NICE's cost effectiveness assessment
NICE considers cost-effectiveness for the assessment of the new products and it has specified some guidelines for the health economic while conducting the cost-effectiveness.
In the United Kingdom, clinicians do consider the cost of the new products and the clinical outcomes while prescribing. However, NICE recommends the cost-effectiveness model to be included in the guidelines to make the decision-making process consistent. and prescription consistent.
In the United Kingdom, clinicians do consider the cost of the new products and clinical effectiveness while prescribing. However, NICE recommends the cost-effectiveness model to be included in the guidelines to make the method and prescription consistent.
NICE recommends that the guideline development should be based on the clinical outcome and the cost of the new intervention. However, the final cost of the new intervention on the system is not considered. But it is worth to mention that NICE conducts cost-impact analysis in parallel.
The modeling is based on the cost-effectiveness analysis. The health outcomes are generally measured in non-monetary methods.
The cost-effectiveness is usually measured in term of cost per quality-adjusted life year (QALY). QALY generally indicate the overall health outcome of the patient with the new intervention. In case, QALY is not appropriate new methods can be used.
Cost-effectiveness analysis can be conducted either based on the clinical trials or based on the literature search.
NICE generally recommends the use of most simple methods however the use of methods like Markov modeling or discrete event simulation is used for some cases.
Productivity costs are generally not included during the cost-effectiveness analysis in the United Kingdom.
The comparator used for the cost-effectiveness analysis is the standard of care available.
While generating the clinical evidence, it is recommended to use the UK population.
The length of the study should be long enough to correlate the clinical outcomes and the costs.
Generally, EQ-5D is the most preferred method for HRQoL studies.