Skip to main content
Key Specialties
Cardiology Diabetology Endocrinology Gastroenterology Geriatrics and Gerontology Gynecology and Obstetrics Hematology Infectious Disease Internal Medicine Nephrology Neurology Oncology Pediatrics Respiratory Medicine Rheumatology Surgery
Congress Coverage
2024 ACC Congress 2023 ESMO Congress 2023 EASD Congress 2023 ERS Congress 2023 ESC Congress
Clinical Collections
Advances in Alzheimer’s

Keynote webinar | Spotlight on medication adherence

LIVE: Thursday 27th June 2024, 18:00-19:30 (CEST)
Join our expert panel to discover why you need to understand the drivers of non-adherence in your patients, and how you can optimize medication adherence in your clinics to drastically improve patient outcomes.
ADVANCED SEARCH
Log in
Top
PharmacoEconomics
Published in: PharmacoEconomics 2/2015

01-02-2015 | Practical Application

A Practical Guide to Value of Information Analysis

Author: Edward C. F. Wilson

Published in: PharmacoEconomics | Issue 2/2015

Login to get access

Abstract

Value of information analysis is a quantitative method to estimate the return on investment in proposed research projects. It can be used in a number of ways. Funders of research may find it useful to rank projects in terms of the expected return on investment from a variety of competing projects. Alternatively, trialists can use the principles to identify the efficient sample size of a proposed study as an alternative to traditional power calculations, and finally, a value of information analysis can be conducted alongside an economic evaluation as a quantitative adjunct to the ‘future research’ or ‘next steps’ section of a study write up. The purpose of this paper is to present a brief introduction to the methods, a step-by-step guide to calculation and a discussion of issues that arise in their application to healthcare decision making. Worked examples are provided in the accompanying online appendices as Microsoft Excel spreadsheets.
Appendix
Available only for authorised users
Literature
1.
Spiegelhalter DJ, Abrams KR, Myles JP. Bayesian approaches to clinical trials and health-care evaluation. In: Senn S, Barnett V, editors. Statistics in practice. Chichester: Wiley; 2004. p. 25.
2.
Pratt J, Raiffa H, Schlaifer R. Introduction to statistical decision theory. Cambridge: Massachusetts Institute of Technology; 1995.
3.
Henriksson M, Lundgren F, Carlsson P. Informing the efficient use of health care and health care research resources—the case of screening for abdominal aortic aneurysm in Sweden. Health Econ. 2006;15(12):1311–22.PubMedCrossRef
4.
Garside R, Pitt M, Somerville M, et al. Surveillance of Barrett’s oesophagus: exploring the uncertainty through systematic review, expert workshop and economic modelling. Health Technol Assess. 2006;10(8):1–158.PubMedCrossRef
5.
Robinson M, Palmer S, Sculpher M, et al. Cost-effectiveness of alternative strategies for the initial medical management of non-ST elevation acute coronary syndrome: systematic review and decision-analytical modelling. Health Technol Assess. 2005;9(27):3–4 (9–11, 1–158).CrossRef
6.
Tappenden P, Chilcott JB, Eggington S, et al. Methods for expected value of information analysis in complex health economic models: developments on the health economics of interferon-beta and glatiramer acetate for multiple sclerosis. Health Technol Assess. 2004;8(27):3 (1–78).CrossRef
7.
Iglesias CP, Claxton K. Comprehensive decision-analytic model and Bayesian value-of-information analysis: pentoxifylline in the treatment of chronic venous leg ulcers. Pharmacoeconomics. 2006;24(5):465–78.PubMedCrossRef
8.
Castelnuovo E, Thompson-Coon J, Pitt M, et al. The cost-effectiveness of testing for hepatitis C in former injecting drug users. Health Technol Assess. 2006;10(32):3–4 (9–12, 1–93).CrossRef
9.
Bartell SM, Ponce RA, Takaro TK, et al. Risk estimation and value-of-information analysis for three proposed genetic screening programs for chronic beryllium disease prevention. Risk Anal. 2000;20(1):87–99.PubMedCrossRef
10.
Wilson EC, Gurusamy K, Samraj K, et al. A cost utility and value of information analysis of early versus delayed laparoscopic cholecystectomy for acute cholecystitis. Br J Surg. 2010;97:210–9.PubMedCrossRef
11.
Gurusamy K, Wilson E, Burroughs AK, et al. Intra-operative vs pre-operative endoscopic sphincterotomy in patients with gallbladder and common bile duct stones: cost-utility and value-of-information analysis. Appl Health Econ Health Policy. 2012;10(1):15–29. doi:10.​2165/​11594950-000000000-00000.PubMedCrossRef
12.
13.
Raiffa H, Schlaifer R. Probability and statistics for business decisions. New York: McGraw Hill; 1959.
14.
Raiffa H, Schlaifer R. Applied statistical decision theory. Boston: Harvard Business School; 1961.
15.
Thompson MS. Decision-analytic determination of study size. The case of electronic fetal monitoring. Med Decis Making. 1981;1(2):165–79.PubMedCrossRef
16.
Claxton K. The irrelevance of inference: a decision-making approach to the stochastic evaluation of health care technologies. J Health Econ. 1999;18(3):341–64 (S0167-6296(98)00039-3 [pii]).PubMedCrossRef
17.
18.
Willan A, Briggs A. Power and sample size determination: the value of information approach. Statistical analysis of cost-effectiveness data. Chichester: Wiley; 2006. p. 108–16.
19.
Banta HD, Thacker SB. The case for reassessment of health care technology: once is not enough. JAMA. 1990;264:235–40.PubMedCrossRef
20.
Fenwick E, Claxton K, Sculpher M, et al. Improving the efficiency and relevance of health technology assessment: the role of decision analytic modelling. Centre for Health Economics Discussion paper 179. York: Centre for Health Economics, University of York; 2000.
21.
Sculpher M, Drummond M, Buxton M. The iterative use of economic evaluation as part of the process of health technology assessment. J Health Serv Res Policy. 1997;2(1):26–30.PubMed
22.
Sculpher MJ, Claxton K, Drummond M, et al. Whither trial-based economic evaluation for health care decision making? Health Econ. 2006;15(7):677–87.PubMedCrossRef
23.
Wilson E, Abrams K. From evidence based economics to economics Based evidence: using systematic review to inform the design of future research. In: Shemilt I, Mugford M, Vale L, et al., editors. Evidence based economics. London: Blackwell Publishing; 2010.
24.
Drummond M, Sculpher M, Torrance G, et al. Methods for the economic evaluation of health care programmes. 3rd ed. Oxford: Oxford University Press; 2005.
25.
Cachon GR, Terwiesch C. Matching supply with demand: an introduction to operations management. 3rd ed. New York: McGraw-Hill; 2013.
26.
Willan AR, Pinto EM. The value of information and optimal clinical trial design. Stat Med. 2005;24(12):1791–806.PubMedCrossRef
27.
Steuten L, van de Wetering G, Groothuis-Oudshoorn K, et al. A systematic and critical review of the evolving methods and applications of value of information in academia and practice. Pharmacoeconomics. 2013;31(1):25–48. doi:10.​1007/​s40273-012-0008-3.PubMedCrossRef
28.
29.
30.
31.
32.
33.
Briggs AH, Sculpher M, Claxton K. Decision modelling for health economic evaluation. Oxford: Oxford University Press; 2006.
34.
Briggs AH, Claxton K, Sculpher M. Decision modelling for health economic evaluation. Handbooks in health economic evaluation. Oxford: Oxford University Press; 2006. p. 95.
35.
Gelman A, Carlin JB, Stern HS, et al. Bayesian data analysis. London: Chapman and Hall; 1995.
36.
37.
O’Hagan A, Buck CE, Daneshkhah A, et al. Uncertain judgements: eliciting experts’ probabilities. Chichester: Wiley; 2006.CrossRef
38.
39.
40.
Metadata
Title
A Practical Guide to Value of Information Analysis
Author
Edward C. F. Wilson
Publication date
01-02-2015
Publisher
Springer International Publishing
Published in
PharmacoEconomics / Issue 2/2015
Print ISSN: 1170-7690
Electronic ISSN: 1179-2027
DOI
https://doi.org/10.1007/s40273-014-0219-x

Other articles of this Issue 2/2015

PharmacoEconomics 2/2015 Go to the issue

Original Research Article

Cost-Effectiveness Analysis of Prognostic Gene Expression Signature-Based Stratification of Early Breast Cancer Patients

Systematic Review

Does Including Informal Care in Economic Evaluations Matter? A Systematic Review of Inclusion and Impact of Informal Care in Cost-Effectiveness Studies

Current Opinion

Cost-Value Analysis of Health Interventions: Introduction and Update on Methods and Preference Data

Review Article

Eribulin for the Treatment of Advanced or Metastatic Breast Cancer: A NICE Single Technology Appraisal

Original Research Article

Biological Therapies for the Treatment of Severe Psoriasis in Patients with Previous Exposure to Biological Therapy: A Cost-Effectiveness Analysis

Practical Application

A Primer on Marginal Effects—Part II: Health Services Research Applications