodological and the applied literature bases, but challenges to applying VOI in real-life decision making remain. For many technical and methodological challenges to VOI analytic solutions have been proposed in the literature, including leaner methods for VOI. Further research should also focus on the needs of decision makers regarding VOI.
Appendix
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Metadata
Title
A Systematic and Critical Review of the Evolving Methods and Applications of Value of Information in Academia and Practice
Authors
Lotte Steuten
Gijs van de Wetering
Karin Groothuis-Oudshoorn
Valesca Retèl
Publication date
01-01-2013
Publisher
Springer International Publishing AG
Published in
PharmacoEconomics / Issue 1/2013
Print ISSN: 1170-7690
Electronic ISSN: 1179-2027
DOI
https://doi.org/10.1007/s40273-012-0008-3

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