Value of information analysis in healthcare: a review of principles and applications

Abstract

Background:

Economic evaluations are increasingly utilized to inform decisions in healthcare; however, decisions remain uncertain when they are not based on adequate evidence. Value of information (VOI) analysis has been proposed as a systematic approach to measure decision uncertainty and assess whether there is sufficient evidence to support new technologies.

Scope:

The objective of this paper is to review the principles and applications of VOI analysis in healthcare. Relevant databases were systematically searched to identify VOI articles. The findings from the selected articles were summarized and narratively presented.

Findings:

Various VOI methods have been developed and applied to inform decision-making, optimally designing research studies and setting research priorities. However, the application of this approach in healthcare remains limited due to technical and policy challenges.

Conclusion:

There is a need to create more awareness about VOI analysis, simplify its current methods, and align them with the needs of decision-making organizations.

Keywords::

• Value of information
• Decision uncertainty
• Decision-making
• Trial design
• Research prioritization

Transparency

Declaration of funding

This review was not funded.

Declaration of financial/other interests

The authors have no relevant financial relationships to disclose. HT is supported by an NHMRC PhD scholarship. PS is a member of the JME Editorial Board. JME peer reviewers on this manuscript have no relevant financial or other relationships to disclose.