Economic evaluation is widely used to assess many new health care interventions and technologies and is routinely used to allocate scarce health care resources. Over recent years there has been an expanding wealth of cost and outcome data that can inform evaluations. It is important to seek input from a health economist early in the design of a study as there are a wide variety of economic evaluation methods and techniques that can be employed, including:

Costing study

Studies that quantify the overall costs associated with different diseases. These cost of illness studies are often used in advocacy and tell about a problem but do not provide a solution.

Cost-minimisation

Has been used when two interventions produce an equal outcome and so only costs need to be compared.

Cost-benefit analysis

When both costs and benefits are quantified in monetary terms. It helps predict if the benefits of the policy outweigh its costs and by how much relative to other alternatives.

Cost-effectiveness analysis

Is a tool that compares the costs and health effects o an intervention and the results can help inform decision-makers in resource allocation.

Cost-utility analysis

Is a form of cost-effectiveness analysis in which outcomes are quality-adjusted on a 0-1 scale, in which 0 is a health state equivalent to death and 1 is full health.

Our MISCH health economists provide expertise in the following:

Design stage - development of the research question(s), selection of study design and relevant data capture and data linkage procedures , sample size calculation, study protocol, methods to assess quality of life and economic evaluation reporting standards Health economics data requirements and data. Grant design including typical health economics components in grant proposals and guidance on resource requirements for economic evaluations and options for grant budgets;

Execution stage - collecting relevant cost data, Extrapolation, modelling, and capturing uncertainty;

Completion stage - clearing and analysing health economic data;

Translational stage - interpretation and effective communication of research findings, leading to the development of economic reporting standards.